AI in Industry and Society by Jasmine Hussain

Personalized Overview

jasminehussain — 2025-10-11 21:39:35 UTC

For this assignment, I chose to study the impacts of AI in the finance industry. This industry was selected because I am interested in entering into the business world, which works closely with the finance industry. My father also owns a company that utilizes AI technology in a variety of innovative ways to improve and market his business, so learning about different ways AI can be used would help me understand him better as well. Researching the impact of AI in this industry could help me learn which skills to develop to have the most success in the field. In the financial sector, AI is used for numerous things such as detecting fraudulent activity, being a chatbot to provide customer service to customers, for stock market predictions, and even to provide personalized advice for investing. All these uses are significant because it brings a sense of security to the communities it is in, and while the AI works on these tasks, human effort can be put into much more valuable things. While these aspects are all impressive, it is important to discuss the future trends and ethical considerations such as transparency and data privacy as well. It is vital to discuss these things because AI is a powerful tool, and should always be transparent, beneficial, and impartial to any group. The societal impacts of AI in the financial industry will also be discussed, exploring what it means for employment, as well as the privacy and equity aspects of it. Discussing these allows us to prepare for the future and adjust better to what AI brings to the table.

Finance- AI for Investment Management

jasminehussain — 2025-10-11 22:05:25 UTC

Using machine learning, pattern recognition, and in-depth analysis, AI is becoming a beneficial tool for investment and portfolio management in the finance industry. With its ability to analyze massive amounts of information in a short time, it is able to predict stock market trends with high accuracy and can even provide personal suggestions on investments based on your risk preferences. Some issues with using the AI however, involve potential biases in the data it learns from, market volatility from the automation of multiple AIs at once, and transparency issues, since AI tends to be black box, which is when AI does not explain how they get their answers, which is important when analyzing such a volatile market(Solanki). I find this technology interesting because with AI insight becoming a valued assistant in the finance industry, it makes investing more accessible for the public and would allow investors to focus on other things rather than stock market trends. It is a game changer for investing.

Video for AI for Investment Management

jasminehussain — 2025-10-11 22:10:58 UTC

Finance- AI in Customer Service

jasminehussain — 2025-10-11 23:45:08 UTC

With natural language processing, machine learning, and predictive analytics, AI has become a beneficial tool in customer service (Taylor). Commonly in the form of chatbots, AI is used in a few ways to benefit the industry such as to personalize customer experiences, provide around the clock support, and even to reduce operational costs. While there are many benefits, there are also some concerns that need to be addressed to ensure that this technology remains successful. There are concerns about privacy with all the data being analyzed, and there are also concerns about ensuring the AI remains unbiased and fair to all customers (Emley). I found this intresting because in my experience the transition from traditional customer service to automated was smooth. I can see this being the future of customer service, allowing human customer service workers to focus on more important things to benefit their company. I personally like the AI customer service chatbots better because they are faster and answer my questions efficiently.

Video for AI in Customer Service

jasminehussain — 2025-10-11 23:47:13 UTC

Finance- AI in Fraud Detection

jasminehussain — 2025-10-12 00:05:05 UTC

Due to its machine learning and pattern recognition capabilities, AI is being used in fraud detection. AI can do a multitude of things including analyzing networks using graph detection to find potentially fraudulent activity and assign risk scores to determine the probability of something being fraud. While the AI’s pattern recognition and adaptability make it more beneficial than traditional methods, it can be complex to install such an AI into a system. Not to mention that they are data reliant, so they will only be as good as the data they are trained on (Flinders, Smalley, and Schneider). I find this interesting because ai detection saved me from getting scammed myself once, stopping my money from being sent to the scammer and having me call an agent to verify that it was a real, trustworthy transaction. This technology will help a lot of people as well as the companies themselves, allowing both sides to focus on bigger and better things. I think this is a great way to take advantage of AI.

Video for AI in Fraud Detection

jasminehussain — 2025-10-12 00:09:06 UTC

Future Trends and Ethical Considerations

jasminehussain — 2025-10-12 00:11:02 UTC

AI in the finance industry has already proven vital throughout its development and will continue to do so well into the future. There are many technologies working alongside AI to further its capabilities such as Blockchain, Cloud computing, big data analytics, and quantum computing. They each work to supplement the AI for example, for fraud detection or portfolio management. As each of these technologies develops, they will continue to challenge traditional roles as their models get more efficient. However, as the AI gets more advanced, it is important to ensure that the AI remains transparent, trustworthy, and maintains data privacy. The large amounts of sensitive data that it analyzes leaves the AI as a target to potential cyberattacks as well, so having defensive measures is vital as well (Vuković, Dekpo-Adza, & Matović). I think that this technology is revolutionary for the finance industry and could change the game for not only how finances are managed, but also the protection of those finances. The automation for customer service using AI is just the cherry on top as well. As the data for the AI gets larger and the AI gets more advanced, it will be crucial for it to ensure the safety of the sensitive data they are learning from, especially when the AI is used in situations such as for banks or to give financial advice. The leaking of that type of data can ruin lives, so it can be a daunting yet important task to protect it.

Societal Impact

jasminehussain — 2025-10-12 00:16:45 UTC

Within the finance industry, numerous changes have come about since the implementation of AI. On one hand, AI’s ability to automate regular tasks allows for increased efficiency and cost reduction. On the Fraud detection aspect, it can improve risk management thanks to its pattern recognition. It also can provide personalized financial advice as well as provide its resources to a greater variety of people, all of these reasons bringing society towards a future of financial stability. On the other hand, the automation of many tasks may result in some job displacement, as it is estimated that up to thirty percent of jobs will be automated by 2030 (Matta). There are also concerns surrounding data security and privacy, since these AI have access to massive amounts of sensitive information (GeeksforGeeks). Not to mention the risk of algorithmic bias because of the data the AI is trained on (Matta). I think that this AI is an amazing tool to use and will allow companies to focus on more innovative and impressive things. I do however, think that there should be serious regulations surrounding AI in order to make sure it remains secure and helpful to all. AI should be transparent, impartial, beneficial, and something to be used to supplement humans rather than replace them. AIs efficiency is a powerful tool that can be used in more than just the financial industry. However, since choosing to research AI in the financial sector, I realized the importance of keeping up with the times gaining skills that keep you marketable. In this new time of AI, a lot of people will have to learn to manage it in order to keep their jobs in check.

Overview Video

jasminehussain — 2025-10-12 02:09:59 UTC

Recording-20251011_215218.webm

Padlet would not let me record more than two minutes or upload the video straight on here so I recorded it on clipchamp (the system you had us use for our first assignment). This is the link to it.

Reflection

jasminehussain — 2025-10-12 02:11:38 UTC

Through this project, I learned more than I admit. Through research, I learned three different ways AI is utilized in the finance industry: to detect fraud, provide customer service, and even to predict the stock market and give financial advice. I learned just how great an impact this AI will have in the future as it develops and how we should regulate it to keep it secure and beneficial for all. I see now that AI will become a vital assistant in the days to come, and when mixed with human ability, it can create a stable community for the public.

References

jasminehussain — 2025-10-12 02:23:26 UTC

Solanki, A. (2025, October 8). The Future of Investing: How Artificial Intelligence Is Reshaping Stock Analysis And Portfolio Management. Benzinga. https://www.benzinga.com/Opinion/25/10/48105392/the-future-of-investing-how-artificial-intelligence-is-reshaping-stock-analysis-and-portfolio-management

‌This source gave me a good overview over the impact of AI in investment management and it was a good starting point for the rest of my research.

ETHICS AND ARTIFICIAL INTELLIGENCE IN INVESTMENT MANAGEMENT A FRAMEWORK FOR PROFESSIONALS. (n.d.). https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/industry-research/Ethics-and-Artificial-Intelligence-in-Investment-Management_Online.pdf

‌This source was helpful to learn about AI in investment and portfolio management.

Taylor, Marcus (2024, December 17). AI in Customer Service: Here’s All You Need to Know. Akool.com; Akool. https://akool.com/blog-posts/ai-customer-service

I used this source in order to learn about the different tools AI uses to improve customer service such as natural language processing.

Emley, B. (2023, March 29). AI in customer service: A complete guide. Zapier.com; Zapier. https://zapier.com/blog/ai-in-customer-service/?msockid=15ed745938d4623f071160b639246340

Flinders, M., Smalley, I., & Schneider, J. (2025, April 30). AI fraud detection in banking. Ibm.com. https://www.ibm.com/think/topics/ai-fraud-detection-in-banking

‌I picked this source because it had a lot of information about AI in fraud detection from a source I have not used previously.

Vuković, D. B., Dekpo-Adza, S., & Matović, S. (2025). AI integration in financial services: a systematic review of trends and regulatory challenges. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04850-8

‌I picked this source because of the in-depth analysis on trends regarding AI in the finance industry, and for information on future trends and ethical concerns.

Matta, I. (2024, December 12). The Societal Implications of AI in Finance. Sogeti Labs. https://labs.sogeti.com/the-societal-implications-of-ai-in-finance/

‌I chose this source because it provided easy to comprehend information about the implications AI has in the financial industry.

GeeksforGeeks. (2019, December 12). Artificial Intelligence in Financial Market. GeeksforGeeks. https://www.geeksforgeeks.org/blogs/artificial-intelligence-in-financial-market/

GeeksforGeeks always provides good insight on the assignments given so it is a valuable resource for me.

Videos and Images:

(2025). Fingent.com. https://www.fingent.com/ae/wp-content/uploads/sites/6/Blog_02-02-1024x554-1.png

Fintech. (2023, May 17). The Impact of AI on Investment Management | Fintech. YouTube. https://www.youtube.com/watch?v=rlgAzJdQa-E

Bacancytechnology.com, 2024, assets.bacancytechnology.com/blog/wp-content/uploads/2024/06/19123131/Importance-of-AI-for-Customer-Service.jpg. Accessed 11 Oct. 2025.

Bloomberg Technology. (n.d.). AI’s Impact on Customer Service. Www.youtube.com. Retrieved October 20, 2023, from https://www.youtube.com/watch?v=RTEwiQifjHg

(2025). Bing.net. https://tse1.mm.bing.net/th/id/OIP.Ajp6yDa1jH1m0ejuU0Jd9wHaEK?cb=12&rs=1&pid=ImgDetMain&o=7&rm=3

101 Questions of AI. (2021, December 13). How AI Can be Used for Fraud Detection? YouTube. https://www.youtube.com/watch?v=aPOn_WoYCXU