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Journal of Arts, Society, and Education Studies

Volume 4, 2022 - Issue 1

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AI in Financial Services: Opportunities, Risks, and Regulatory Challenges

by Richard Davis 1,*
1
University of Limerick
*
Author to whom correspondence should be addressed.
JASES  2022 4(1):89; https://doi.org/10.xxxx/xxxxxx
Received: 15 January 2022 / Accepted: 15 February 2022 / Published Online: 17 March 2022
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Abstract

This paper explores the integration of artificial intelligence (AI) in the financial services sector, analyzing the opportunities, risks, and regulatory challenges associated with AI adoption. Through a comprehensive review of case studies and industry reports, the study examines how AI technologies such as machine learning, natural language processing, and robotic process automation are transforming various aspects of financial services, including banking, insurance, and investment management. It discusses the potential benefits of AI in enhancing customer experience, improving risk management, and increasing operational efficiency, while also addressing concerns related to data privacy, algorithmic bias, and systemic risks. Additionally, the paper explores the regulatory landscape governing AI in finance, including issues related to algorithmic accountability, consumer protection, and market stability. It emphasizes the importance of regulatory oversight, industry collaboration, and ethical guidelines in ensuring the responsible and equitable deployment of AI in financial services. The findings underscore the need for a balanced approach that harnesses the transformative potential of AI while mitigating associated risks and safeguarding the interests of stakeholders.

Keywords: Artificial Intelligence; Financial Services; Opportunities; Risks; Regulatory Challenges; Machine Learning; Risk Management; Algorithmic Bias; Data Privacy;
Copyright: © 2022 by Davis. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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ACS Style
Davis, R. AI in Financial Services: Opportunities, Risks, and Regulatory Challenges. Journal of Arts, Society, and Education Studies, 2022, 4, 89. doi:10.xxxx/xxxxxx
AMA Style
Davis R. AI in Financial Services: Opportunities, Risks, and Regulatory Challenges. Journal of Arts, Society, and Education Studies; 2022, 4(1):89. doi:10.xxxx/xxxxxx
Chicago/Turabian Style
Davis, Richard 2022. "AI in Financial Services: Opportunities, Risks, and Regulatory Challenges" Journal of Arts, Society, and Education Studies 4, no.1:89. doi:10.xxxx/xxxxxx

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References

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