Title:	The impact of artificial intelligence in the finance sector and its chances
Authors:	Vocke, Thorsten Gangur, Mikuláš
Citation:	ŠLECHTOVÁ SOJKOVÁ, O. (ed.) Trendy v podnikání 2022, Plzeň 2023, s. 301-309.
Issue Date:	2022
Publisher:	Faculty of Economics University of West Bohemia
Document type:	konferenční příspěvek conferenceObject
URI:	http://hdl.handle.net/11025/54521
ISBN:	978-80-261-1129-0
Keywords:	umělá inteligence;obchodování;chatboti;robo-poradci;personalizované služby
Keywords in different language:	artificial intelligence;trading;chatbots;robo-advisors;personalised services
Abstract in different language:	Since Artificial Intelligence has entered almost all parts of the industry, the finance sector is highly influenced by Big data and Artificial Intelligence. For the article, the following research question has been formulated: “What are the key success factors to implement AI for the finance industry?” The aim of this paper is to research the factors for success to implement AI in the finance industry, how the key success factors have developed so far and which limitations can be expected. Those companies that regularly invest in Artificial Intelligence will likely have competitive advantages compared to their contestants. One significant impact of Artificial Intelligence is the topic of cost reduction and also the optimization of processes. To maximize their profitability, banks rely on the optimization of their capital. Artificial Intelligence algorithms can be applied to handle large quantities of data to increase mathematical calculations ́ efficiency, accuracy, and speed. Banks also use AI algorithms for back-testing to assess the overall risk models. Regarding credit scoring, historically, most financial institutions based their credit ratings on the lender’s payment history. Increasingly, banks are looking towards additional data sources, including mobile phone activity and social media usage, to capture a more accurate creditworthiness assessment and improve loan profitability. Many developments might impact the future adoption of a broad range of AI and machine learning financial applications. This includes a growing number of data repositories, data quality, increasing processing power, but also new regulations and laws.
Rights:	© Authors of papers
Appears in Collections:	Konferenční příspěvky / Conference papers (KEM) Trendy v podnikání 2022 Trendy v podnikání 2022

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