Applications of AI in finance
The scope of AI for finance is expanding rapidly, thus enabling the automation of processes, assisting professionals in becoming more efficient at their jobs, as well as creating potential solutions to solve problems. That being said, here are some of the applications in finance in general:
- Outlier detection: AI helps in understanding the normal transactions to identify any anomalies.
- Credit scoring: ML models can process large datasets and use the patterns learned to predict creditworthiness and the ability to repay loans more accurately.
- Report generation: With AI, you can automate the creation of reports and contracts. One particular example is Alteryx AiDIN, which can be used to generate magic documents and help you create your first draft automatically so that it can be sent to key business partners.
- Missing data identification: As AI processes data efficiently, it can find missing and incomplete data in your datasets. This is...