{"id":186369,"date":"2024-06-25T06:34:00","date_gmt":"2024-06-25T05:34:00","guid":{"rendered":"https:\/\/datascientest.com\/en\/?p=186369"},"modified":"2024-06-22T12:57:58","modified_gmt":"2024-06-22T11:57:58","slug":"all-about-artificial-intelligence-and-finance-sector","status":"publish","type":"post","link":"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector","title":{"rendered":"What are the uses of artificial intelligence in the finance sector?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"186369\" class=\"elementor elementor-186369\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a1b8a10 e-flex e-con-boxed e-con\" data-id=\"a1b8a10\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5f9d1fc elementor-widget elementor-widget-heading\" data-id=\"5f9d1fc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><p class=\"elementor-heading-title elementor-size-default\">77% of finance departments leverage artificial intelligence. Whether it's to expedite processes, unearth opportunities, mitigate risks, or refine decision-making, AI has rapidly emerged as a crucial asset for finance professionals.<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0f501f6 e-flex e-con-boxed e-con\" data-id=\"0f501f6\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e02249f elementor-widget elementor-widget-heading\" data-id=\"e02249f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The adoption of artificial intelligence by financial services<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4820e0e elementor-widget elementor-widget-text-editor\" data-id=\"4820e0e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">Embraced by more than three-quarters of finance departments, <a href=\"https:\/\/datascientest.com\/en\/artificial-intelligence-definition\">artificial intelligence<\/a> (AI) and <a href=\"https:\/\/datascientest.com\/en\/machine-learning-what-is-it-and-why-does-it-change-the-world\">machine learning<\/a> (ML) facilitate <\/span><b>enhanced decision-making across various dimensions:<\/b><span style=\"font-weight: 400;\"> financial operations, customer service, risk management, budget forecasts, recruitment enhancements, procurement optimizations, fraud detection, opportunity discovery, and more.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">In essence, any decision made by financial institutions can be streamlined through artificial intelligence. More significantly, these technologies also offer the boon of <\/span><b>conserving invaluable time on numerous labor-intensive tasks<\/b><span style=\"font-weight: 400;\">, indicating a burgeoning role for AI within the financial domain.<\/span><\/p><p><span style=\"font-weight: 400;\">This implication is further supported by a report from Workday revealing these statistics:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">39% of financial executives foresee AI disrupting the financial landscape.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">40% view AI as a vehicle for imparting greater strategic value.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">30% believe this technology can amplify their company&#8217;s revenue and profits.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">26% of CFOs lament over the burden and volume of administrative tasks needing completion.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">33% are discontent with how their role is perceived within their organization.<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e14b69 elementor-widget elementor-widget-image\" data-id=\"3e14b69\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"457\" src=\"https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest2.jpg\" class=\"attachment-full size-full wp-image-186375\" alt=\"\" srcset=\"https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest2.jpg 800w, https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest2-300x171.jpg 300w, https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest2-768x439.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8e51dd elementor-align-center button-principal elementor-widget elementor-widget-button\" data-id=\"f8e51dd\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/datascientest.com\/en\/data-courses\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Pursue a career in AI<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f694554 e-flex e-con-boxed e-con\" data-id=\"f694554\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5ee8a84 elementor-widget elementor-widget-heading\" data-id=\"5ee8a84\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The advantages of AI for the finance sector<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34e2236 elementor-widget elementor-widget-text-editor\" data-id=\"34e2236\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Often perceived as conservative, the finance sector can be innovative by massively adopting artificial intelligence. And for good reason, this technology allows them to reap numerous benefits.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04216d8 elementor-widget elementor-widget-heading\" data-id=\"04216d8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-medium\">1 - Making more informed decisions<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89e2575 elementor-widget elementor-widget-text-editor\" data-id=\"89e2575\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Fraud, speculation, loss of revenue, inaccurate forecasts&#8230; The finance sector is fraught with myriad risks. Every decision taken can bear significant monetary implications. Therefore, the importance of <\/span><b>relying on trustworthy and pertinent information<\/b><span style=\"font-weight: 400;\"> cannot be overstated. This necessitates comprehensive data preparation efforts. <\/span><b>AI is adept at processing, purifying, and converting vast amounts of financial <\/b><a href=\"https:\/\/datascientest.com\/en\/big-data-for-dummies\"><b>data<\/b><\/a> within a remarkably brief span.<\/p><p><span style=\"font-weight: 400;\">Similarly, predictive analytics enable the forecasting of various scenarios based on current events. Armed with this analysis, it&#8217;s easier to sidestep risks and\/or pinpoint opportunities.<\/span><\/p><p><span style=\"font-weight: 400;\">Financial leaders, thus, can make more educated decisions and pursue a more coherent strategy.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-50d5bc3 elementor-widget elementor-widget-heading\" data-id=\"50d5bc3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-medium\">2 - Enhancing operational efficiency<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a1cfa0 elementor-widget elementor-widget-text-editor\" data-id=\"1a1cfa0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">To minimize financial risks, an array of procedures are implemented. Yet, such processes significantly elevate the workload for finance professionals. <\/span><b>AI can alleviate this load by automating the most burdensome tasks<\/b><span style=\"font-weight: 400;\">. This is especially true in accounting, for tasks such as processing invoices and quotations. Instead of manually keying in every invoice, AI technology can take charge within seconds. <a href=\"https:\/\/datascientest.com\/en\/algorithm-what-is-it\">The algorithm<\/a> is proficient in scanning a photo of the instance, extracting critical details (supplier name, items sold, cost, etc.), and automatically logging this information into the accounting system.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7367ce0 elementor-widget elementor-widget-image\" data-id=\"7367ce0\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"457\" src=\"https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest3.jpg\" class=\"attachment-full size-full wp-image-186382\" alt=\"\" srcset=\"https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest3.jpg 800w, https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest3-300x171.jpg 300w, https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest3-768x439.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7def98 elementor-align-center button-principal elementor-widget elementor-widget-button\" data-id=\"b7def98\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/datascientest.com\/en\/data-courses\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Learning to use data in finance<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c3e5fc elementor-widget elementor-widget-text-editor\" data-id=\"2c3e5fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Allocating some of these repetitive tasks promises substantial time savings for teams. This enables them to concentrate on their primary duties, thereby injecting even greater value into the enterprise.<\/span><\/p><p><span style=\"font-weight: 400;\">According to a survey by OneStream, 80% of financial leaders assert that AI will bolster the productivity and efficiency of services.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-007e9a6 elementor-widget elementor-widget-heading\" data-id=\"007e9a6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-medium\">3 - Customer retention<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-220a00c elementor-widget elementor-widget-text-editor\" data-id=\"220a00c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Similar to other industries, customer retention stands as a pivotal challenge within the finance sector. However, talent scarcities exacerbate this challenge. Spread thin, customer support teams can&#8217;t always respond to client inquiries effectively, breeding certain levels of disgruntlement. Artificial intelligence can bridge these gaps, particularly through the application of generative AI in finance. For example, <strong>deploying a chatbot to field customers&#8217; most common questions allows teams to dedicate their efforts to resolving more intricate issues<\/strong>, thus escalating client satisfaction.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6a50d17 e-flex e-con-boxed e-con\" data-id=\"6a50d17\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ecc99d9 elementor-widget elementor-widget-heading\" data-id=\"ecc99d9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">AI and finance - 3 application examples<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ebe3f57 elementor-widget elementor-widget-text-editor\" data-id=\"ebe3f57\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Current applications of artificial intelligence span virtually every facet of the finance sector. Below are a few practical instances:<\/span><\/p><ul><li><b>Trading algorithms<\/b><span style=\"font-weight: 400;\">: capable of analyzing time-series data to promptly react to any swings within the stock markets.<\/span><\/li><li><b>The \u201cinnovative land\u201d mechanism<\/b><span style=\"font-weight: 400;\">: this leverages a combination of AI, data analysis, and aerial imagery from the National Institute of Geographic and Forestry Information (IGN) for property tax purposes. Consequently, tax enforcement agencies can more effortlessly spot fraud.<\/span><\/li><li><b>Combatting money laundering<\/b><span style=\"font-weight: 400;\">: <a href=\"https:\/\/datascientest.com\/en\/classification-algorithms-definition-and-main-models\">supervised classification algorithms<\/a>, trained on examples of both normal and illicit transactions, can distinguish between them to swiftly identify money laundering activities.<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b37e438 elementor-widget elementor-widget-text-editor\" data-id=\"b37e438\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">While AI&#8217;s influence in finance escalates, its adoption equally demands distinct technical prowess. Professionals wedded to traditional methods might find these novel technologies daunting. This underscores the need for expertise in AI, machine learning, data analysis, and visualization, etc. At DataScientest, <a href=\"https:\/\/datascientest.com\/en\/data-scientist-course\">we specialize in cultivating these experts<\/a>.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c514394 elementor-widget elementor-widget-image\" data-id=\"c514394\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"457\" src=\"https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest1.jpg\" class=\"attachment-full size-full wp-image-186398\" alt=\"\" srcset=\"https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest1.jpg 800w, https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest1-300x171.jpg 300w, https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest1-768x439.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aab7b1f elementor-align-center button-principal elementor-widget elementor-widget-button\" data-id=\"aab7b1f\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/datascientest.com\/en\/data-courses\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Find out more about our courses<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31feb68 elementor-widget elementor-widget-html\" data-id=\"31feb68\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"FAQPage\",\r\n  \"mainEntity\": [{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"AI in finance: what is it?\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"Embraced by more than three-quarters of finance departments, artificial intelligence (AI) and machine learning (ML) facilitate enhanced decision-making across various dimensions: financial operations, customer service, risk management, budget forecasts, recruitment enhancements, procurement optimizations, fraud detection, opportunity discovery, and more.\"\r\n    }\r\n  },{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"Why use AI for finance?\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"Any decision made by financial institutions can be streamlined through artificial intelligence. More significantly, these technologies also offer the boon of conserving invaluable time on numerous labor-intensive tasks, indicating a burgeoning role for AI within the financial domain.\"\r\n    }\r\n  },{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"The benefits of AI for the finance sector\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"Often perceived as conservative, the finance sector can be innovative by massively adopting artificial intelligence. And for good reason, this technology allows them to reap numerous benefits: \\n 1 - Making more informed decisions \\n 2 - Enhancing operational efficiency \\n 3 - Customer retention\"\r\n    }\r\n  },{\r\n    \"@type\": \"Question\",\r\n    \"name\": \"AI applications for finance\",\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"Current applications of artificial intelligence span virtually every facet of the finance sector. Below are a few practical instances: \\n - Trading algorithms \\n - The \u201cinnovative land\u201d mechanism \\n - Combatting money laundering\"\r\n    }\r\n  }]\r\n}\r\n<\/script>\r\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>77% of finance departments leverage artificial intelligence. Whether it&#8217;s to expedite processes, unearth opportunities, mitigate risks, or refine decision-making, AI has rapidly emerged as a crucial asset for finance professionals. The adoption of artificial intelligence by financial services Embraced by more than three-quarters of finance departments, artificial intelligence (AI) and machine learning (ML) facilitate enhanced [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":186371,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"content-type":"","inline_featured_image":false},"categories":[2427,2424],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.7 (Yoast SEO v21.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are the uses of artificial intelligence in the finance sector?<\/title>\n<meta name=\"description\" content=\"More and more financial institutions are adopting artificial intelligence. Discover the advantages and examples of AI usage in finance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are the uses of artificial intelligence in the finance sector?\" \/>\n<meta property=\"og:description\" content=\"77% of finance departments leverage artificial intelligence. Whether it&#039;s to expedite processes, unearth opportunities, mitigate risks, or refine\" \/>\n<meta property=\"og:url\" content=\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector\" \/>\n<meta property=\"og:site_name\" content=\"Data Science Courses | DataScientest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DataScientestEN\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T05:34:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-22T11:57:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/datascientest.com\/en\/files\/2024\/06\/AI-and-finance-sector-datascientest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"686\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Daniel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DataScientest__\" \/>\n<meta name=\"twitter:site\" content=\"@DataScientest__\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector#article\",\"isPartOf\":{\"@id\":\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector\"},\"author\":{\"name\":\"Daniel\",\"@id\":\"https:\/\/datascientest.com\/en\/#\/schema\/person\/5a86e30c5090234fb43dd8baa83c44b0\"},\"headline\":\"What are the uses of artificial intelligence in the finance sector?\",\"datePublished\":\"2024-06-25T05:34:00+00:00\",\"dateModified\":\"2024-06-22T11:57:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector\"},\"wordCount\":726,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/datascientest.com\/en\/#organization\"},\"articleSection\":[\"Artificial Intelligence\",\"Business\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/datascientest.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector\",\"url\":\"https:\/\/datascientest.com\/en\/all-about-artificial-intelligence-and-finance-sector\",\"name\":\"What are the uses of artificial intelligence in the finance sector?\",\"isPartOf\":{\"@id\":\"https:\/\/datascientest.com\/en\/#website\"},\"datePublished\":\"2024-06-25T05:34:00+00:00\",\"dateModified\":\"2024-06-22T11:57:58+00:00\",\"description\":\"More and more financial institutions are adopting artificial intelligence. 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