FINTECH REVOLUTION: UNLEASHING AI AND AUTOMATION IN MODERN FINANCE

Change in the financial sphere is significant, with the primary force being the fast AI (Artificial Intelligence) and automation implementation. This chapter explores the role of these technologies in transforming financial services to heighten efficiency in operations, accuracy and enhanced decision-making. Banks and other financial institutions are beginning to extensively make use of AI and automation to smooth out the process workflows, limit the number of manual errors that can occur, and improve the delivery of services. Some uses include risk analysis, anti-fraud, and investment management, customer support, and regulatory compliance. predictive analytics and other AI-powered applications allow organizations to extract actionable information to use in decision-making in regard to large volumes of data, thereby allowing institutions to respond proactively to changes in the market. The chapter discusses how the use of AI in real-time analysis and automation of routine tasks is becoming highly dependent, effectively raising productivity and cost-efficiency levels. However, this digital transformation is not without challenges. Among the critical issues are the security of data, ethical considerations, privacy, and an already urgent demand in a labor force proficient in the new technologies. These issues are important to confront on the way to the complete utilization of AI and automation opportunities in finance. This chapter provides an in-depth description of the changing role of AI in finance by examining practical implementations and trend occurrences in the field. It also emphasizes on the need to balance innovation, ethics and regulation. The chapter ends with a consideration of the future trends and novelties that are going to disrupt and improve even more the financial sector, making AI and automation key players in the development of the new generation of financial services.