Commerce Research Review, Vol. I, No.

2; June 2024 E-ISSN2584-234X

Artificial Intelligence (AI): Revolutionizing the Future of Fintech

Anita Ramrakhyani1, N K Shrivastava2

1
Assistant Professor, Institute of Management Studies Ghaziabad (University Courses Campus)
2
Dean & Head, Commerce Dept., RKDF University, Bhopal

Abstract
Artificial Intelligence (AI) in Fintech has emerged as a transformative force, revolutionizing financial services with its potential for
efficiency, innovation, and improved customer experiences. This paper delves into the paradigm shift brought about by AI in the Fintech
sector, focusing on the theoretical and practical application and acceptance it has gained and challenges it presents to harness its benefits
effectively. This study employs a comprehensive analysis of secondary data sourced from reputable corporate databases. Utilizing a
quantitative approach, data was rigorously screened and filtered to ensure accuracy and relevance. Analysis was conducted using statistical
methods to identify patterns and trends within the data. This methodology is anticipated to reveal insights into the application and acceptance
of AI with special references to banking and finance. Challenges include concerns over data privacy, regulatory compliance, algorithmic
biases, and potential cyber threats. Suggestions involve robust data governance frameworks, adherence to regulatory guidelines, ethical AI
practices, and advanced cybersecurity measures. The research aims to provide a comprehensive understanding of the risks associated with
AI in Fintech and proposes actionable measures to ensure a secure and sustainable integration, thus maximizing the potential of AI in the
financial technology landscape. A literature research combined information from multiple sources were collected to create a cohesive
narrative about AI's current condition and future prospects in Fintech. To verify data dependability, cross-referencing from numerous sources
and assessing trustworthiness based on publication repute and relevancy were carried out.
This study employs a comprehensive analysis of secondary data sourced from reputable corporate databases. Utilizing a quantitative
approach, data was rigorously screened and filtered to ensure accuracy and relevance. Analysis was conducted using statistical methods to
identify patterns and trends within the data. This methodology is anticipated to reveal insights into [mention the expected outcome or
findings].
Keywords: Artificial Intelligence, Fintech, Innovations, Banking and Finance

Corresponding Author: Anita Ramrakhyani, Assistant Professor, Institute of Management Studies Ghaziabad (University Courses Campus)
How to cite this article: Ramrakhyani Anita., Shrivastava N K. (2024). Artificial Intelligence (AI): Revolutionizing the Future of Fintech, Commerce
Research Review 1(2) 10-22.
DOI: https://doi.org/10.21844/crr.v102.1109
Source of support: Nil
Conflict of Interest: None
Received: 29-07-2024 Accepted: 04-07-2024 Published: 30-07-2024

Introduction

The advent of Artificial Intelligence (AI) has ushered in a new era of innovation and efficiency across
diverse business domains. This paper explores the transformative impact of AI in various sectors, with a
particular focus on its application in the dynamic landscape of Banking and Finance.
As organizations globally embrace AI technologies, it has become a cornerstone in revolutionizing
traditional practices, driving automation, enhancing decision-making processes, and shaping thefuture
of business. This introduction sets the stage for a comprehensive examination of AI's pervasive influence
across different industries, delving into its utilization in domains such as healthcare, manufacturing,
retail, and, notably, the paradigm-shifting role it plays in the intricacies of Banking and Finance. Deloitte
(2022) Based on the global data, the research seeks to not only highlight the widespread adoption of AI
in the financial sector but also delve into the specific challenges faced and the preventive strategies
employed to ensure the responsible and secure integration of AI in reshaping the future of Fintech. Lee,

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I., Lee, J. & Hwang, Y. (2020) As per their study, the rise of technologies such as Artificial Intelligence
(AI), Blockchain and Big Data has revolutionized the financial landscape, promising increased
efficiency, accuracy, and strategic insight.
Over the past ten years, the fintech sector has experienced a considerable upheaval due to the rapid
improvements in technology and shifting preferences of consumers. The digitization of financial
services, which increased accessibility and efficiency of transactions, was a significant early step in the
development of fintech. Digital wallets, online payment methods, and mobile banking were the initial
developments that set the stage for more advanced technology integration. Particularly in emerging
nations like India, these developments democratized financial services by increasing
access to banking and financial products. Artificial Intelligence (AI) became a major force behind
innovation as the industry developed, providing fresh opportunities for fraud detection, individualized
financial services, and operational effectiveness.
When fintech started out, AI mostly took the form of simple automation and data analysis tools. Early
uses included chatbots and other automated customer care systems that managed straightforward
transactions and questions, freeing up human resources for more difficult work. In order to predict future
trends and behaviors, financial institutions started experimenting with machine learning algorithms for
credit scoring and risk assessment. These algorithms use historical data. These early AI applications
offered a preview of the possibility for more dynamic and responsive financial systems, although being
constrained by the available technology and data processing capacities at the time. They gave an example
of how AI may improve client involvement and decision-making processes, which would revolutionize
traditional banking operations.
In the present scenario Artificial Intelligence (AI) is playing a bigger part in India's banking and finance
industries, improving both consumer satisfaction and operational effectiveness through its applications.
Modern AI-powered Chat bots like EVA and virtual assistants are now accurately handle millions of user
contacts, providing round-the-clock assistance and optimizing service delivery. Today AI is actively
engaged in risk management, revenue generation, customer service, bank automation and attracting new
clients. While there are case studies on individual companies like HDFC Bank, Paytm, and PhonePe,
there is a lack of comprehensive study assessing the overall impact of AI adoption across the entire Indian
banking and finance sector. This research paper has focused on evaluating the impact of technological
innovations on the costing and service to the customers utilizing sophisticated data analysis tools to
present a nuanced understanding of their adoption rates across various sectors.

Objectives of the Study

The primary objective of this research is to comprehensively analyze the pervasive influence of Artificial
Intelligence (AI) in different business domains, it’s application with particular emphasis on the
challenges associated with its implementation in Banking and Finance and suggestion to over- come the
tasks.

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Literature Review

The integration of Artificial Intelligence (AI) across various business domains has emerged as a defining
force, transforming traditional practices and revolutionizing industries. This literature review aims to
provide insights into the expansive applications of AI in diverse sectors, with a particular emphasis on
its disruptive role in Banking and Finance. A survey of relevant literature reveals key trends, challenges,
and preventive strategies in the global landscape.

Significant breakthroughs and changes have resulted from the application of artificial intelligence (AI)
in a number of industries, including healthcare, transportation, manufacturing, advertising, and media.
AI algorithms has improved treatment in the healthcare industry; one example is their high accuracy in
detecting diseases like cancer (Esteva et al., 2017) and has revolutionized diagnostics and drug discovery
(Amjad et al., 2023). Through autonomous vehicles and traffic control systems, AI enhances efficiency
and safety in transportation, lowering accident rates and improving logistics (Litman, 2020). Artificial
intelligence (AI) in manufacturing increases productivity and sustainability by streamlining production
processes and predictive maintenance (Lee et al., 2018). AI helps the advertising sector by optimizing ad
placements and developing tailored marketing programs that increase customer engagement (Jarek &
Mazurek, 2019). Meanwhile, AI makes scalable operations and audience-specific content delivery
possible in media, which automates content development and distribution (Carlson, 2020). These many
uses highlight AI's ability to revolutionize a variety of industries.
Artificial Intelligence (AI) has revolutionized fraud detection, financial analysis, and customer service
in the fintech industry, especially in banking and finance. Artificial intelligence (AI)-driven chatbots and
virtual assistants offer round-the-clock assistance and customized financial guidance, cutting down on
overhead and raising client satisfaction levels by taking care of common questions and transactions on
their own (Bhatia & Madaan, 2020). Additionally, banks may offer individualized financial goods and
services, increasing consumer engagement and loyalty, thanks to AI's capacity to evaluate enormous
volumes of customer data. AI-driven financial analysis tools, like natural language processing (NLP) and
predictive analytics, allow financial data to be processed more quickly and accurately, improving
decision-making and lowering human error (Zhang & Zhou, 2019). Moreover, by tracking and evaluating
transaction patterns in real-time, artificial intelligence (AI) plays a critical role in cybersecurity and fraud
detection by accurately identifying and flagging potentially fraudulent activity. According to Liu et al.
(2018), these AI-based systems improve fraud detection and prevention, decrease false positives, react
to threats faster, and are always learning and changing to accommodate new fraud strategies. All things
considered, the development of AI in banking highlights how revolutionary it may be in terms of
enhancing decision-making, operational effectiveness, and transaction security.
Artificial Intelligence (AI) has changed the Indian fintech business, transforming a range of services such
as credit scoring, fraud detection, automation of customer care, and investment consulting. Artificial
intelligence (AI)-powered chatbots, such as HDFC Bank's EVA, accurately handle millions of customer
inquiries, improving customer service effectiveness (HDFC Bank, 2023). In order to detect fraud in real
time and increase consumer trust, businesses like Paytm and PhonePe rely on AI algorithms (Paytm,

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2023; PhonePe, 2023). By using alternative data sources to evaluate creditworthiness, AI-based credit
scoring models used by companies such as CreditVidya help underprivileged communities become more
financially included (CreditVidya, 2023). Investment platforms such as Groww and Zerodha employ
artificial intelligence (AI) to deliver tailored and automated financial advice, hence enhancing
accessibility to these services (Zerodha, 2023; Groww, 2023). The obstacles of data privacy,
technological hurdles, and regulatory issues still exist, despite the benefits of higher efficiency, improved
customer experience, and broader financial inclusion (KPMG, 2023; RBI, 2023). With technological
improvements and encouraging government policies, the future of AI in Indian finance appears bright.
Advances in areas like blockchain integration and predictive analytics are anticipated (NASSCOM,
2023).
As per the study on the usage of AI in finance, accounting and banking, Dubey et.al. (2021) said that AI
and automation are rapidly transforming accounting tasks, from transaction processing to financial
modeling and auditing. Further, Dechow & Mourlan (2020) added that increased efficiency, accuracy and
risk management requires upskilling for financial task towards data analysis and interpretation. The
challenges posed by AI adoption are multifaceted, ranging from algorithmic biases to cybersecurity
threats. Jones and Pomerleau (2019) outline the risks associated with AI in finance and propose
preventive strategies, highlighting the need for continuous monitoring, explainability in AI models, and
robust cybersecurity measures. In the realm of Banking and Finance, the work of Liaw et al. (2018)
delves into the applications of AI in risk management, fraud detection, and algorithmic trading. By
examining data from global financial institutions, the study provides a comprehensive overview of how
AI technologies enhance decision-making processes and mitigate risks in the financial sector. Moreover,
Grewal et al. (2017) have emphasized the need for financial agents to adapt to the changing business
environment. Their research highlights the shift from a traditional role of historical reporting to a more
forward-looking, strategic function. This shift aligns with the broader context of our study, which delves
into not only the technological changes but also the strategic implications for accounting professionals
in this evolving landscape.
In conclusion, the literature surveyed illuminates the transformative influence of AI across diverse
business domains. The specific focus on Banking and Finance unravels the intricate applications,
challenges, and preventive strategies that shape the global landscape of AI adoption. As industries
navigate this paradigm shift, a holistic understanding of the literature is crucial for informed decision-
making, responsible governance, and sustainable growth.

Research Methodology

The study on AI adoption in the Fintech sector relies on secondary data collected from a range of
respectable sources, including market research reports, industry studies, academic journals, white papers,
and credible websites. Key data were obtained from market research publications by Allied Market
Research and Deloitte, which provided quantitative insights into market size, growth estimates, and AI
adoption rates. Industry assessments from PwC and GlobeNewswire supplied detailed views on industry
trends and technological consequences, while academic journals provided theoretical frameworks and

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pertinent empirical investigations. Quantitative data were studied with descriptive and comparative
statistics to summarize and contrast market growth estimates, emphasizing the expected expansion. A
literature research combined information from multiple sources to create a cohesive narrative about AI's
current condition and future prospects in Fintech. To verify data dependability, cross-referencing from
numerous sources and assessing trustworthiness based on publication repute and relevancy were carried
out. Despite inherent biases and the sector's rapid change, this technique provides a solid foundation for
evaluating the adoption, problems, and consequences of AI in Fintech, relying on the most recent and
accurate data available to assure timely and reflective findings.

Global Machine Learning Market Share

Figure 1: Utilization of Machine Learning in different Sectors

Global Machine Learning Market Share

19 18
20
18
16 14
Percentage

14 12
12 10
10 8 8
8
6
4
2
0

Source: S & P Global Report, October 2023

Machine Learning (ML) has become integral across various sectors, revolutionizing industries by
harnessing data-driven insights and automation. In banking and finance, ML is contributing the highest
with 19% in market share. It aids in fraud detection, credit scoring, and algorithmic trading. In insurance,
it contributes to risk assessment, claims processing efficiency, and personalized customer experiences.
Healthcare benefits from ML has taken 14% of market share contributing in disease diagnosis, drug
discovery, and personalized medicine. Transportation utilizes and takes 18% of ML market share for
predictive maintenance, route optimization, and autonomous vehicle navigation. In manufacturing, ML
enhances predictive maintenance, quality control, and supply chain optimization. Retail sees ML
powering recommendation systems, inventory management, and dynamic pricing. Lastly, in advertising,
ML enables targeted advertising, ad fraud detection, and real-time campaign optimization. These
applications highlight the versatility and transformative impact of ML across sectors, fostering
innovation and data-driven decision-making.

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Figure 2: Technological Advancement in Businesses

Customer
Service

Finance & Customer

Accounting Segmentation

Business
ATMs
value Chain: Process
Automation
Areas of AI
application
Governance,
Marketing Risk and
Complaiance

Sales

Source: Author’s compilation for application of AI across different businesses

The above fig. 2 depicts the usage of AI in different dimensions of the business world. The above figure
shows that across the globe, AI is accepted by the businesses and it has started showing results too. One
important use of AI in banking is Erica, the virtual financial assistant from Bank of America. She is an
example of next-generation client support and is currently taking care of 25 million mobile customers
(AIQRATE report, 2023). (Deloitte, 2023; PwC, 2023) In finance and accounting departments, almost
80% of banks and financial services companies use artificial intelligence. AI is utilized in finance and
accounting for trading in finance, For instance, Kensho, a start-up that leverages AI to interpret
unstructured data, like internet articles, to identify trends, received funding from Goldman Sachs. SBI's
AI SIA is processing approximately 10,000 queries per second, or 864 million queries daily. Eva from
HDFC can process information from thousands of sources in less than 0.4 seconds and deliver
straightforward responses. Innovative solutions that can improve customer service and lower fraud are
made possible by smart automated teller machines. For instance, a bank in Russia uses Intel®
RealSenseTM camera technology in conjunction with facial recognition to confirm that the individual
taking out the cash is the one who is supposed to be using the card. Approximately 25% of banks and
financial services companies use AI for their sales department. They can use cognitive tools to make
decisions about where to invest or who to lend money too. For instance, the venture capital firm CircleUp
employs AI and machine learning to choose which businesses to fund. CircleUp focuses on consumer
product-related businesses, such as start-ups in the food, restaurant, and cosmetics industries. This section
explores the impact of technologies like Artificial Intelligence (AI), Blockchain, and Big Data on

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accounting practices. Graphs and charts will be employed to illustrate the adoption rates of these
technologies in various sectors and their influence on efficiency, accuracy, and decision-making.
Figure 3: AI adoption across businesses in Banking & Finance

60 56
52
50
50 47 46

40
Percentage

28
30 26
24 23
21
20 21
18
15 15 15
10

0
Risk Management Creation of new Customer Service Automation and Attracting Clients
revenues reengineering of
processes

Implemented
Currently Implementing
Not yet implemented but planning to implement

Source: World economic forum report, 2022-23

Risk management presently represents the leading AI deployment area, followed by the production of
revenue potential through new products and processes. However, based on current implementation data
and goals, artificial intelligence will be primarily employed for revenue creation during the next two
years.

Expenditure on FinTech by Banks

Allied Market Research, (2022) as per the study, by 2026 the worldwide AI market for Fintech is
projected to grow from its estimated USD 7.91 billion in 2020 to USD 26.67 billion. Over the course of
the projected period (2021–2026), a CAGR of 23.17% is also anticipated for the market.
Every year, the lawyers at JP Morgan Chase use machine learning techniques to help their COIN bot
(Contract Intelligence) review and analyze over 12,000 contracts for commercial loan agreements. JP
Morgan Chase is an investment and consultancy organization. COIN has improved loan-servicing, and
it can perform consistently and efficiently. For instance, businesses like Kasisto have developed a new
conversational AI that is adept at responding to queries from clients regarding their personal savings,
historical spending, and current balance. In terms of client happiness, Ant Financial, a chatbot owned by
Alibaba, was said to outperform human agents in 2017. Two million to three million user inquiries are
handled daily by Alipay's AI-powered customer support. In one second, the system could answer five
rounds of requests as of 2018. Tryg and other businesses employ conversational AI technologies like

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boost.ai to respond to 97% of internal chat requests with the most accurate and thorough response. Tryg's
own conversational AI, Rosa, functions as an extraordinarily effective virtual agent, providing
knowledgeable guidance to replace unskilled staff members. Virtual agents can streamline internal
processes by multiplying the capacity and quality of traditional outbound customer care. For instance,
LogMeIn's Bold360 significantly lessened the workload of the more than 30,000 customer care
representatives at the Royal Bank of Scotland, who were required to respond to between 650,000 and
700,000 inquiries each month.
Figure 4: Different payment under Fintech

90

80

70

60

50

40 78
66
30 60
53
20

10

0 0
Digital investment New Payment Cost Efficency Expnading Payment
services technology

Percentage

Source: World economic forum report 2022-23

Challenges of AI Adoption in Fintech

• The most common biases are ones that impact banks, have the potential to discriminate against
customers in credit decisions, and raise concerns about financial inclusivity: AI absorbing bias
from users it interacts with is known as interaction bias. Latent bias: resulting from datasets'
innate associations. Selection bias is the result of datasets that either over- or underrepresent
particular populations. Black box difficulties, also known as explainability challenges, can affect
Banks' AI models. These problems arise when a model is unable to pinpoint the reasoning behind
a particular choice it took. Additional common concerns are findings that may be fictional or
nonsensical (sometimes referred to as hallucinations), and results that may violate copy-right due
to their resemblance to already-existing content.
• There is a chance that a small number of very big private companies (referred to as critical third-
party providers) will hold an enormous amount of data. Furthermore, banks may mistakenly
collect publicly available consumer data for profiling and prediction without express

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authorization, infringing on customers' right to privacy. Because some internal and consumer data
is private and personal, there are hazards associated with data constraints. Because of this, using
it to train generative AI models may be dangerous because it could inadvertently reveal external
data. Moreover, hostile actors may use generative AI as a weapon by, for instance, using LLMs
to produce phishing content or producing deep fakes to open new accounts fraudulently.
• There is opportunity for regional variations and uncertainty in the goals and requirements of
regulations due to regulatory responses, as well as regulators' reactivity to quick advances in AI
and new use cases. This could affect the level of competition. Jurisdictions differ when it comes
to AI regulation, therefore banks that operate in different places may be subject to various laws.
Under the EU AI Act, banks in Europe risk fines of up to 7% of their total income for breaking
regulations. In August 2023, China released temporary regulations governing generative AI, with
an emphasis on publically available services.
• Possibility of faster employment displacement, especially in fields where linguistic and
mathematical intellect is valued more highly than social, artistic, or perceptual abilities. dangers
and short-term costs associated with retraining staff to utilize AI to supplement their employment,
as well as the difficulty banks face in maintaining an AI strategy that is human-centric.
• that neglect to invest in artificial intelligence (AI) and modernize their IT infrastructure may
encounter difficulties as a result of insufficient memory, storage, networking, graphics processing
unit (GPU), and other resources, all of which might present operational and execution concerns.
• Training AI models, especially LLMs, is very energy-intensive and can directly affect a
company's CO2 emissions. This is true across many industries, not just banking.

Implications of AI Growth in Fintech

• Personalized financial advice, 24/7 customer support via chatbots,and financial products that are
targeted to your specific financial circumstances are just some of the ways in which AI can
revolutionize customer service. This ensures that the clients are happy and content with the
quality.
• AI use cases like automation of repetitive tasks, fraud detection, risk analysis, etc., has the
potential to make significant saving across cost and operations mass. AI systems are apparatuses
that are capable of processing enormous volumes of transactions in a manner that is much quicker
and free of error as well.
• AI adoption allows fintechs to quickly get new and improved financial products and services in
the hands of consumers. Which provides with a huge competitive advantage in a saturated market
place.
• By lowering costs and making the entry easier, AI helps in increasing the scope of financial
services to the unserved population. This then increases financial inclusion, especially developing
areas.

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Recommendations

The following are some suggestions to followed by banks and other sectors for successful application of
AI in fintech industry:
• Make sure algorithmic impact evaluations are followed (businesses should show that their models
meet the standards for reliable AI systems). Provide techniques for detecting biases. Use more
and better data, and update models on a regular basis. To prevent bias, use mathematical de-
biasing models that manually modify specific attributes.
• Ensure compliance with privacy regulations by including privacy and protection into the design.
Collect customer data only with consent. Continue to enforce stringent security measures for AI
models.
• Make AI models more transparent, especially foundation models, which are the ones that drive
generative AI. Build explainability into AI procedures and results, emphasizing justification,
accountability, data, security, effectiveness, and impact.
• Train staff members to reskill them by sharing the breadth and depth of AI. Employ AI to enhance
current positions and provide workers more decision-making authority. Make sure AI models
include human judgment and are purposefully inclusive and varied.
• Use AI-coding to accelerate legacy code conversion, software development, and migration and
integration of legacy IT infrastructure. Invest in higher-performance networking.
• Calculate and offset the environmental impact of AI models.
• Optimize AI models so they require less data and operate at lower parameters.

Limitations of the Study

Limitations include potential bias in the data provided by organizations in annual reports and a reliance
on publicly available information. The dynamic nature of AI and the evolving regulatory landscape may
result in limitations concerning the timeliness of the data.

Conclusions

Although generative artificial intelligence is still in its early stages, it has the potential to develop into a
ubiquitous, general-purpose technology that facilitates complementary innovation, raises the caliber of
goods and services, and lowers costs—much like the internet revolution. This translates into practical
benefits like as speedier loan approvals, more efficient wealth management systems, and even chatbots
that offer 24-hour customer care. Theoretically, AI promotes a data-driven approach to banking, allowing
institutions to make better decisions based on massive amounts of client data. Based on the reports, it is
concluded that AI is used in various sectors and so is banking and finance. AI has its application across
different businesses and so are the challenges. However, in weighing those possible advantages, equal
importance should be placed on comprehending the associated risks and issues (both known and
unknown). Therefore, it is still unclear how quickly and how much it makes financial sense for banks to
invest in transformational AI strategies.

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Scope for Future Research

Suggestions for future research may include an in-depth examination of the effectiveness of specific
preventive strategies, longitudinal studies to assess the evolving impact of AI, and qualitative
investigations into the perspectives of industry stakeholders

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