How AI Changes the Game in Finance Business Models

Purpose: This paper aims to examine the impact of AI on finance, including banking, risk management, and business models, while introducing AI-based tools. By exploring these applications, one can gain insights into the benefits of artificial intelligence in enhancing efficiency, productivity, and fostering innovation within financial sectors. Methodology: The research methodology employed in this study is a literature review. Various sources have been explored, studied, and analyzed within the financial domain to highlight the utilization of artificial intelligence. This includes risk management, identity verification, asset management, and data science applications. Furthermore, specific cases have been examined as part of case studies. Findings: The findings indicate that AI is transforming the finance industry by reshaping traditional business models and creating new growth opportunities. The integration of AI in finance has empowered companies to enhance decision-making processes, improve customer experiences, boost operational efficiency, and lower costs. AI-driven tools like predictive analytics, machine learning, and natural language processing are revolutionizing financial institutions' operations and customer interactions. As AI advances, it will play a crucial role in shaping the future of financial business models, driving competitiveness, and unlocking new industry potentials. Embracing AI technology is imperative for companies seeking to stay competitive and thrive in the dynamic financial landscape. Originality/Value: This research introduces various applications of artificial intelligence across different financial sectors alongside practical tools that can enhance the significance of this paper.