The Role of Generative AI in Financial Data Analytics Opportunities and Challenges for Banking Sector Innovation
Keywords:
Generative AI, Financial Data Analytics, Banking Innovation, Risk Assessment, Fraud Detection, Regulatory ComplianceAbstract
June 28, 2023 (Corporate Wire via COMTEX) -- Generative AI is transforming data analytics in the financing industry by leveraging its robust capabilities to make the process of data extraction deep, efficient, and insightful. Generative AI banks accelerate the complex process while providing predictive modeling for the forefront of decision-making. It would allow automation of data-based decision-making to optimize risk assessment and fraud detection, enabling tailored financial products and services through AI-supported financial advisory services.
References
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Nguyen, T., et al. (2023). AI-Based Fraud Detection in Banking: A Survey. Computational Finance Journal, 22(4), 198-220.
