Generative Artificial Intelligence in Finance
by Pethuru Raj Chelliah, Pushan Kumar Dutta, Abhishek Kumar, Ernesto D. R. Santibanez Gonzalez, Mohit Mittal, Sachin Kumar Gupta
12Navigating the Frontier of Finance: A Scoping Review of Generative AI Applications and Implications
Ahmad Haidar1* and Ahmad Abbass2
1Paris-Saclay University, Université d’Évry, Institut Mines-Télécom Business School (IMT-BS), Laboratoire en Innovation, Technologies, Economie et Management (LITEM), Evry, France
2Al Maaref University, Beirut, Lebanon
Abstract
Recent technological advancements and intense competitive pressures have spurred the rapid integration of artificial intelligence (AI) into the financial sector. This trend is further amplified with the advent of generative AI (GAI), representing a significant advancement in AI technology with its wide-ranging applications in finance. This scoping review chapter delves into the evolution of GAI and its burgeoning role in financial analysis, management, and strategy. While GAI offers significant opportunities for business and financial entities, it also entails inherent risks that necessitate prudent consideration. These risks encompass embedded biases, outcome opacity, privacy concerns, performance robustness, unique cybersecurity threats, and the potential to create novel sources and transmission channels of systemic risks, which could impact financial sector stability. The chapter explores regulatory, ethical, and user-centric perspectives in AI-driven finance alongside technological innovations and applications. Methodologically, this review employs a structured approach to identify relevant studies, chart data, and ...
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