Nov 1, 2018
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Use of Artificial Intelligence in Accounting and Finance

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Artificial intelligence sometimes also called machine intelligence

artificial intelligence- Artificial intelligence is the simulation of human intelligence which is possessed by computer or robotic technology. the term artificial intelligence” is applied when a machine mimics “cognitive” functions that humans associate with other human minds, such as “learning” and “problem-solving before some year people will not aware about artificial intelligence but nowadays everyone is aware of artificial intelligence. and this technology is using in different fields for example- speech recognition, problem-solving, learning and planning, accounting Software, finance solution etc…

EXAMPLES OF ARTIFICIAL INTELLIGENCE WHICH WE ARE USING IN OUR DAY TO DAY LIFE-

  • Smartphones
  • Social media feeds
  • Smart cars and drones
  • Music and media streaming services
  •  Video games
  • Online ads network
  •  Navigation and travel
  • Banking and finance
  •  Smart home devices
  •  Security and surveillance

Uses of artificial intelligence in finance and accounting

Artificial intelligence is used in so many fields it the branch of computer science. But here when we talk about artificial intelligence in finance it is playing important role in finance. It helps companies to save time and money through the use of algorithms to generate insights, improve customer service, and make predictions about company sales performance. Almost every company in the financial technology sector has already started using AI to save time, reduce costs, and add value.

Uses of artificial intelligence in finance and accounting

  • Maximizing resources
  • Unlocking the value of AI algorithms
  • Filtering information and analyzing sentiment
  • Trading: Better trading through algorithms
  • Investing
  • Banking: AI enhances efficiency, offers data insights   and manages risk
  • Lending: AI for credit lending
  • Fraud detection

Description of the above heads

  1. Maximizing resources- Artificial intelligence helps in maximizing resources it saves time and money with the help of logarithms and generates the prediction for future about sales, services, and performance.
  2. Unlocking the value of AI logarithms- AI handles three types of data
  • numbers and parameters
  • images
  • interpreting writing text and analyzing

To unlock the value of AI logarithms company need to access a large amount of data, must apply data processing power.

  1. Filtering- AI performs work more effectively by filtering key information from a wide variety of resources. Financial companies can use AI to detect brand, etc
  2. Trading-better trading through logarithms- AI can help manage and augment rules and trading decisions, helping process the data and creating the algorithms managing trading rules. Investment firms have implemented trading algorithms from social media and other public sources.
  3. Investing- Artificial intelligence makes a huge difference in investment management and risk analysis. AI can accurately estimate the client’s creditworthiness and check that whether the person is reliable or not The AI-based system analyze the risk, growth, and the market. Predictive analytics provides considerable details to determine if the investments can occur. And the most important thing is that all of these tasks cannot be performed and processed by humans.
  4. Fraud detection- financial organizations deal with huge personal data. Besides that, they deal with people’s money. Fraud is the most dangerous thing that can happen in this industry: one mistake can lead to unbelievable loses, troubles and criminal responsibility. AI detects or finds suspicious activities, provides an additional level of security and detect fraud.

 

Artificial intelligence impact on the finance industry

  • Personalized financial services
  • The reduced cost of AI in finance
  • Newer management styles
  • Wealth management for clients
  • Automation
  • Insight generations
  • Voice assist banking
  • Business acceleration
  • The future
Artificial intelligence sometimes also called machine intelligence artificial intelligence- Artificial intelligence is the simulation of human intelligence which is possessed by computer or robotic technology. the term artificial intelligence" is applied when a machine mimics "cognitive" functions that humans associate with other human minds, such as "learning" and "problem-solving before some year people will not aware about artificial intelligence but nowadays everyone is aware of artificial intelligence. and this technology is using in different fields for example- speech recognition, problem-solving, learning and planning, accounting Software, finance solution etc… EXAMPLES OF ARTIFICIAL INTELLIGENCE WHICH WE ARE USING IN OUR DAY TO DAY LIFE- Smartphones Social media feeds Smart cars and drones Music and media streaming services  Video games Online ads network  Navigation and travel Banking and finance  Smart home devices  Security and surveillance Uses of artificial intelligence in finance and accounting Artificial intelligence is used in so many fields it the branch of computer science. But here when we talk about artificial intelligence in finance it is playing important role in finance. It helps companies to save time and money through the use of algorithms to generate insights, improve customer service, and make predictions about company sales performance. Almost every company in the financial technology sector has already started using AI to save time, reduce costs, and add value. Uses of artificial intelligence in finance and accounting Maximizing resources Unlocking the value of AI algorithms Filtering information and analyzing sentiment Trading: Better trading through algorithms Investing Banking: AI enhances efficiency, offers data insights   and manages risk Lending: AI for credit lending Fraud detection Description of the above heads Maximizing resources- Artificial intelligence helps in maximizing resources it saves time and money with the help of logarithms and generates the prediction for future about sales, services, and performance. Unlocking the value of AI logarithms- AI handles three types of data numbers and parameters images interpreting writing text and analyzing To unlock the value of AI logarithms company need to access a large amount of data, must apply data processing power. Filtering- AI performs work more effectively by filtering key information from a wide variety of resources. Financial companies can use AI to detect brand, etc Trading-better trading through logarithms- AI can help manage and augment rules and trading decisions, helping process the data and creating the algorithms managing trading rules. Investment firms have implemented trading algorithms from social media and other public sources. Investing- Artificial intelligence makes a huge difference in investment management and risk analysis. AI can accurately estimate the client’s creditworthiness and check that whether the person is reliable or not The AI-based system analyze the risk, growth, and the market. Predictive analytics provides considerable details to determine if the investments can occur. And the most important thing is that all of these tasks cannot be performed and processed by humans. Fraud detection- financial organizations deal with huge personal data. Besides that, they deal with people’s money. Fraud is the most dangerous thing that can happen in this industry: one…

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Shweta Mishra is a Digital Marketing Consultant at Merrchant, a Online Accounting software company.She is an expert in all natural Digital marketing techniques and trends.

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