Preparing for an AI-driven financial landscape

Hi. My name is Alejandro Lopez-Lira. I'm an assistant professor of finance at the University of Florida and today we'll be speaking about artificial intelligence (AI), broader impact, and preparing for an AI-driven financial landscape.

Let's first start with a quick overview of AI in finance. Today we stand at the forefront of a transformative era in finance, marked by the rapid integration of Artificial Intelligence or AI into financial systems globally. AI's role in finance has evolved from a mere technological novelty to a core component driving innovation and efficiency across various sectors including banking, investment, risk management, and insurance. The significance of AI in finance stems from its unparalleled ability to analyze vast amounts of data, recognize patterns, and make predictions with the level of speed and accuracy far beyond human capabilities. This capability has opened doors to numerous advancements, such as enhanced customer experience through personal financial services, improved risk assessment models, and real-time fraud detection systems that safeguard billions in assets. Moreover, AI's integration into shaping the financial landscape by automating routine tasks thereby allowing financial professionals to focus on more strategic aspects of their roles. It's also democratizing financial services making them more accessible to underserved populations through innovations like AI-driven credit scoring for individuals with limited credit history. As we delve deeper into this topic, we will explore how AI is not only revolutionizing existing financial operations, but also paving the way for new business models and strategies. Thus, preparing us for an AI-driven financial future that is more efficient, secure, and inclusive. I will speak a little bit about