Artificial Intelligence and Financial Decision Making – Review of efficacy in Usage within Financial Organizations in India

Abstract

Artificial intelligence (AI) uses statistical modeling to make predictions and in finance industry usage of Artificial Intelligence (AI) algorithms has increased several folds in recent years to detect fraud, automate trading activities, portfolio management, customer relationship management and to deliver financial advisory services to investors. Inherent ability of AI to analyze several data sets within a short span of time as well as to build alternative business scenarios to facilitate decision making helps to improve the financial performance of an organization that too without being unambiguously programmed for estimated outcomes. The research looks at the effectiveness and acceptability of AI implementation within Indian Financial Industry and the level of improvement that this integration has generated. Research Discusses some modern AI tools being utilized in the Financial Industry and tries to explore the comfort level and expectations of employees of Indian financial industry from the use of AI. It also makes an effort to statistically check the level of integration and kind of relationship that may exist between AI systems and functionalities and effectiveness that they have brought in Financial Decision Making across all sectors and players within Indian financial industry and across all levels of job positions within different financial organizations.