Artificial Intelligence and human collaboration in financial planning

Naveen Kunnathuvalappil Hariharan

MPRA Paper from University Library of Munich, Germany

Abstract: Artificial intelligence (AI) can assist business leaders in automating time-consuming and labor-intensive operations such as data collection, aggregation, and purification. This enables them to devote more time to high-value tasks and make more informed business decisions. While AI has been shown to offer a number of advantages when it comes to data analysis and delivering insight for investment plan creation, it lacks the emotional intelligence required to meet more complicated investing needs. The privacy and security of clients is another issue that has developed as a result of the usage of artificial intelligence in financial planning.Because AI is still a relatively new breakthrough in an industry with millions of dollars invested, some industry insiders are concerned that cyber-security may not be as advanced as the technology itself, putting the company at risk of hacking. This research outlined several advantages that AI offer during financial planning, followed by limitations and challenges that come in decision making process with AI. Last, this article discusses how humans and AI might cooperate to provide a more strategic and realistic perspective when corporate decision-making processes are complex, unpredictable, and ambiguous.

Keywords: AI; Planning; unpredictability; complexity; ambiguity (search for similar items in EconPapers)
JEL-codes: J0 J00 J4 (search for similar items in EconPapers)
Date: 2018-07
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Journal of Emerging Technologies and Innovative Research (JETIR) 7.5(2018): pp. 1348-1355

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