Applications of AI in Finance

Artificial Intelligence (AI) has a lot of applications in the finance sector, such as spotting fraud, determining credit scores, and managing investments. For example, by adding AI-based chatbots to their services, financial companies can be available around the clock to provide customers with support. Furthermore, AI-based fraud detection systems can monitor transactions in near real time and put a stop to any ill-intended activities. Additionally, AI is changing investment management by enabling hedge funds and similar firms to make more accurate decisions using machine learning algorithms which analyze massive amounts of data for price prediction purposes and spot excellent investment opportunities; this has led to the advent of robo-advisors which utilize AI to give clients personalized advice tailored to their preferences and goals.

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