Digital Transformation of Financial Services using Artificial Intelligence, Machine Learning, and Cloud Computing

Abstract

Digital disruption is redefining industries and changing the way business function. Artificial Intelligence is the future of banking as it brings the power of advanced data analytics to combat fraudulent transactions and improve compliance. Financial services are the economical backbone of any nation in the world. There are billions of financial transactions which are taking place and all this data is stored and can be considered as a gold mine of data for many different organizations. No human intelligence can dig in this amount of data to come up with something valuable. This is the reason financial organizations are employing artificial intelligence to come up with new algorithms which can change the way financial transactions are being carried out. Artificial Intelligence can complete the task in a very short period. Artificial intelligence can be used to detect frauds, identify possible attacks, and any other kind of anomalies that may be detrimental for the institution. This paper discusses the role of artificial intelligence and machine learning in the finance sector. Additionally, the paper will provide the necessary strategies that any banking organization can follow when digitizing its operations when implementing Artificial Intelligence, Machine learning and Cloud Computing.