AI and its Applications in Banking & Finance Industry Sample Essay

This essay sample is on AI and its Applications in Banking & Finance Industry for Singapore students.  Here we will cover the What is Artificial intelligence?, Impact of AI in the banking and finance industry, Applications of AI in the banking and finance industry, Benefits of AI in banking, etc.

AI is a big deal right now in banking and finance. It’s important for students to understand how AI applications can help them with their schoolwork, so we recommend downloading this essay example as it provides insight into what you’ll need when writing about the topic yourself!

Introduction- AI and its Applications in Banking & Finance Industry Essay

AI or Artificial intelligence is quite a common concept to everyone today. In addition,  it is also widely applied in various industries including the banking and financial industries. However, Do you know what AI is? and What are its applications in Finance industry? Don’t worry, you will learn all of this and much more in this sample essay. For our topic of discussion will be “AI and its Applications in Banking & Finance industry “.

Moreover, it is an important topic for students of finance. Thus, we shall provide all the necessary information related to the topic. Plus, we will also divide the essay into different sections. This will help readers understand the same easier and better.

Moving on, we shall be starting our discussion by looking at the definition of AI. Later on, we shall also be looking at its impact, applications, as well as benefits. So, without further adieu:

Main body- AI and its Applications in Banking & Finance Industry Essay

 What is Artificial intelligence?

Artificial Intelligence or AI is a term used to define the process of simulating human-like intelligence using a computer system. These programs as one might call them are created to reflect human thinking as well as actions. The programs used here are termed “algorithms”. Thus, these algorithms use an extensive amount of data to find out patterns and develop learning abilities. Then, these abilities are used to take as effective and accurate decisions as possible.

Regardless, Artificial intelligence is something that is quite famous or rather infamous in this age of technology. Moreover, AI is a quite vast term and has more applications than one might assume. For instance our topic of discussion, the application of AI in banking and finance.

As one might assume, AI is used quite extensively in various fields. In fact, there are chances that one might have already experienced it in some form or other. Moving on, we shall be looking at the impact of the same in the field of finance and banking in the next section of the sample essay.

Impact of AI in the banking and finance industry

We already know the artificial intelligence is being used in all fields including one banking and finance. Plus, the ongoing technological age also adds to the use of AI. Reason being that as the number of Digital finance or Fintech is increasing, so is the implication of AI.

Moreover,  it is highly affecting the finance sectors and too for the better. Several of the world’s largest banks are using different forms of AI and its applications to improve their services at the singapore customer’s ends, In addition to this, it also improves the security of online as well as offline financial transactions.

Furthermore,  across various sectors or sub-sectors of the finance and banking industry, AI has removed the need for human medium or middlemen. Thus, dramatically improving the time efficiency and cost. Consequently, the impact of Ai on the banking and financial industry in singapore is immeasurable. For the same reason, one can not overestimate its contribution of the same.

Moving on, we shall be looking at the application of Artificial intelligence in the next section of the same essay.

Buy high-quality essays & assignment writing as per particular university, high school or college by Singapore Writers

Get A Free Quote

Applications of AI in the banking and finance industry

In this section of the sample essay, we shall be looking at the different applications of AI or artificial intelligence in the banking and finance industry in Singapore. Furthermore, there are three main areas where banks apply the use of AI. These are:

• Front office ( Traditional banking)
• Middle office (fraud detection)
• Back office (underwriting)

Moving on, each of the areas that employ AI is different. Regardless, we shall be looking at the various application of the same below:

• AI is used in financial assets management as well as financial risk management.
• Used to automate Chatbots and Virtual assistants.
• Artificial intelligence is extensively applied to financial underwriting.
• Different applications of AI are used for fraud detection as well as anti-laundering measures.
• It is used to enable Algorithmic Trading.
• Ai is used to automate the credit decision.

Moving on, these are some of the applications of AI in the finance sector. In addition, we suggest you read our sample essay “Financial Technologies and Innovations in Singapore” which is closely related to this one. Plus, it will also help you learn about the topic of Fintech as a whole.

Nevertheless, we shall be discussing the benefits of AI in banking and finance in the next section of the sample essay. Thus, without further adieu:

Benefits of AI in banking

Through the sample essay, we have discussed the definition, impact, as well as application of AI. After reading all of that, one might wonder what are benefits of AI in finance?  and rightfully so. In this section of the sample essay, we shall be answering the very same question. For we shall be looking at the various benefits of the same.

Moving on, these are, as mentioned below:

1. AI Helps in the delivery of superior customer experience
2. It promotes and improves  personalized banking
3. Artificial provides smart insight based on trusted data
4. Enable banks to provide more cost-effective services
5. With AI resolution time is a lot quicker
6. Application AI allows smooth information flow
7. It helps in the automation of work hence reducing manual work
8. AI empowers fraud detection and anti-money laundering measures

So, these are some of the benefits of Ai in financial services. Therefore, our sample essay on the topic of “AI and its Applications in Banking & Finance industry” is concluded.

Conclusion: 

AI has the power to disrupt the banking and finance industry. It will be critical for any bank or financial institution to have a strategy in place before this disruptive technology changes the world around them.

We provide the best finance assignment help in Singapore

Where can  I get my assignments completed for me? If you have this question, then you have come to the right place. For our website offers Singapore writers to provide online assistance at the most affordable rates. In addition to this, we also offer banking & finance assignment solutions. In fact, all of the work is always 100% plagiarism-free. We deliver them within the assigned deadline as well.

Furthermore, you might wonder if we can write an essay for college. Well, we can. In fact, we can provide you case studies, essays, assignments,  articles, thesis, project works, and so on. You can also order sample essays through our 24/7 customer help service.

However, if you want to read more like this one. We have plenty on our website. For example Financial Technologies and Innovations in Singapore, Principles of information systems and data management, Analysis of sacrificing privacy for the convenience of e-commerce, Netflix Data Analytics Case Study, Data Communications in Enterprise Networking, Data Analysis for Decision Making, and so on.