The Effect and Efficiency of Artificial Intelligence in Accounts and Finance – An Empirical Study

Abstract

Everyone doesn't know about AI applications in the financial sector. This may bring work conflict in the future; those who have more knowledge about technological growth will know how to handle the technical and technological problems in future. Information technology (IT) is a big area that deals with using computers, phones, and other digital stuff to handle and share data. It is important because it changes how companies work, people talk, etc. IT helps in organizing, storing, and analyzing data quickly. IT also helps us talk to each other in better ways, think about texting, video calls, and social media. Artificial intelligence has shown significant promise in improving the effectiveness and efficiency of financial services. By leveraging AI technologies, financial institutions can streamline processes, enhance decision-making, and provide better services to their customers. Despite some challenges and risks, the overall impact of AI in finance appears to be positive, with potential for even greater advancements in the future. Respondents are noticed AI in their daily lives, fewer recognized its specific applications like facial recognition. Overall, there's moderate trust in AI decision-making, especially in sectors like banking and healthcare, where it's widely used for tasks like fraud detection and customer service. While there's recognition of AI's benefits in finance, such as faster decision-making and cost reduction, opinions vary on its effectiveness for tasks like data security and job displacement.