How ai can create financial stability for banks

Assignment Help Business Management

Reference no: EM133805633

Discussion Post: Business

How does using AI in financial decisions help "Kicks of Chicago" stop unethical practices like client exploitation and fraud in banks, and what challenges come with implementing AI safeguards?

The influence of applying artificial intelligence (AI) to financial decision-making in banks is examined in the question. Its specific goal is to comprehend how the use of AI technology aids in the prevention of immoral activities including money laundering, fraud, and customer abuse. To ensure the ethical and responsible use of the technology, the question also aims to uncover the difficulties and factors related to adopting AI safeguards in the banking industry.

In the article below, it explains how AI can create financial stability for banks. But at the same time, it can cause a financial crisis if we keep on relying on and trusting AI more and more.

Article: "Financial institutions are forecast to double their spending on AI by 2027".

The topic is finance related and must be significant interest to the Kicks of Chicago organization. Must mention how we want AI to be used to improve the financial department at Kicks of Chicago by helping detect fraudulent customers and avoiding chargebacks on their website (decreasing losses). Required paper length 8 pages. Charts and graphs may be used. A bibliography should be included. I also attached a company overview of " Kicks of Chicago" organization.

Reference no: EM133805633

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