AI Financial Services

Blockchain, cryptoassets, and artificial intelligence protocols continue to change the roles of accounting and financial service professionals at a fundamental level. This book examines the impact and influence of these technologies in the financial sector. In particular, this second revised edition examines the impact of these technologies on megatrends such as ESG reporting, remote workforces, real-time reporting, and a shift to a virtual and digital world. It also provides insights on how automation of all kinds—highlighted by AI—are changing the ways in which financial transactions and other information are handled by accounting and finance professionals. Ranging from the implications of blockchains among various organizations, to the rise of cryptoassets for transactions and investing activities, the author provides grounded and action-oriented recommendations for financial practitioners.

The first part delves into the origins and evolution of Generative AI, providing insights into its mechanics and applications within the BFSI context. It goes into the core technologies behind Generative AI, emphasizing their significance and practical applications. The second part explores how Generative AI intersects with core banking processes, ranging from transactional activities to customer support, credit assessment, and regulatory compliance. It focuses on the digital transformation driving investment banking into the future.

This book, written jointly by an engineer and artificial intelligence expert along with a lawyer and banker, is a glimpse on what the future of the financial services will look like and the impact it will have on society.