Volume 8, Issue 4 (12-2024)
EBHPME 2024, 8(4): 0-0 |
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Abbasian-Naghneh S, Rahimi S V. Exploring the Utilization of AI on Financial Services and Operations. EBHPME 2024; 8 (4)
URL: http://jebhpme.ssu.ac.ir/article-1-505-en.html
URL: http://jebhpme.ssu.ac.ir/article-1-505-en.html
Department of Mathematics, Najafabad Branch, Islamic Azad University, Najafabad, Iran , salman_abasian@yahoo.com
Abstract: (154 Views)
Background: The utilization of artificial intelligence (AI) in financial services and operations has gained momentum due to its potential to completely change the industry. The main objective of this paper is to explore the utilization of AI in financial services and operations by identifying key utilizations and determining the relationships among them through Interpretive Structural Modeling (ISM).
Methods: The study employs a thematic analysis to identify and categorize the key utilizations of AI in financial services and operations. Expert insights are gathered to validate these categories and ensure comprehensive coverage. Following this, ISM is utilized to establish a connection between these utilizations and to construct a hierarchical model that elucidates the interactions and dependencies between them. This approach helps to map out the structure of AI utilizations within the financial sector and prioritize areas for strategic focus.
Results: Using thematic analysis, various dimensions for the utilization of AI in financial decision-making were identified, including data analysis capabilities, automation and efficiency, decision support systems, risk management enhancements, market trend analysis, personalized financial services, compliance and regulatory adherence, portfolio optimization, fraud prevention and detection, customer relationship management (CRM) enhancement, operational efficiency improvement, enhanced financial forecasting, fraud detection and prevention, customer experience enhancement, regulatory compliance, investment decision support, data security and privacy, business process optimization, strategic planning and decision making, and supply chain management. The model depicting the relationships between these dimensions was obtained through ISM.
Conclusion: This research highlights the importance of a structured approach to understanding the utilization of AI in financial services and operations. The results highlight the need to address both technological and strategic dimensions to fully leverage AI’s potential. By utilizing the insights gained from this study, financial institutions can strategically plan AI implementation, enhancing their competitiveness and sustainability in the digital era.
Methods: The study employs a thematic analysis to identify and categorize the key utilizations of AI in financial services and operations. Expert insights are gathered to validate these categories and ensure comprehensive coverage. Following this, ISM is utilized to establish a connection between these utilizations and to construct a hierarchical model that elucidates the interactions and dependencies between them. This approach helps to map out the structure of AI utilizations within the financial sector and prioritize areas for strategic focus.
Results: Using thematic analysis, various dimensions for the utilization of AI in financial decision-making were identified, including data analysis capabilities, automation and efficiency, decision support systems, risk management enhancements, market trend analysis, personalized financial services, compliance and regulatory adherence, portfolio optimization, fraud prevention and detection, customer relationship management (CRM) enhancement, operational efficiency improvement, enhanced financial forecasting, fraud detection and prevention, customer experience enhancement, regulatory compliance, investment decision support, data security and privacy, business process optimization, strategic planning and decision making, and supply chain management. The model depicting the relationships between these dimensions was obtained through ISM.
Conclusion: This research highlights the importance of a structured approach to understanding the utilization of AI in financial services and operations. The results highlight the need to address both technological and strategic dimensions to fully leverage AI’s potential. By utilizing the insights gained from this study, financial institutions can strategically plan AI implementation, enhancing their competitiveness and sustainability in the digital era.
Type of Study: Original article |
Subject:
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Received: 2024/10/25 | Accepted: 2024/12/15 | Published: 2024/12/15
Received: 2024/10/25 | Accepted: 2024/12/15 | Published: 2024/12/15
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