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(n.d.). What is artificial intelligence (AI) in finance? Google. https://cloud.google.com/discover/finance-ai

I chose this source because it provide great insights and definitions for AI in the finance industry.

Walch, K. (2024, September 14). How is AI transforming the finance industry. Forbes. https://www.forbes.com/sites/kathleenwalch/2024/09/14/how-ai-is-transforming-the-finance-industry/

I chose this source because it provided good overview of how AI is changing the finance industry

Seth , S. (n.d.). Basics of Algorithm trading Concepts and examples. Investopedia. https://www.investopedia.com/articles/active-trading/101014/basics-algorithmic-trading-concepts-and-examples.asp

This source helped me understand Algorithm trading more

Barnard , J. (n.d.). What is Anomaly Detection. IBM. https://www.ibm.com/think/topics/anomaly-detection

This source was used to understand anomaly detection more and highlight the benefits of it.

Kenton , W. (n.d.). What is personal finance. Investopedia. https://www.investopedia.com/terms/p/personalfinance.asp

This source was used to highlight the importance of personal finance.

Parker, D. (n.d.). The future of financial services. Forbes. https://www.forbes.com/sites/davidparker/2024/10/03/the-future-of-ai-in-financial-services/.

This was a really good source because it talked about the future of AI in the finance industry.

Contri , R. (n.d.). The societal Impact of AI in financial Services. Forbes. https://www.forbes.com/sites/deloitte/2018/11/01/the-societal-impact-of-ai-in-financial-services/

This highlighted the benefits as well as concerns of AI in the finance industry.

(n.d.). What is Robo Advisor. Investopedia. https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp

This helped me understand robo-advisor more

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I learned a lot about researching AI especially in the finance industry. Things like future trends, data privacy, robo-advisors and technologies used, helped me gain insight in the industry. As I mentioned before I plan on working in that industry so I was excited to see how AI could affect my future job. Personally I welcome AI with open arms. I do not view it as a threat but rather a supplement that people can use to become more knowledgeable and help with their current or future jobs.

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AI continues to transform every industry some can argue for the better or for the worse. The societal impact of AI in the finance industry is very complicated. The reason that it is complicated is because it is transforming how businesses and individuals interact with financial services. One important societal impact to mention is the fact that more people are able to use financial services because of AI. This can generate personal wealth or wealth for other people involved. An extremely important event that has societal impact is the introduction of robo-advisors. A robo-advisor is a digital platform that provides automated, algorithm-driven financial planning and investment services with little to no human supervision. A typical robo-advisor asks questions about your financial situation and future goals through an online survey. It then uses the data to offer advice and automatically invest for you. There's two sides to this, the benefits of becoming more financially literate as well as the simplicity of it. Unfortunately the negatives are what I mentioned before, lack of human supervision which also reflects on the trust you have with AI, job replacement (which can increase the unemployment rate and affect society in a negative way) and data privacy(people/ai stealing your personal and important data and using it to their benefit). These concerns are in line with the societal impact of AI in finance. Overall Im very excited to see what AI has in store for the future considering how its becoming more relevant in our daily lives.

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Future trends and ethical considerations 

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Future trends and ethical considerations 

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Even though AI has been around since the mid 1900s, it gained immense popularity within the last decade. Specifically in the finance industry it is being used to help people especially with their jobs.The future for AI is looking great, it is expected to enhance analytics for market trends, refine risk management strategies, and further automate tasks such as trading, lending, and customer service. Unfortunately with these advancements there are concerns that come with it. The biggest one is bias, AI can follow or even become more bias based on the data they are trained on. For example this can affect hiring practices. If AI recognizes that a certain demographic is consistently being hired this can cause bias. It is important to make sure AI systems aren't bias so people are less likely to have an unfair experience. Another concern to look out for is data privacy. Even though security measures are getting better and better, data privacy is still a concern just because financial institutions deal with private and sensitive information. The last major concern is job replacement. While AI is technically a tool, it also has the ability to replace jobs especially entry level finance jobs. The solution to this in my opinion is to become more financially literate and excel in areas that AI is not good at.

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One of the most uses of AI in the finance industry is for personal finance. It is important because ultimately it affects all of us. Personal finance covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, retirement, tax, and estate planning. The related Technologies used for this is machine learning. The benefit of machine learning helps with understanding the goals that person desires as well as providing financial advice. In my opinion there are no disadvantages to this and I believe it is extremely beneficial to use this to help while also using a human advisor.

Video https://www.youtube.com/watch?v=YJ50SwLxnQY

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Technology becomes more advanced day by day, as a result the importance of cybersecurity increases. Using various AI applications for security is extremely beneficial. One of the most common used technologies to enhance security is anomaly detection. Anomaly detection (machine learning) is the identification of observations, events or data points that deviate from what is usual, standard or expected, making them inconsistent with the rest of a data set. This makes it easier to identify unusual patterns. They aren't many disadvantages to this but I think one of them is AI missing values in the data. Overall I think this is extremely important in the finance industry due to the extra protection it provides especially with money.

Video: https://www.youtube.com/watch?v=UYR5NH_D9g0

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Algorithm Trading is the use of computer programs that follows a specific set of instructions to place a trade. The goal of this is to make a profit. What makes algorithm trading very important is the fact that it can do this process faster than any human trader so that is the benefit of it. During this process the technologies uses machine learning and natural language processing. The disadvantages of this is that it can replace day traders, it has high capital cost due to development, and could have a negative market impact. Overall I think this is a very beneficial use of AI in the finance industry because you don't have to worry about human error and transaction costs.

Video: https://www.youtube.com/watch?v=OPm_EDTrz7Y

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In this presentation, I will be talking about the finance industry and the way it is impacted by AI. The reason I chose finance is because I am a business management major with a specialization in finance. I find finance very interesting because its a very important part of our lives and everyone should have some knowledge of it. In terms of jobs in the finance industry there are various routes that you can get into like: financial analyst, investment banking, venture capitalist and much more. While every part of business is important like marketing, operations, and accounting, I would make the argument that finance is the most important part. For those who don't know finance is the management, creation and study of money and investments. How does AI affect this field? For me personally I use AI in one of my finance classes and it helps out with analyzing data very quickly. It's almost like a rough draft for a paper, it gives you the foundation but unfortunately the shortcomings of it is the interpretation/analysis part.Thats where the human part of using AI comes into play, taking the data from AI and using it to make decisions. In terms of the Industry AI provides many benefits with the help of Algorithms, security and personal finance. I will be talking about these three areas and the technologies used to aid it. I will also talk about future trends as well as societal impacts of AI in my industry.