Implication of Artificial Intelligence (AI) in Finance in the Case of Bangladesh

2. Literature Review

The phrase “artificial intelligence” (AI) describes the development of computer methods that are capable of carrying out tasks that typically require human intellect, such as terminology translation, mouthpiece discrimination, and decision-making. AI technologies are built using machine learning algorithms, which enable the system to learn from data, identify patterns, and base predictions or judgments on that learning. Artificial intelligence (AI) has advanced quickly over the last 20 years and is now utilized in many other fields and endeavors, including finance. Meanwhile, a diverse and expanding body of literature has examined the application of AI in finance. However, in practice, the rate of the adoption of such modern algorithms in organizations is still in its early stages.

Bangladesh's financial services industry has experienced a swift metamorphosis in recent times, driven by the assimilation of FinTech frameworks and the widespread availability of electronic payment channels. The aforementioned favorable progress has been reinforced by governmental measures, tactical alliances, and commercial advancements from multiple industry leaders like the Financial sector, as well as ecosystem facilitators such as FinTechs and MFS. These initiatives have accelerated the digitization's effects across the banking value chain.