Harmonizing financial futures: AI enhancement and methodical fusion in banking risk oversight

 

Ramin Abbasov *

Expert in Banking Industry and Financial Risk Management, University of California Berkeley, Haas School of Business Location of Institution: 2220 Piedmont Ave, Berkeley.
 
Review
International Journal of Science and Research Archive, 2024, 11(02), 2044–2049.
Article DOI: 10.30574/ijsra.2024.11.2.0747
Publication history: 
Received on 18 March 2024; revised on 27 April 2024; accepted on 29 April 2024
 
Abstract: 
The paper will deal with the link between finance and artificial intelligence (AI) in the context of banking, including how AI was introduced from simple tasks to more complex ones involving risk management and fraud detection. The phenomenon displays use of AI by banks as exemplified by First Financial Bank, which was able to open new accounts through intelligent digital assistants. The article focuses on the question of ethical AI that aims to create trust and compliance. This article has explored the position that big language models (LLMs) hold in enhancing virtual assistants in banking and the significance of open source models, as they contribute to collaboration and innovation in the financial industry.
 
Keywords: 
Finance; Artificial Intelligence (AI); Risk Management; Banking; Machine Learning (ML); Innovation
 
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Copyright information: 

Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0