The impact of artificial intelligence in the finance sector and its chances

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dc.contributor.authorVocke, Thorsten
dc.contributor.authorGangur, Mikuláš
dc.contributor.editorŠlechtová Sojková, Olga
dc.date.accessioned2023-10-25T17:55:54Z
dc.date.available2023-10-25T17:55:54Z
dc.date.issued2022
dc.description.abstract-translatedSince Artificial Intelligence has entered almost all parts of the industry, the finance sector is highly influenced by Big data and Artificial Intelligence. For the article, the following research question has been formulated: “What are the key success factors to implement AI for the finance industry?” The aim of this paper is to research the factors for success to implement AI in the finance industry, how the key success factors have developed so far and which limitations can be expected. Those companies that regularly invest in Artificial Intelligence will likely have competitive advantages compared to their contestants. One significant impact of Artificial Intelligence is the topic of cost reduction and also the optimization of processes. To maximize their profitability, banks rely on the optimization of their capital. Artificial Intelligence algorithms can be applied to handle large quantities of data to increase mathematical calculations ́ efficiency, accuracy, and speed. Banks also use AI algorithms for back-testing to assess the overall risk models. Regarding credit scoring, historically, most financial institutions based their credit ratings on the lender’s payment history. Increasingly, banks are looking towards additional data sources, including mobile phone activity and social media usage, to capture a more accurate creditworthiness assessment and improve loan profitability. Many developments might impact the future adoption of a broad range of AI and machine learning financial applications. This includes a growing number of data repositories, data quality, increasing processing power, but also new regulations and laws.en
dc.description.sponsorshipThis contribution was made within the project SGS-2021-022 Financial (stock) markets, modeling and prediction of behavior, University of West Bohemia in Pilsen.en
dc.format9 s.cs
dc.format.mimetypeapplication/pdf
dc.identifier.citationŠLECHTOVÁ SOJKOVÁ, O. (ed.) Trendy v podnikání 2022, Plzeň 2023, s. 301-309.cs
dc.identifier.isbn978-80-261-1129-0
dc.identifier.urihttp://hdl.handle.net/11025/54521
dc.language.isoencs
dc.publisherFaculty of Economics University of West Bohemiaen
dc.rights© Authors of papersen
dc.rights.accessopenAccessen
dc.subjectumělá inteligencecs
dc.subjectobchodovánícs
dc.subjectchatbotics
dc.subjectrobo-poradcics
dc.subjectpersonalizované službycs
dc.subject.translatedartificial intelligenceen
dc.subject.translatedtradingen
dc.subject.translatedchatbotsen
dc.subject.translatedrobo-advisorsen
dc.subject.translatedpersonalised servicesen
dc.titleThe impact of artificial intelligence in the finance sector and its chancescs
dc.typekonferenční příspěvekcs
dc.typeconferenceObjecten
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen

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