Sylwia Masłowska’s Post

U.S. Department of the Treasury aims to better understand the opportunities and challenges that AI presents to financial institutions. Learn more: https://lnkd.in/efS2Zcdu #ArtificialIntelligence #FinancialServicesIndustry

AI IN FINANCE: REVOLUTIONIZING THE FUTURE OF FINANCIAL MANAGEMENT Have you ever wondered how AI could reshape the world of finance? By 2027, AI in finance is predicted to be a $130 billion industry. AI is transforming finance in revolutionary ways, from automating routine tasks to spotting complex patterns. It can pore through millions of data points, documents, and also news articles to generate insights well beyond human capabilities. The potential? Vastly improved forecasting, real-time risk assessment, and all the other wise investment decisions.Applied ethically, artificial intelligence in finance can also expand access to credit and financial tools. In a world of increasing complexity, AI may hold the key to much better fiscal management, from Wall Street to community banks and even personal budgets. Artificial intelligence is rapidly transforming the banking processes to make them much more efficient and also cost-effective. Through the examination of vast data sets, AI algorithms are able to automate manual tasks, freeing up the employees to focus on higher-value work. AI is also enhancing fraud detection and prevention. By leveraging data in finance, machine learning models can analyze millions of transactions to detect subtle patterns indicating any fraud faster and also more accurately than humans. Banks use these analyses to catch fraudulent transactions in real time, reducing fraud losses. AI marks the start of a new and very exciting chapter for the financial industry. However, realizing its full potential while managing the risks and transition costs will require coordinated efforts between the policymakers, companies, civil society, and also consumers over the next decade and beyond. #finance #aiinfinance #financialindustry #disruptionbyai #impactofai #futureoffianancialinstitution

The European Commission is currently exploring "AI in Finance". This is a chance for you to influence the political debate. You can provide your opinion via survey or informal workshop. Both can be found on the EU website: https://lnkd.in/eWw4yMEy Be safe, have fun and smash your goals! #datadrivenvc #investtech #venturetech #venturecapital #venturedata #investmentstrategies #investmentdata #politics #europeancommission

First on CNN: Treasury Secretary Janet Yellen is set to warn bankers and tech execs tomorrow that while AI in finance could open the door to rewards, it also poses "significant risks," according to speech excerpts shared first with CNN. During a conference in Washington, Yellen plans to lay out a series of concerns, including the "black box" nature of AI models, the risk of bias and concentration. Yellen's excerpts do not mention the problem of AI models "hallucinating." US regulators last December formally designated AI as an emerging vulnerability in the financial system. Yellen plans to say AI has moved toward the top of the financial regulatory agenda. The Treasury secretary plans to also highlight the potential of AI in finance, including to make banking and investing cheaper and more accessible. Yellen herself has experimented with AI chatbots, a Treasury official told CNN, and she will for the first time say that US officials are working with the private sector on using AI to fight money laundering, sanctions evasion and even terror financing. https://lnkd.in/eP_S286Z #ArtificialIntelligence #AI

June 6, 2024  Acting Comptroller Discusses Artificial Intelligence and Financial Stability  WASHINGTON— Acting Comptroller of the Currency Michael J. Hsu today discussed systemic risk implications of artificial intelligence (AI) in banking and finance via livestream at the Financial Stability Oversight Council’s AI Conference: ( https://lnkd.in/eg4NbTTM ) In addition, Mr. Hsu released complimentary remarks to expand upon how the use and weaponization of AI pose financial stability risks, and offered thoughts on how a shared responsibility model for AI can improve its safety. AI as Tool and Weapon: The document discusses the dual nature of AI, which can serve as a beneficial tool or a harmful weapon in the context of financial stability. Systemic Risks and Accountability: It highlights the systemic risks associated with AI in banking and finance, emphasizing the need for clear accountability due to AI’s diffused responsibility. Risk Management and Controls: The text suggests implementing risk management control gates to manage the transition from AI as an input to #AIasanAgent, ensuring innovations are helpful and not dangerous. Shared Responsibility Model: It proposes a shared responsibility model for AI safety, aligning responsibility with capability to improve outcomes and maintain trust in AI adoption. #AI #AIaaA #AISafety #AILiability #FinancialStability #AIRiskManagement #ResponsibleAI #AIAgent #AIAccountability #FSOC U.S. Department of the Treasury #Agentization

The U.S. Department of the Treasury's new report on #AI in finance highlights both the immense potential and the significant risks of AI. While innovation is crucial, Shayna Olesiuk, CFA our Director of Banking Policy, stresses the need for more resources to regulate AI effectively. Increased funding for regulatory agencies is essential to protect consumers and financial stability from risks like fraud, discrimination, and market instability. Without proper oversight, the benefits of AI could be overshadowed by serious consequences. #AI #FinTech #Regulation #Innovation #ConsumerProtection https://lnkd.in/eDQkqcub

Read this story from Dr. Agyeya Trippathi on Medium: #AI #ML #finance #fintech #globalfinance #artificalintelligence

"How AI is Transforming the Finance Industry" The finance industry is witnessing a revolution, all thanks to Artificial Intelligence (AI). From automating processes to uncovering insights buried in mountains of data, AI is reshaping how financial institutions operate. Here's how: 👉 Fraud Detection and Prevention: AI analyzes transactions in real-time to identify unusual patterns and flag suspicious activities, protecting both businesses and customers. 👉 Credit Scoring: Traditional credit scoring methods are being enhanced with AI, which uses vast datasets to predict creditworthiness with greater accuracy. 👉 Algorithmic Trading: AI-powered systems process massive amounts of data to identify market trends and execute trades at incredible speed, optimizing returns. 👉 Customer Experience: AI chatbots provide 24/7 assistance, resolve customer queries, and personalize financial advice, creating seamless user experiences. 👉 Risk Management: Predictive models powered by AI help financial institutions forecast market risks, ensuring better preparedness and decision-making. 💡 Did You Know? By 2030, AI is expected to save the banking industry $447 billion annually, according to recent studies. AI isn't just improving processes—it’s shaping the future of finance, making it smarter, safer, and more customer-centric. Special Thanks to Bhaumik Vyas And Department of Business Intelligence, B.K. School of Professional and Management Studies What’s your take on this AI-driven transformation in finance? Share your thoughts below! 💬 #ArtificialIntelligence #FinanceTransformation #Innovation

AI in Finance: Powering the Future of Money 💰 The financial landscape is undergoing a significant transformation fueled by Artificial Intelligence (AI). From generating novel financial products to meticulously predicting risks, AI is making money management smarter. A recent report by Citigroup predicts that AI has the potential to propel global banking profits by a staggering $2 trillion by 2028! Here's a glimpse into the exciting world of AI in Finance: Generative Power: The latest advancements in generative AI are fostering a more dynamic market with personalized investment strategies tailored to individual needs. Enhanced Risk Management: AI algorithms excel at analyzing vast datasets, enabling them to identify fraudulent activities and predict financial risks with exceptional accuracy. A recent study found an accuracy rate exceeding 95% in fraud detection using AI. Benefits for All: AI automates tedious tasks, improves precision across processes, and personalizes finance through robo-advisors. For instance, JP Morgan Chase recently launched an AI-powered tool that streamlines loan applications, cutting processing times in half. The future of finance is brimming with possibilities empowered by AI. We can expect: Hyper-personalization: AI will curate seamless and personalized financial experiences for every customer. Financial Democratization: AI-powered tools have the potential to make sophisticated financial products more accessible to everyone. The responsible use of AI in finance is crucial. Regulatory bodies are actively working on creating frameworks to ensure ethical implementation, paving the way for a future powered by responsible AI innovation. #AI #AIforfinance #FutureofFinance #FinancialReporting #RiskManagement #FraudDetection #FinTech #AccountingTech #FinancialTechnology #BusinessIntelligence #DataScience #Innovation #InternalAudit #Compliance #FinancialControls #OperationalRisk #CyberSecurity #USFinTech #FutureofWork #Disruption #Transformative #ThoughtLeadership

Have you ever wished there was a super-smart assistant to handle your finances? Someone who could analyze your spending habits, sniff out fraudsters, and even give you personalized investment advice? Well, buckle up, because a new study suggests AI could be our financial BFF within just TWO YEARS! Here's the thing: these #AI helpers, called Large Language Models #LLM (a fancy way of saying super-smart computer programs), could revolutionize the way we manage our money. Imagine, No more drowning in paperwork.. AI can analyze mountains of data in seconds, making everything faster and smoother. Think more time for lattes, less time for spreadsheets! Fraudsters beware! These AI whiz-kids can identify suspicious activity before it happens, keeping your hard-earned cash safe. Like having a financial bodyguard, but way cooler Level up your financial game: Personalized advice, investment recommendations, you name it! AI could become your ultimate #FinancialGuru. That said, here are a few things to consider: Keeping it secure: Finance is a serious business with strict rules. AI systems need to be crystal clear and reliable to avoid any hiccups. Fairness matters: We need to make sure AI doesn't favor anyone unfairly. Imagine an AI assistant recommending risky investments to someone who just wants to save for retirement! But here's the good news! The US and UK are already working together to develop safe and responsible AI that benefits everyone. So, what do YOU think? Is AI the future of finance, or are you worried about the risks? Let's chat in the comments and share our thoughts! #AI #Finance #FutureofWork #FinTech #FinancialLiteracy #MoneyManagement #PersonalFinance #Investing #WealthTech #FutureOfWork #MachineLearning #ResponsibleAI #FinancialInclusion