ARTIFICIAL INTELLIGENCE IN THE FINANCIAL SPHERE: EVOLUTION, POSSIBILITIES AND PROSPECTS OF USE

Author(s): Gavrilova E.N.

Rubric: Economy

DOI: 10.21777/2587-554X-2024-3-23-30

Release: 2024-3 (50)

Pages: 23-30

Keywords: artificial intelligence, AI, financial sphere, generative intelligence, machine learning, financial system, prudential policy

Annotation: The financial system is based on the processing and aggregation of vast amounts of information into price signals that coordinate economic participants. Throughout history, advances in information technology, from simple record-keeping to artificial intelligence, have transformed the financial industry. This article examines the evolution of the financial sector through the lens of advances in information processing, with a particular focus on AI. The analysis of how generative AI (GenAI), emerging AI agents, and general artificial intelligence will affect finance is conducted. It assesses the opportunities and challenges posed to the financial sector by different generations of AI, including machine learning (ML), generative AI (GenAI), and emerging AI agents. The impact of AI on financial stability and the risk of AI-induced disrup- tions to the real sector are considered. In light of these ideologies and the increasing adoption of AI, the author has outlined the implications of developments in AI for financial stability and prudential policies. The article discusses the potential impacts on the real economy, examining both optimistic and destructive scenarios involving AI. The author emphasizes the importance of international cooperation in order to develop a framework for the integration of artificial intelligence (AI) into the global financial system.

Bibliography: Gavrilova E.N. ARTIFICIAL INTELLIGENCE IN THE FINANCIAL SPHERE: EVOLUTION, POSSIBILITIES AND PROSPECTS OF USE // Economics and Management. – 2024. – № 3 (50). – С. 23-30. doi: 10.21777/2587-554X-2024-3-23-30