Abstract: Over the past two decades, the financial sector has seen a shift in how individuals and businesses operate. The adoption of AI and Big Data analytics has transformed the manner in which financial institutions operate, and how they interact with customers and other institutions. Several researchers opine that the financial sector will see further transformation due to the increased adoption of technologies that enable humans to dedicate more time in innovating and performing sophisticated tasks. On a daily basis, the financial sector tracks billions of market events and generates massive and diverse amounts of data that falls under the category of Big Data. AI models and algorithms that utilize Big Data to spot patterns and glean insights in order to make decisions in areas such as portfolio strategy and fraud detection have become increasingly common in the finance sector. Organizations in the financial sector have a varying level of capability and competency with respect to the adoption and utilization of these technologies. The utilization of these technologies and the implications of their use has become the subject of debate in the financial sector. The goal of this paper is to report on the applications of AI and Big Data analytics in finance, and the ethical, organizational, and legal repercussions of the use of these technologies.
Keywords: Big data analytics, AI in finance, Implications of Big data, Fintech, Challenges of Big data and AI in finance, Applications of Big data and AI in finance.
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DOI:
10.17148/IJARCCE.2021.101111
