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The industry that I have chosen is the finance industry. AI, similar to many other industries, has had a growing impact on the financial sector. I chose this industry because I have a strong interest in it. I personally trade crypto and stocks when I am not doing work for school. It is a passion of mine that I work extremely hard at, and researching how AI affects this field is both beneficial to me as well as interesting. Finance is also crucial to our world today, as at this point everything is about money. It laeds to power and effects how we live our day-to-day lives. Inside of finance, AI has had a growing effect in security, investment strategization, and customer service. These are all big parts of how finance functions, being made easier by AI. Inside of this padlet, I will discuss how AI effects each of these areas, as well as how AI's evolution intertwines with the future of finance and how these changes effect society as a whole. The biggest part of this is how AI continuing to evolve will determine the future of the financial industry as a whole. I think that it will end up in a completely different state. Personally, these applications are significant to me, as I think in the near future I will speak to AI when talking to the banks, and I think AI will be used when I make investment strategies or speak with financial advisors. This means my money and how it is handled will largely be done by AI in the future.

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https://youtu.be/fZJLfruV-1w?si=e1mItAn4yMmQK6Eg

AI is now used for security in banks. In specific AI algorithms are used to prevent financial thefts through pattern identification. This means credit card usage and online money transferring. AI can be used to identify out of the ordinary transactions and quickly identify them and shut down criminals in their tracks. This uses machine learning technology, as AI learns from thousands of examples and data sets to understand why certain transcations stand out from others. This leads to great benefits, as financial crimes are stopped much sooner than before. Humans do not have to watch thousands of transactions to find needles in a haystack. AI can do this in the snap of a finger due to how quickly it can process large datasets. The main issue that AI has in this field is false alarms. Similar to human error, AI can falsely flag transactions that it deems suspicious, leading to incorrect credit card or account freezes. In reality, this sometimes is just someone who makes a purchase they wouldn't usually make but now is stuck locked out of their account. Personally, I think that this is an outstanding step forward for security, as I now have much less fear of financial theft when it comes to banks, as I know they are using AI to identify threats. Anything weird will quickly be stopped, and I won't lose my money. This makes me feel much safer.

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https://youtu.be/8o971FmLOZo?si=3gM2EnmufV9Ak4UJ

AI is also being used in stock investing and trading. AI analyzes a variety of different factors, including company data, the trends of investor psychology, and the trends of stock charts, to predict future prices of stocks. This has led to alhorithmic trading. Algorithmic trading is AI using machine learning to predict market trends and make trades based off of this. Due to AI's nature, it can trade much faster and more efficiently than humans. The benefit for humanity in this case is that financial advisers can use AI to make smart predictions and then make their customers happy. This can lead to increased profits for those who expand their portofilis into the market. Personally, this is very interesting to me as I trade stocks myself. I hope that AI will not become too powerful, as this may take away trading from humans completely. However, in stock trading, there are winners and losers, so I find it interesting to see how AI will compete in the stock market in the coming years.

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https://youtu.be/KjvQqgMYQeI?si=muIicSgHqOp1E_CS

Any adult knows that talking to and interacting with banks is a time-consuming and draining experience. However, this may become much more streamlined and easier in the future. This is due to AI replacing standard customer service over the phone. Instead, we will be able to chat with AI virtual assistants or chatbots. This is like interacting with ChatGPT, except Bank of America or Chase version. This will make it easier to inquire about bills, open new accounts, and even inquire about financial advice. The technology used in this case is natural language processing, as the AI chatbots need to undergo countless trainings in order to be able to talk to humans and understand what their objectives are, so they can properly assist them. Personally, this will help me greatly. As a budding adult, I have already had to open up bank accounts, investment accounts, and move around money. This has at times been a painful experience, that takes much longer than expected. I hope as I grow older and have to interact even more with the bank, many of this will be streamlined due to the advancements in AI.

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Future Trends and Ethical Considerations

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Future Trends and Ethical Considerations

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The future of AI in finance is fascinating and kind of scary to think about at times. The biggest future of AI in finance will be in investment planning and stock trading. Currently, we as humans analyze trends, data, and charts to make decisions, that have a probability of either failing or succeeding, similar to gambling. However, AI will be able to do this same process of analyzing and making decisions, but at an infinitely faster rate than humans can. This will only continue to compound, and eventually the market will be completely made by artificial intelligence. Big banks and institutions will use AI to manage their money, and this will turn AI into the true market maker. However, this will become interesting in the future, as different market makers will use different AI. These AI will end up competing to see which is correct about the market state, and therefore the institution that has the best AI will make the most money. Personally, I am intrigued to see how this plays out, as stock trading is fascinating to me. I still think that humans may have a part in this, and use AI to gain an edge. I hope to be one of those that can use these advancements to make money trading. Ethical concerns come into play when talking about the fields of financial security and approval of cusomers. In the security case, AI will be given lots of private information about their customers, and have access to their accounts. This is a scary thing to consider, as if a bank's AI model gets hacked, their customers information will be stolen, leading to a huge cascade effect and maybe even financial collapse. There is also the case of bias, as we see with AI searches, as if AI is used for questionarres regarding loans or opening accounts, they may discriminate against certain races and religions. AI is inherently biased, as it is trained by the internet, which contains racism, homophobia, and hatred for a variety of religions. If AI turns those away just because of beliefs or looks, banks will garner major backlash, and this is a problem that will come in the near future. Personally, I find the idea of AI in banking scary, as AI being in charge of deicding my loans, or handling my accounts, leaves me feeling uneasy. What if the AI malfunctions, and loses my money, or gets hacked? I think they may lead to me leaving some money in safer options, such as gold or bonds.

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There is a variety of societal effects of AI in finance. The first of these is the loss of jobs in the financial sector. Banktellers, stock traders, financial advisors, and other customer service banking jobs will be replaced in the near future. There will be no need for human-to-human interaction. Instead, banks will just create their own AI models, which we will communicate with, giving it our metrics and what we hope to achieve with our money. AI will then be able to be customer service, trade our money, and advise us on how to diversify. It is all-in-one. There are approximately 6.6 million Americans working in the financial sector, and soon a large percentage may be replaced. However, some job openings will be created as people will be needed to train the AI and make sure that it is running correctly. Personally, I plan to trade stocks for a part of my income, so if AI takes over in the trading space, this will no longer be an option, which would be unfortunate. Society will also be effected by AI being able to educate us on financial literacy much sooner. AI can be used in schools to explain to kids how to handle money and properly set themselves up for the long term. Personally, I never learned these things in school and had to learn them on my own or from my father. If I was taught more from a younger age, I think I would be in a much better position. I think AI can really change this, and therefore break some of the cycles that we see occurring in society. AI will also effect fairness in the banking industry. As things currently stand, many are turned away for loans for unfair reasons or are not properly assessed. If AI can be properly handled, and bias removed, AI can give out loans and decide on how to handle money without any other factors effecting it. This truly will shake up the financial system and finally create equal wealth opportunities. As thing currently stand, many are unfairly oppressed and do not have the same financial opportunities as others. I really like that this can happen in the future, as I dont think people should be denied loans or a credit card for any other reason than pure numbers. Any personal bias should not be in play, as this is people's livelihoods at stake.

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Overall, I am excited to see the future of the financial industry and how AI will affect it, due to how intertwined they are now. In my research, I performed Google searches on the various financial aspects, such as securities, trading, and customer service. I then found any reputable sources I could and read up on the various aspects. This led me to learn quite how much AI is used, which is much more than I thought. AI is already used expansively in the stock market, to help customers, and in protecting all of your financial data. Personally, I think AI will end up basically becoming our banks and financial advisors, through partnerships with the government. I think the third party of traditional banking will be removed. I think this is good for the future as it creates more equal opportunities, something that traditional banking does always provide.

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“Ai Trading: How Ai Is Used in Stock Trading.” Built In, builtin.com/artificial-intelligence/ai-trading-stock-market-tech.

I chose this source because it gave an explanation on how AI is used in the current stock market.

Grossman, Andrew. “How to Use Artificial Intelligence to Invest.” Investopedia, Investopedia, www.investopedia.com/how-to-use-artificial-intelligence-in-your-investing-7973810.

I used this source because it showed how americans can begin to use AI to invest in stocks and build portfolios.

“How Artificial Intelligence Is Transforming the Financial Services Industry.” Deloitte, www.deloitte.com/ng/en/services/risk-advisory/services/how-artificial-intelligence-is-transforming-the-financial-services-industry.html.

I chose this source because it showed how AI is being used in customer service in the finance and banking industry.

Ibm. “What Is Artificial Intelligence in Finance?” IBM, 29 Jan. 2025, www.ibm.com/think/topics/artificial-intelligence-finance#:~:text=By%20analyzing%20intricate%20patterns%20in,(KYC)%20and%20compliance%20initiatives.

I chose this source because it described how AI is used in financial security with machine learning.

Mishra, Suchismita. “Artificial Intelligence in the Stock Market: How Did It Happen?” FIU College of Business, business.fiu.edu/academics/graduate/insights/posts/artificial-intelligence-in-the-stock-market-how-did-it-happen.html.

I chose this source because it shows how AI is used for algorithmic trading in the stock market.

“Reimagining Customer Engagement for the AI Bank of the Future.” McKinsey & Company, McKinsey & Company, 13 Oct. 2020, www.mckinsey.com/industries/financial-services/our-insights/reimagining-customer-engagement-for-the-ai-bank-of-the-future.

I chose this source because it gave insight on customer service for banking using AI for things like loans and other inquiries.