AI in Banking: A Journey Through Challenges and Innovations

Artificial Intelligence (AI) has been transforming the finance world for years, using both classic and modern techniques. Let's dive into the challenges, methods, and opportunities that AI brings to finance. First, let's look at the landscape of finance and the data it deals with. Finance businesses often face complex data issues. AI aims to solve these problems by applying techniques that have evolved over decades. Now, let's break down the types of AI used in finance. Classic AI methods have been around for a while, but modern AI, like machine learning and data science, is making waves. Both have their perks, but which is better? That's a topic for debate.AI isn't just about solving old problems; it also opens new doors. Imagine AI-driven analytics that can predict financial trends or learn from past data to make smarter decisions. It's like having a super-smart finance advisor who never sleeps. But it's not all sunshine and roses. There are challenges too. Old AI techniques might not cut it in today's fast-paced world. And the new techniques, while promising, still have kinks to work out. Looking ahead, there are open issues and exciting opportunities. AI could revolutionize finance even more, and finance could inspire new AI advancements. It's a two-way street of innovation.