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Implementation of Artificial Intelligence and Machine learning in Financial

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 International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056
Volume: 07 Issue: 03 | Mar 2020 www.irjet.net p-ISSN: 2395-0072

Implementation of Artificial Intelligence and Machine learning in

Financial services
Rohan Pothumsetty

Research scholar, Department of Commerce, Christ (Deemed to be University) Bengaluru, India

---------------------------------------------------------------------***----------------------------------------------------------------------
Abstract – The recent innovations in technology is never implemented. Artificial intelligence will tend to play a very
ending and have drastically impacted everyone in every single important role in streamlining the growth and development
aspect of life over the previous decades. One such innovation of the core sectors in a developing country like India. AI has
which is capable of changing the world is AI technology. transuded itself into the day to day lives of people in
Artificial intelligence is a computer software which can mimic developed nations [2]. From, recommendation engines to
and think like a human being. AI in the present day and age is Virtual reality (VR) Artificial intelligence is in our offices, the
being implemented in most of the business functions. One news and also our own home, for instance, Alexa and google
business function where AI integration is taking place at a home. There is a lot of untouched and undiscovered
rapid pace is the financial services industry. AI is taking over capability in terms of Artificial intelligence usage,
most of the core functions in finance such as risk assessment, particularly in humane areas. The impact of the use of AI can
stock trading and credit lending process to loan seekers. have a significant impact especially in under-developed and
Implementation of AI doesn’t mean that AI technology will developing nations such as India, where the resources are
totally take over the jobs of finance professionals but AI will very limited compared to other developed nations. By
help the finance managers to focus on the core and strategic harnessing the power of Artificial intelligence, Non-
aspects of the company and spend less time on monotonous governmental organisations (NGO) and government
and repetitive tasks. This research paper focuses on qualitative organisations can contribute to disentangle any lethal life
research and mainly aims to interpret how AI has been problems and also promote the circumstances of local
implemented in various finance functions and its influence communities, especially in the developing countries. Other
towards employees, finance professionals and business than the core sectors Artificial intelligence (AI) is also being
organizations. implemented in many emergency responses services,
education, agriculture and also medicine delivery.
Key Words: Artificial intelligence, Financial services,
Machine learning, Technology, Business organizations 2. REVIEW OF LITERATURE

1. INTRODUCTION 2.1 Artificial Intelligence (AI)

Artificial intelligence is a technical and advanced approach to The notion of Artificial Intelligence (AI) was first stated by
make a robot, a computer or a product to learn to mimic and the famous American computer scientist McCarthy in the
think like a human. Artificial intelligence in the present day year 1956. It is termed as a thinking machine which
is one of the most sought-after technological advancements incorporates automation processing, automation theory and
in the fields of finance, engineering and science. The present Cybernetics (as stated by McCarthy, 1959). Now, AI is
generation is very fortunate because of the recent interpreted as the capacity of a digitalized computer or
technological advancements that are progressing in the field computer-controlled robot to accomplish tasks which is
of Artificial intelligence and Machine learning. A mediocre commonly confederated with intelligent beings or human
task that was once done physically is now induced by beings [3]. The concept is persistently relevant to the project
software's and automated systems [1]. According, to the of expanding systems endowed with intellectual process
famous American computer scientist John McCarthy, attribute of human beings such as the propensity to discover,
Artificial intelligence (AI) is defined as the engineering and learning from past experience and the ability to reason. The
science of making intelligent machines. Machines in the evolution in Artificial intelligence (AI) has come a very long
present era are operating and performing better using way over the years, and most of the large business
cognitive intelligence which is the propensity to deal with organizations have started to assimilate AI in their everyday
solving problems, handle reasoning, assimilate very complex business hustle. Some of the core fields where AI is being
ideas and learn quickly through experience in comparison to used comprehensively is finance, healthcare, manufacturing
natural level intelligence which is presented by most human sector, Human resources (HR), accounting and law.
beings. Artificial intelligence is being implemented in many According to the recent report by PWC, 54 percent of the
sectors such as chatbots, self-driving cars that was executives say AI that has been executed in their businesses
introduced by Tesla motors which uses neural network and have already increased their productivity significantly in
machine learning technology in its auto-pilot cars, Robotics, comparison to when they were not using AI based
chatbots and image processing are some more of the core technologies [4]. Another, report by Forbes said that 95
sectors where Artificial intelligence (AI) is being percent of business executives who states they are skilled in

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using big data technologies, to solve business related issues experience according to their tastes and preferences.
also tend to use AI technologies [5]. Based on the above According, to the recent report most retailers are going to
statistics it is pretty evident that business organisations are spend around 7.2 billion in AI technology by the year 2022.
emphatically taking into account AI for their business The recent survey by Capgemini also stated that AI could
activities. Based on preceding articles and reports some of significantly help large retailers to save up to 340 Billion US
the core sectors where AI is extensively being implemented dollars by the year 2022, by facilitating efficiency and
are illustrated below. simplicity in various processes and operations [7].

2.2 Artificial Intelligence (AI) in Finance sector From, the above reviews it is very clear that Artificial
intelligence is being implemented among many different
Artificial Intelligence in banking and finance sector is sectors. One such field is finance where AI is getting
significantly transforming the way we as human beings implemented at a very rapid pace. Nevertheless, there are no
associate with money. AI is extensively helping the finance research-based studies done in the implementation of AI in
sector to consolidate and optimize various processes ranging financial services. Hence, to fulfil the existing research gap
from quantitative trading, algorithmic trading, risk the present study by qualitative research mainly aims to
management process and also financial advisory services. bring out the various finance functions in which AI is being
According to Forbes business magazine 70 percent of finance implemented. This research paper also tends to focus on the
companies around the globe have already started various benefits AI is bringing to finance companies,
implementing AI and 60 percent of the companies are using professionals and to study whether AI is going to replace the
Natural language processing (NLP). jobs of auditors, accountants and finance professionals.

2.3 Artificial Intelligence (AI) in healthcare sector 3. RESEARCH OBJECTIVES

The health care sector is one of the most important sectors 1)What are the various finance functions in which Artificial
that is taking copious efforts in the enforcement of Artificial intelligence (AI) is being implemented?
intelligence (AI). AI in health care sector will extensively
make easy the lives of doctors, patients and hospital staff as 2)How the implementation of AI in the finance industry is
well by performing various tasks which are usually done by benefitting Finance professionals, employees and business
human beings with more accuracy and less time frame. AI in organizations?
health care in the present day is used in diagnosis and also to 3)To what level has AI been enforced in business
reduce error. AI is also extensively being implemented in organizations?
areas such as pregnancy detection and management, treating
of rare diseases and also neural networks to conduct clinical 4. RESEARCH METHODOLOGY
trials.
The above research is mainly focused on secondary data as
2.4 Artificial Intelligence (AI) in human resources there is no primary research conducted in the field of AI and
the finance sector. Very comprehensive research was
Business leaders and Human resource (HR) executives have orchestrated to identify and pick out articles from various
a conviction that converging and implementing AI into research databases such as Jstor, google scholar and pro-
Human resource activities such as onboarding and quest research database. Data was also collected from
administration benefits will tend to improve the overall various grey literature sources such as websites, articles and
employee experience [6]. 66 percent of CEO’s of top Multi- magazines pertaining to Artificial Intelligence. The present
national corporations also believe implementation of study also incorporated an interview method with the help
cognitive computing can drive consequential value in HR and of a questionnaire which was mainly focused on finance
hiring processes. At present, AI has been implemented in professionals working in large banks and finance companies.
various HR functions such as cognitive support decision This study also incorporated primary data collection from
making to process leave requests, hiring process and team 117 finance professionals to understand up to what extent
training, to automate any repetitive and boring tasks and Artificial intelligence (AI) has been implemented in the field
removing biases. of accounting and Finance.

2.5 Artificial Intelligence (AI) in retail sector 5. RESULTS AND ANALYSIS

As the present generation is moving towards a digital age, 5.1 Applications of Artificial intelligence in Finance
most of the traditional and small retailers are facing functions
denunciation from retail giants such as Amazon, Walmart
and eBay. So, even traditional retailers are investing a lot of AI is taking over the financial sector by storm, most of the
money in Artificial Intelligence (AI) technologies. AI in the companies in the fin-tech sectors have started to use
retail sector has helped customers to make their shopping Artificial intelligence (AI) in order to reduce costs, save a lot
experience easier and also personalizing their shopping of time and also add much-needed value to their products.

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For instance, robot-advisors tends to track the activity of A shift in the prototype of the credit lending process has
account holders by using AI technology. AI is used to analyse been noticed in most of the banks after the implementation
and comprehend how account holders invest their money, of AI. Over the years a lot of fintech companies are rising and
spend money from their account and make financial helping the customers who were not able to get support
decisions so, the companies can personalize the advice they from banks under traditional credit lending system. With the
give their clients. Finance functions such as lending services, implementation of Artificial intelligence, banks are now able
stock trading and financial fraud detection are some of the to investigate large amounts of data at a quick pace. Thus,
many functions where Artificial intelligence has been resulting in credit policies with the capacity to handle a very
successfully implemented. broad range of credit. It also lowered the total cost of risk
assessment for individuals and also significantly escalating
5.1.1 Lending services the number of people for whom credit risk can be accurately
measured.
Several, Micro and Macro-economic factors provide the
financial institutions and innumerable factors are Introduction of AI will significantly reduce the total risk of
accountable for accompanying these financial institutions lenders. Machine learning (ML) algorithms can do what
closer to risks. Lending loans is one of the key functions of human beings usually fail to do. The best example for the
Non-banking financial institutions (NBFC) and banks that above statement is meticulously identifying rogue investors
propagate substantial revenue for them, but loans can't be that are functioning across different accounts. Machine
endorsed to just anyone. In the early days, credit providing learning usually does this by utilizing predictive analytics to
inordinately incriminated the credit scores of the customers large amounts of data. Implementing AI in their struggle to
to make lending decisions for clients and firms, Varied loan digitalize credit risk processes will help the banks on the
providers depend on different credit models but in the end, nearer term gains while building key capability for overall
all their models are established on the fundamentals of the transformation [8]. Machine learning technology is also
loan seekers payment details and transaction details from applicable in Early-warning system (EWS) for instance
the past [8]. The older models tend to calculate the total bringing gaping insights at the desk from very large and
credit score from limited data that is given to them by using devious data sets without fixing the limits of standardized
tools such as statistical analysis, regression and decision statistical analysis. With the use of EWS banks and financial
trees. However, in the present era banks are maintaining a institutions get improvement in portfolio monitoring,
more comprehensive method in providing loans to automated reporting and advice for any potential actions. In
customers. Banks are also taking into account data from relation to the SME segment, financial institutions have
semi-structured sources such as mobile phone usage, text managed almost 70 per cent to 90 per cent enhancement in
message activities, social media usage and activity to precisely forecasting any late payments six or more months
enhance the rating precision of loans. These credit scoring before late payment.
tools in the present market that are applying machine
learning (ML) algorithms to empower evaluation of even Artificial Intelligence is also being implemented in product
qualitative factors such as the customer's willingness to pay matching and Intelligent product selection. Even though the
back the loan and consumer behaviour as well. This customer is on board, AI technology can be used before the
propensity has made way to the faster and cheaper division credit check process to significantly improve the customer's
of borrower quality thus guaranteeing accurate credit overall experience [9]. Customers in the present day and age
verdict. With the implementation of AI, almost 80 per cent of usually tend to expect personalized offers that are
the population around the world will tend to have access to admissible to them. If the client chooses to agree, then the
credit. bank of their trust can recommend a pre-selection of
appropriate credit products by consolidating intelligent
Substantial access to credit is provided by the usage of analysis tools. The same technique can be used within
Artificial intelligence. The usage of ML algorithms is not just application process usually when the customer of a bank
constrained to creating an accurate, segmented evaluation of applies for a credit product 'a' online their transaction data
creditworthiness but also, entitled substantial and greater must be checked to verify their creditworthiness the
access to credit. In most of the conventional credit scoring incorporation of AI at this point will insert another step to
models, the prospective client was required to have an the first check if another credit product may be more
adequate sum of old credit information to be considered suitable for them. In this case, the substitute product 'b' can
‘scorable’ [8]. In the deficiency of previous credit scoring be automatically offered. From, the client’s perspective their
information that particular individual often got rejected for application has an undue advantage that they get better
credit as the credit score cannot be generated. But with the conditions and banks will also increase its chances of lending
introduction of AI technology, lenders can now come to them money.
credit decisions by estimating the ability and willingness of
the loan seeker to repay the loan. This, way many people AI application can be very useful in the case of structured
would have access to loans from financial institutions. financing. But sometimes it might get complex for instance
when financing is not concentrated towards the borrower
but to an investment object, then special purpose vehicles

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(SPV) or special purpose entities (SPE) are usually set up in trading often uses deep learning techniques to recognize
the case of financing a large project. Since historical data and different patterns in stock charts that human beings might
the previous years’ balance sheet play a secondary role in not be able to do [11]. For instance, the common pattern that
Special purpose vehicles (SPV) the banks’ lending decision, is known to stock traders is known as the ascending triangle,
in this case, is based only on expected future cash flows and If the pattern indicates the share price will go up human
the corresponding propensity of service debt. This is where beings will usually not be able to identify this particular
AI comes into action it promises more dependable pattern in a quick pace or sometimes they may not notice it
predictions and also faster process time. AI technology can at all but AI technology will recognize this pattern quickly. AI
process a very large amount of data in a very short period will also use past data to learn how the market reciprocated
and at the same time improve their algorithms. For instance, in the past events, based on the reactions they can perform
financing of large and expensive renewable energy projects in more predictive ways thus making them more reliable and
such as solar panels and wind farms can be made easy with accurate in the process. In recent days even National
AI. Through intricate simulation of weather forecasts and the association of securities dealers automated quotation
effectiveness check of these results along with the customer, (NASDAQ) is using AI in its United states stock markets to
documentation will make it easier for banks to make more detect any rough and potential malevolent trading activity.
dependable estimates on their future earnings. The newly launched proposal by NASDAQ will help to
strengthen and revolutionize market inspection through
5.1.2 Stock trading machine learning and other AI capacity [12].
An algorithm is a collection of a set of commands given to an 5.1.3 Financial fraud detection
Artificial Intelligence (AI) program to read and learn on its
own or quickly respond and deliver when a certain set of The finance sector is on the verge of a huge transformation
events happen [10]. The recent advancement in AI is and the ancillary force behind it is AI. One such area that is
providing a very good opportunity for people that are going growing tremendously is financial fraud detection, according
to benefit from them. Before the introduction of AI in to McAfee cybercrime related to financial fraud costs the
trading, buying and selling of stocks and shares was a very world around 600 billion US dollars, that is equal to 0.8 per
cumbersome process but with the advent of AI, buying and cent of the worlds Gross domestic product (GDP) [13].
selling of stocks have become a very easy process. The AI in Artificial Intelligence is showing to be very productive in
stock trading tends to use a set of algorithms which is also conflicting financial frauds. According, to the recent report
called algorithmic trading. Algorithmic trading is known as a by Forbes magazine 80 per cent of the financial fraud
system of trading which provides decision-making detection specialists believe that AI technology will
transactions in the stock markets using sophisticated significantly help to reduce payment and financial related
mathematical techniques. It uses the most advanced frauds [14]. AI's capacity to understand trend-based insights
programming techniques to make decisions and transactions from machine learning (ML) algorithms are reducing the
relating to buying and selling of stocks and shares. The prevalence of payments related to fraud [14]. Artificial
algorithms are designed in a way that it would govern the intelligence (AI) also uses predictive analytics and machine
optimum time to place an order which will cause the least learning procedure to identify any incongruity in very large
amount of influence on the trade price. Interference by a data sets quickly, the more data Machine learning (ML)
human is completely eliminated and the decisions made by model is fed the more authentic its predictive value. By
the algorithm is very quick and accurate. The algorithms will scrutinizing historical data from a large data network,
help to spot any huge possibilities to track profit in the Machine learning algorithms can tend to achieve better
market [10]. In algo-trading, computer software can decide predictability and accuracy at the same time. Big banks can
on your sake to buy and sell stocks. Algo-trading also tends also use predictive analytics-based fraud detection software
to use very advanced high- alphanumerical models that can to identify frauds across different domains that are involved
deliver correct decisions at financial markets. Most of the in financial payment processing [15]. Banks can also use
companies started to enforce these technologies especially predictive analytics to detect any fraud in mobile
the top investment banks. applications for banking or ordering and paying for goods
and services.
Algorithmic trading usually uses three kinds of strategies
that are performance-based, statistical arbitrage and 5.2 HOW ARTIFICIAL INTELLIGENCE IS BENIFITTING
momentum investing. In performance-based strategy it is BUSINESS ORGANIZATIONS, EMPLOYEES AND FINANCE
focused on execution-based plans, Investors will use this PROFESSIONALS
kind of strategy only when generating bulk purchases. In
statistical arbitrage, it will identify cost differentials among Artificial Intelligence (AI) plays a very consequential role in
devices, that are quoted in different markets which dispense the different finance functions which have favoured not only
predictable and known connections with each other. The the finance professionals but also organizations and
momentum investment strategy depends on the drive in the employees too.
business, it helps stock traders in the anticipation of market
leaning that estimates vital action [10]. The AI in stock

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5.2.1 Finance professionals employees with improved precision into corporate spending
patterns. Companies can also identify which policies are
Artificial intelligence (AI) is assured to change the functioning for the company as well as if certain policy
accounting industry with changes that will abolish infringements are reasonable.
monotonous tasks and also free up time to prioritize any
higher impact responsibilities [16]. In the recent digital era 5.2.2 Business organizations
transformation, clients are digitalizing most of the processes
and multiplying the number of documents and spreadsheets AI is assured to have a huge impact on business
that accountants and audit professionals must analyse. The organizations, it is no longer just about codifying business
introduction of AI in the field of accounting and auditing will judgement and process automation but AI will be used by
significantly help finance professionals such as auditors and most of the business organizations around the world to gain
accountants. deeper insights and also gain competitive advantage
simultaneously. According to a recent report by Gartner,
Artificial intelligence in the field of audit and accounting will Investment in AI-based technology will be one of the
help finance professionals to streamline the process of data companies top five priorities by 2020 [17]. A recent report
entry and analysis. AI will help finance professionals to stay by Harvard business review also says that Artificial
on top of the transactions amidst the system that is Intelligence will add 13 trillion US dollars to the world
monotonous, time-consuming. Instead of finance data being economy over the next ten years [18].
spread over multiple PDF's, documents and spreadsheets
machine learning technology will automatically classify it AI helps business organizations to automate most of its
based on expenditure category and generates financial customer interactions. AI is helping organizations to
reports for analysis in just one place [16]. These automate communications such as online chats, Emails,
compendious financial reports will provide business telephone calls by analysing data that was accumulated, it is
organizations with smart perception to enhance the process also possible to program the computer software algorithms
of financial planning. ML also extracts deeper insights as it in such a way that it will precisely respond to the customers
churns data over a period of time, meaning business and also deal with any enquires they have [17]. For instance,
organizations can gain a complete view into the long-term AI-based chatbots can connect with unlimited customers at
expenditure patterns and the accounting department can the same time and can both instigate communication and
contribute even greater value to business organizations by respond whether it is an application or a website.
recommending clients on optimistic budget forecasting. Approximately by the year 2020, 85 per cent of customer
communications will be taken over by AI functions that can
Artificial intelligence technology will help auditors and mimic and respond like human beings.
accountants in the process of financial fraud detection.
Companies spending process has become exemplary, Business organizations are now able to predict future
Employees in business organizations spend cash across outcomes based on the process of data analysis. For instance,
different spending categories using more advanced payment predictive analytics will be able to check patterns in
means than before. As the financial data in the organization customer data that can show if the products at the moment
increases and broadens across supplementary payment on sale are expected to sell and what quantity. AI can also
methods the risk of non-compliance and financial fraud also predict when the demand for a particular product is
increase simultaneously. According to the recent report by declining. This will help the company acquire the
Certified fraud examiners (CFE) a business organization appropriate stock and in the right quantity. AI can also
loses almost 5 per cent of its annual revenue to internal predict when the demand for a particular product is
financial fraud [16] and audit professionals can normally declining. This will help the company acquire the
audit only 10 per cent of the financial expenditure physically appropriate stock and in the right quantity. The propensity is
leaving most of the prospective fraud to go unnoticed. AI not just useful in the retail industry, but AI is also being used
technology can audit hundred per cent of the financial in many different areas, for instance, in the banking industry
reports by forecasting patterns and ascertaining a broad it can forecast stock price fluctuations and predict currency.
array of anomalies in the financial data. AI, in fact, can help In the health care sectors, it can also predict the upsurge of
audit professionals to catch any fraudulent spending before infections by scrutinizing social media posts.
it even occurs.
AI will also help business organizations in the process of
AI technology can be used by finance professionals to data unlocking. In the previous years, the amount of data
extremely reduce the total time it takes to discover any non- business was producing is less so the data was unstructured,
compliance issues in the financial data. Any travel bookings, so it was easy to apprehend and store the data in large
order for purchases, receipts from employees and credit- databases. Large business supervisors are now able to
card related transactions are spontaneously scrutinized for extract deeper insights from the data propagated for their
any purchases made outside the company’s policy thus business requirements. But in the present scenario,
helping audit professionals to quickly rectify the identified unstructured data tends to represent a larger part of the
error and assist to execute corporate policies to the total information that is available to us [20]. 80 per cent of

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the data that is produced from online websites is working in top international finance companies to
unstructured data. Investigating unstructured data will be comprehend as to what level has Artificial intelligence (AI)
the most significant factor for any business organization been used in finance-related functions. The findings show
over the future years. that most of the finance companies have enforced AI
comprehensively in the process of risk management, Stock
5.2.3 Employees trading and credit lending process. Accountants and audit
professionals also agreed that with the application of AI the
Nowadays most of the treasury and accounts receivable process of accounting and audit has been much simpler.
clerks strive to clear the invoice payments, when clients Since most of the monotonous tasks are being automated the
usually combine all the invoices in one single payment, pay accountants and auditors can focus on other core strategic
the wrong amount or do not contain any invoice numbers aspects of the company. Another function where AI is
with their payments [19]. In this, to clear the invoices the extensively being used in the finance industry is financial
employee has to physically add the various invoices that may advisory services where robot-advisors are used to provide
match up the payment amount or communicate to the different options that are more productive compared to what
customer to resolve some information. But with the their components give. With respect to the other finance
introduction of AI, it would instantaneously help by functions, most of the companies are still at the test stage in
proposing invoices that may match the payment amount. On India, but in countries like the USA and Canada, the other
the basis of experienced thresholds, the AI system will functions have already been implemented.
automatically help to clear any short payments by
customers. 6. SIGNIFICANCE OF THE STUDY

Artificial intelligence (AI) can help finance employees to Though there are many articles related to Artificial
conduct risk assessments. In evaluating commercial intelligence and its applications in finance there are very less
proposition for projects, finance employees are assigned research-based articles thus there is a shortage of academic-
with the task of estimating each project individually based based research administered to extricate the integration of
on various customer attributes such as size, industry, AI in financial services and its advantages. The present study
maturity, current system landscape as well as the intricacy of which is based on qualitative research endows to the theory
the products to be implemented. To make this judgement building of Artificial Intelligence and finance. The findings
employees of the organization often rely on finance from the study disclosed the various finance functions where
managers who have previous experience in dealing with a AI has been executed and how it made the functions more
similar type of project. The implementation of Artificial practical and organized. The study also shows the benefits
intelligence in this scenario will help the teams to access all that employees, finance professionals and business
the data related to the projects the company has organizations get after implementation of AI. The findings
implemented till now. Using this past data, the finance from the study demonstrate the various reasons as to why AI
employees can map the planned project against all past has to be implemented into finance functions by all
projects and come up with a better decision for risk organizations.
assessment.
7. CONCLUSION
AI helps business organizations to implement better supply
chain management. As customers precedence and No doubt AI is taking over most of the finance functions but
anticipations continue to grow, Supply chains depending on that doesn’t mean Artificial Intelligence is taking over
invariable legacy systems are striving to deliver the right accounting and finance jobs and completely replacing
products to its customers [20], To fulfil the constantly finance professionals. There is also no doubt that AI software
changing consumer demands and to also achieve global will be able to handle most of the monotonous accounting
competitive advantage. Business organizations are and auditing tasks faster compared to human beings but
instigating to leverage sophisticated intelligent software there is always a need for human beings to interpret the data
technology and analytics to reconstruct the way they carry that is generated from AI technology. According to the recent
on business activities. AI in supply chain management will report by Gartner AI is said to create more jobs than to
help to inflict data-driven insights across the companies replace them. Accountants and finance professionals need
supply chain. It helps to increase the process of precision not worry in the long run about their jobs being replaced
forecasting and appreciating the human perspective for because companies will always need finance professionals to
innovation and strategic in-depth analysis around customer analyse the data that is generated by AI. In most cases AI
demands. technology will help finance professionals to enhance their
services, AI will also streamline the accuracy for data entry,
5.3 APPLICATION OF ARTIFICIAL INTELLIGENCE improve financial fraud detection and also helps to provide
FUNCTIONS IN ORGANIZATIONS real-time data to finance professionals and in the process
helps to provide better solutions to their clients. In the end,
The present study used a systematic interview method we cannot declare that AI will be able to work at a hundred
where questions were asked to finance professionals per cent efficiency but it can help to reduce human-based

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errors. Though they are many initial obstacles most of the https://www.fusioninformatics.com/blog/how-ai-
finance companies are putting in a lot of effort to implement transforms-the-future-of-trading/
AI in finance functions because their advantages are more
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© 2020, IRJET | Impact Factor value: 7.34 | ISO 9001:2008 Certified Journal | Page 3192
 International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056
Volume: 07 Issue: 03 | Mar 2020 www.irjet.net p-ISSN: 2395-0072

9. BIOGRAPHIES

Mr. Rohan Pothumsetty is

currently a final year Masters in
commerce (M.COM) student at
CHRIST (Deemed to be University),
Bengaluru, India. He has completed
his Bachelors of commerce (B.com)
from Osmania University,
Hyderabad in the year 2018. His research interest is in
the area of Technology, Automobile, Engineering and
Strategic management.

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