Published Paper Details:

The research shows how AI and ML help accurately predict credit and market risks, thus helping avoid losses. Further, with advances such as using chatbots and virtual assistants to handle customer queries and attend to customers at any time, artificial intelligence has advanced in fraud detection through monitoring in real-time to prevent fraudsters from getting away with their evil deeds. Also, algo trading and machine learning use in portfolio management have enhanced strategy formulation, with better yields and fewer risks. Consequently, facing intelligent algorithms in financial service industries is crucial, as it anticipates great boosts in operation efficiency, business competition, and regulatory compliance. However, questions and issues that cannot be ignored are data privacy, algorithms' bias, and probable job losses. To this effect, future studies should address ethical and legal issues and opportunities, technologies, rules, and partnering environments associated with AI and ML in finance. Based on findings from this study, these advancements must be adopted within financial institutions while acknowledging the challenges to realize growth, innovation, and customer value.