Applications of Artificial Intelligence: Business Management Perspective
Keywords:
Artificial Intelligence, Financial Services, Financial Stability, Market Development
Abstract
This is a short paper based on qualitative for the benefits of Artificial Intelligence (AI) which is the most growing branch of computer science and most of the service sectors are obtaining benefits from its application. This is an extended research article provides a general role of AI in financial services and its definition in practical scenarios. The research work is mostly qualitative and does not include any data analysis for its results. This article describes the major benefits derived by the practices of AI in general in the banking and financing firms. For the study, some examples of the role of AI in financial firms are analyzed and results are given from the positive observation shared by the FI firms on their official website. AI benefits both service providers and users, this research report explains the advantages of AI in finance and also describes how AI can aid in market development.
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2. “Definition of AI,”Arthur Samuel (1959), for AI. IBM Journal: 211-229; Tom Mitchell (1997), AI andMachine Learning, New York: McGraw Hill; Michael Jordan and Tom Mitchell (2015), “: Trends, perspectives, and prospects,” Science 349(6245): 255-26.
3. AI in algorithm, Thomas Cover and Peter Hart (1967), “Nearest Neighbor Pattern Classification,” IEEE transactions on information theory. 13.1: 21-27.See Luke Dormehl (2016), Thinking Machines: The Quest for Artificial Intelligence--and Where It's Taking Us Next, London: Penguin Books.
4. Dependencies in Emerging technologies, Tim Dettmers (2015), History of AI,” Parallel Forall, December.2017.(Available on https://devblogs.nvidia.com/parallelforall/deep-learning-nutshell-history-training/)
5. AI in Assessing Risks: a Regulatory Perspective,” OpRisk North America, June 21. Bauguess (2017). Gerard Hobergand Craig M. Lewis (2015),
6. AI in FS and for FSt Brynjolfsson, E. & McAfee, A. (2017). The business of artificial intelligence. Harvard Business Review. (Available on from https://hbr.org/coverstory/)
7. Importance of AI in services PwC. India (2017 (Available on http://www.pwc.com/gx/en/issues/analytics/assets/pwc-ai-analysis-sizing-017/07/the-business-of-artificial-intelligence )
8. Policies of AI (2017), AI technology implecations , PWC, India Research Papers.( Available onhttp://www.nedo.go.jp/content/100865202.pdf )
9. AI used by Financial sectors, “ explore opportinies, provide correct and reliable data” ‘ achieve cost effectiveness by AI”Application of AI Bauguess (2017)
10. AI in business, “effectiveness” “market development”, Rao, A. (2017). (Available on https://www.strategy-business.com/article/A-Strategists-Guide-to-ArtificialIntelligence)
11. Changes in service industries with the application of AI, PwC. (2017) ( Available on https://www.pwc.com/us/en/industry/entertainment-media/publications/consumer-intelligence-series/assets/pwc-botme )
12. Market Development, achieving ROI, appropriate application of AI, results from the Survey PwC, India (2017). (Available on http://www.pwc.in/assets/pdfs/publications/ceo-survey/20th-ceo survey-being-fit-for-growth.pdfoklet.pdf )
13. New era of AI and machine learning ‘Knight W. (2017). (Available on https://www.technologyreview.com/s/609038/chinas-ai)
14. An decade of electronics, moving with AI in services PwC. (2017), India, (Available onhttps:// www.pwc.com/us/en/advisory-services/digital-iq/assets/pwc-digital-iq-report.pdf-awakening/)
15. AI for present scenario in FS and future of AI in service industries, Sara El-Hanfy,( Posted on:13 June 2018 – Categories):I, Industrial strategy challenge fund AI, Next Generation Services (Available on https://innovateuk.blog.gov.uk/)
16. Kumar V, Rajan B, Venkatesan R, Lecinski J. Understanding the Role of Artificial Intelligence in Personalized Engagement Marketing. Sage publications California Management Review. 2019;61(4):135-155. doi:10.1177/0008125619859317
17. Popkova E.G., Parakhina V.N. (2019) Managing the Global Financial System on the Basis of Artificial Intelligence: Possibilities and Limitations. In: Popkova E. (eds) The Future of the Global Financial System: Downfall or Harmony. ISC 2018. Lecture Notes in Networks and Systems, vol 57. Springer, Cham. https://doi.org/10.1007/978-3-030-00102-5_100
18. Ahmadi, M., Jafarzadeh-Ghoushchi, S., Taghizadeh, R. et al. Presentation of a new hybrid approach for forecasting economic growth using artificial intelligence approaches. Neural Computer& Application 31, 8661–8680 (2019) Springer. https://doi.org/10.1007/s00521-019-04417-0
19. Khan, N., Naim, A., Hussain, M. R., Naveed, Q. N., Ahmad, N., & Qamar, S. (2019, May). The 51 v's of big data: survey, technologies, characteristics, opportunities, issues and challenges. In Proceedings of the international conference on omni-layer intelligent systems (pp. 19-24).
20. Naim, A., & Alahmari, F. (2020). Reference model of e-learning and quality to establish interoperability in higher education systems. International Journal of Emerging Technologies in Learning (iJET), 15(2), 15-28.
21. Naim, A., Khan, M. F., Hussain, M. R., & Khan, N. (2019). “Virtual Doctor” Management Technique in the Diagnosis of ENT Diseases. JOE, 15(9), 88.
22. Naim, A., Alahmari, F., & Rahim, A. (2021). Role of Artificial Intelligence in Market Development and Vehicular Communication. Smart Antennas: Recent Trends in Design and Applications, 2, 28.
23. Naim, A. (2020). Realization of diverse Electronic tools in learning and teaching for students with diverse skills. Global Journal of Enterprise Information System, 12(1), 72-78.
24. Naim, A., & Bashir, A. (2016). Application of Quality Matters Standards on Supportive and Online Module in Higher Education Program. Research Revolution, 5(3), 6-12.
Published
2022-04-04
How to Cite
Naim, A. (2022). Applications of Artificial Intelligence: Business Management Perspective. International Journal on Economics, Finance and Sustainable Development, 4(4), 28-36. https://doi.org/10.31149/ijefsd.v4i4.2915
Section
Articles
