Application of Artificial Intelligence in Financial Services

Abstract

In the fourth industrial revolution; Technologies and computer science are progressing and are present in all sectors of different industries. Artificial intelligence in financial services reduces costs and increases the quality of services; Which is why the use of artificial intelligence is common in many well-known financial companies of the world. Artificial intelligence in financial services has four forms of application. The first one is Artificial Neural Networks, which have underlying rules and act and makes decisions like the human brain. The second case is Expert System, which makes the best decision in financial services based on past experiences and events. The third case is the Genetic Algorithm, which is a simple and practical tool by which the ma-chine can simulate the mechanism of natural selection. The fourth case is fuzzy logic, which reduces errors and makes reliable decisions in financial services due to the high accuracy of the output.