Artificial Intelligence (AI) is transforming the financial sector, revolutionizing how banks, financial institutions and investors operate. Here are nine examples of AI in finance, and how they are changing the industry:
AI algorithms can analyze transactions in real time, detect anomalies and patterns that may indicate fraudulent activities, and alert banks to take appropriate actions. An example of fraud detection using AI is PayPal’s fraud detection system. PayPal (NASDAQ:PYPL) uses machine learning algorithms and rule-based systems to monitor real-time transactions, and identify potentially fraudulent activities.
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