Money Management and Artificial Intelligence (Ai): The Implications

Arlene Shalma Fernandes; Dsouza Prima Frederick; Apoorva Mary Osta; Ganesha S; Nigel Barreto; Cedric Thomas Silveira

Author(s)

Arlene Shalma Fernandes Department of Business Administration (MBA), St Agnes College (Autonomous), Mangaluru, India

Dsouza Prima Frederick St Aloysius Institute of Management and IT, Mangaluru, India

Apoorva Mary Osta Department Of Commerce, Manipal Academy of Higher Education, Manipal, India.

Ganesha S Department of Commerce, MPM GFGC, Mangalore University, Karkala, India.

Nigel Barreto Don Bosco College, Panjim, Goa, India

Cedric Thomas Silveira Department of Business Administration, Don Bosco College, Panjim, Goa, India.

Abstract

The rapid convergence of artificial intelligence (AI) and money management is examined in this study, with particular attention paid to the significant effects this integration has on the finance industry. AI is changing traditional financial practices by providing new tools for asset management, trend prediction, and improved decision-making. These tools are becoming more complex as AI technology advance. In order to enhance risk assessment, automate trading, and optimize portfolio management, this research looks at the applications of AI-driven algorithms and machine learning models. The study also highlights the transition from human-led guidance to AI-powered solutions that provide individualized, data-driven insights in the discussion of the effects of AI on financial advising services. The study also discusses the possible hazards and ethical issues that come with using AI to money management, such as worries about algorithmic bias, data privacy, and the transparency of judgments made by AI. This article attempts to give a thorough knowledge of how artificial intelligence (AI) is changing the money management environment and the potential and difficulties it brings for financial institutions and individual investors going forward. It does this by studying current trends and case studies. According to the findings, artificial intelligence (AI) has a lot to offer in terms of efficiency and precision, but it also needs strict control and oversight to guarantee that it is used fairly and ethically

Publication Details

Page(s) 1-12

DOI DOI not available

Published Journal: International Journal of Communication Networks and Information Security, Volume: 16, Issue: S1, Year: 2024

Request the full text from PASTIC

Keywords

Artificial Intelligence (AI), Investment Strategies, AI Ethics, Financial Technology (FinTech), Money Management

References

Abrokwah-Larbi K.,Awuku-Larbi Y. .2024 .The impact of artificial intelligence in marketing on the performance of business organizations: evidence from SMEs in an emerging economy. Journal of Entrepreneurship in Emerging Economies, 16(4) : 1090-1117.

Ahmadi S. .2024 .A comprehensive study on integration of big data and AI in financial industry and its effect on present and future opportunities. International Journal of Current Science Research and Review, 7(01) : 66-74.

AL-Dosari K.,Fetais N.,Kucukvar M. .2024 .Artificial intelligence and cyber defense system for banking industry: A qualitative study of AI applications and challenges. Cybernetics and systems, 55(2) : 302-330.

Bankins S.,Formosa P. .2023 .The ethical implications of artificial intelligence (AI) for meaningful work. Journal of Business Ethics, 185(4) : 725-740.

Boustani N. M. .2022 .Artificial intelligence impact on banks clients and employees in an Asian developing country. Journal of Asia Business Studies, 16(2) : 267-278.

Cho O. H. .2024 .. Analysis of the Impact of Artificial Intelligence Applications on the Development of Accounting Industry. Nanotechnology Perceptions, : 74-83.

La Rosa De,Bechler W.,C. J. W. .2024 .. Unveiling the Adverse Effects of Artificial Intelligence on Financial Decisions Via the AI-IMPACT Model. Current Opinion in Psychology, 101843 : .

Hajj El,Hammoud M.,J. M. .2023 .Unveiling the influence of artificial intelligence and machine learning on financial markets: A comprehensive analysis of AI applications in trading, risk management, and financial operations. Journal of Risk and Financial Management, 16(10) : 434.

Giudici P.,Raffinetti E. .2023 .SAFE Artificial Intelligence in finance. Finance Research Letters, 56 : 104088.

Giudici P.,Centurelli M.,Turchetta S. .2024 .Artificial Intelligence risk measurement. Expert Systems with Applications, 235 : 121220.

Gupta S.,Modgil S.,Choi T. M.,Kumar A.,Antony J. .2023 .Influences of artificial intelligence and blockchain technology on financial resilience of supply chains. International Journal of Production Economics, 261 : 108868.

Irfan M.,Elmogy M.,El-Sappagh S,Global IGI .2023 .The impact of AI innovation on financial sectors in the era of industry 5.0. , : .

Jain R.,Vanzara R.,Sarvakar K. .2018 .The Rise of AI and ML in Financial Technology: An In-depth Study of Trends and Challenges. In International Conference on Communications and Cyber Physical Engineering, : 329-341.

Karthiga R.,Ananthi S.,Kaur R.,Das D. K.,Natarajan S.,Dhinakaran D. P. .2024 .. Impact Of Artificial Intelligence In The Banking Sector. YUGATO, 76(1) : .

Krishna S. H.,Madala R.,Ramya P.,Sabarirajan A.,Dobhal D.,Sapate S. .2023 .. Ethically Governed Artificial Intelligence Based Innovative Business Research in Finance and Marketing System. In 2023 Eighth International Conference on Science Technology Engineering and Mathematics (ICONSTEM), : 1-7.

Manrai R.,Gupta K. P. .2023 .Investor's perceptions on artificial intelligence (AI) technology adoption in investment services in India. Journal of Financial Services Marketing, 28(1) : 1-14.

Max R.,Kriebitz A.,Von Websky C. .2021 .Ethical considerations about the implications of artificial intelligence in finance. Handbook on ethics in finance, 577 : 592.

Mogaji E.,Nguyen N. P. .2022 .Managers' understanding of artificial intelligence in relation to marketing financial services: insights from a cross-country study. International Journal of Bank Marketing, 40(6) : 1272-1298.

Mogaji E.,Soetan T. O.,Kieu T. A. .2020 .The implications of artificial intelligence on the digital marketing of financial services to vulnerable customers. Australasian Marketing Journal, j-ausmj., : .

Norzelan N. A.,Mohamed I. S.,Mohamad M. .2024 .Technology acceptance of artificial intelligence (AI) among heads of finance and accounting units in the shared service industry. Technological Forecasting and Social Change, 198 : 123022.

Ochuba N. A.,Adewunmi A.,Olutimehin D. O. .2024 .The role of AI in financial market development: enhancing efficiency and accessibility in emerging economies. Finance & Accounting Research Journal, 6(3) : 421-436.

Odonkor B.,Kaggwa S.,Uwaoma P. U.,Hassan A. O.,Farayola O. A. .2024 .The impact of AI on accounting practices: A review: Exploring how artificial intelligence is transforming traditional accounting methods and financial reporting. World Journal of Advanced Research and Reviews, 21(1) : 172-188.

Odonkor B.,Kaggwa S.,Uwaoma P. U.,Hassan A. O.,Farayola O. A. .2024 .Integrating Artificial intelligence in accounting: a quantitative economic perspective for the future of US financial markets. Finance & Accounting Research Journal, 6(1) : 56-78.

Ooi K. B.,Tan G. W. H.,Al-Emran M.,Al-Sharafi M. A.,Capatina A.,Chakraborty A.,Wong L. W. .2023 .The potential of generative artificial intelligence across disciplines: Perspectives and future directions. Journal of Computer Information Systems, 1 : 32.

Owolabi O. S.,Uche P. C.,Adeniken N. T.,Ihejirika C.,Islam R. B.,Chhetri B. J. T. .2024 .Ethical implication of artificial intelligence (AI) adoption in financial decision making. Computer and Information Science, 17(1) : 1-49.

Pattnaik D.,Ray S.,Raman R. .2024 .Applications of artificial intelligence and machine learning in the financial services industry: A bibliometric review. Heliyon., : .

Rahman M.,Ming T. H.,Baigh T. A.,Sarker M. .2023 .Adoption of artificial intelligence in banking services: an empirical analysis. International Journal of Emerging Markets, 18(10) : 4270-4300.

Rehman M.,Dhiman D. B.,Cheema G. S. .2024 .Minds and Machines: Impact of Emotional Intelligence on Investment Decisions with Mediating the Role of Artificial Intelligence. International Journal of Engineering, Business and Management, 8(1) : 01-10.

Uzougbo N. S.,Ikegwu C. G.,Adewusi A. O. .2024 .Legal accountability and ethical considerations of AI in financial services. GSC Advanced Research and Reviews, 19(2) : 130-142.

Weber P.,Carl K. V.,Hinz O. .2024 .Applications of explainable artificial intelligence in finance-a systematic review of finance, information systems, and computer science literature. Management Review Quarterly, 74(2) : 867-907.

Zhang C.,Zhu W.,Dai J.,Wu Y.,Chen X. .2023 .Ethical impact of artificial intelligence in managerial accounting. International Journal of Accounting Information Systems, 49 : 100619.