Generative Artificial Intelligence in Finance
Description
This comprehensive volume delves deep into the diverse applications and implications of generative AI across accounting, finance, economics, business, and management, providing readers with a holistic understanding of this rapidly evolving landscape.
Generative Artificial Intelligence in Finance: Large Language Models, Interfaces, and Industry Use Cases to Transform Accounting and Finance Processes provides a comprehensive guide to ethically harnessing generative AI systems to reshape financial management. Generative AI is a key theme across the accounting and finance sectors to drive significant optimizations leading to sustainability. Across 22 chapters, leading researchers supply innovative applications of large language models across the economic realm. Through detailed frameworks, real-world case studies, and governance recommendations, this book highlights applied research for generative AI in finance functions. Several chapters demonstrate how data-driven insights from AI systems can optimize complex financial processes to reduce resource usage, lower costs, and drive positive environmental impact over the long term. In addition, chapters on AI-enabled risk assessment, fraud analytics, and regulatory technology highlight applied research for generative AI in finance. The book also explores emerging applications like leveraging blockchain and metaverse interfaces to create generative AI models that can revolutionize areas from carbon credit trading to virtual audits. Overall, with in-depth applied research at the nexus of sustainability and optimization enabled by data science and generative AI, the book offers a compilation of best practices in leveraging AI for optimal, ethical, and future-oriented financial management.
Audience
The audience for this book is quite diverse, ranging from financial and accounting experts across banking, insurance, consultancies, regulatory agencies, and corporations seeking to enhance productivity and efficiency; business leaders want to implement ethical and compliant AI practices; researchers exploring the domain of AI and finance.
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Persons
Pethuru Raj Chelliah, PhD, is a chief architect at Reliance Jio Platforms Ltd. (JPL), Bangalore, India. He has also worked at the IBM global cloud center and Robert Bosch Corporate Research.
Pushan Kumar Dutta, PhD, is an assistant professor in the Electronics and Communication Engineering Department at ASETKL, Amity University Kolkata, West Bengal, India. He has edited multiple books, published about 50 articles, and completed 10 book editorials. He was honored with the Young Faculty in Engineering Award in 2018.
Abhishek Kumar, PhD, is the assistant director and an associate professor in the Computer Science & Engineering Department, Chandigarh University, Punjab, India. He has more than 100 publications in reputed peer-reviewed national and international journals, books, and conferences.
Ernesto D.R. Santibanez Gonzalez, PhD, is a professor at the University of Talca, Chile, and a professor at Paulista University, Brazil. He has published more than 60 research articles and has developed numerous projects.
Mohit Mittal, PhD, is a data scientist at Knowtion GmbH in Karlsruhe, Germany. He completed a post-doctorate at Kyoto Sangyo University in Japan. He has authored numerous papers published in prestigious journals and at top-tier conferences.
Sachin Gupta, PhD, is an assistant professor in the Department of Business Administration, Mohanlal Sukhadia University, Udaipur, Rajasthan, India. His core subjects are finance, entrepreneurship & innovation, business & corporate law, etc.
Content
Preface xxi
Part I: Foundations and Applications of AI in Finance 1
1 Artificial Intelligence Application and Research in Accounting, Finance, Economics, Business, and Management 3
Peterson K. Ozili
2 Automating Data Entry in the Indian Banking Industry Through Generative 5
AI Srividya Prathiba, Rahul Pandey, Yashwant Patel and Manjinder Singh
3 Future Approach Generative AI, Stylized Architecture, and its Potential in Finance 33
Abhinna Baxi Bhatnagar, Abhaya Nanad, Anshul Kumar and Rakesh Kumar
4 Generative Artificial Intelligence (GAI) for Accurate Financial Forecasting 57
Tajinder Kumar, Sachin Lalar, Vishal Garg, Pooja Sharma and Ravi Dutt Mishra
5 The Far-Reaching Impacts of Emerging Technologies in Accounting and Finance 77
Sudhansu Sekhar Nanda
Part II: Generative AI in Risk Management and Fraud Detection 99
6 Deep Diving into Financial Frauds via Ad Click, Credit Card Management and Document Dispensation in E-Commerce Transactions 101
Bhupinder Singh, Pushan Kumar Dutta and Christian Kaunert
7 Generative AI: A Transformative Tool for Mitigating Risks for Financial Frauds 125
Rahul Joshi, Krishna Pandey and Suman Kumari
8 Innovation Unleashed Charting a New Course in Risk Evaluation with Generative AI 149
Shabeena Shah W., Khadeeja Bilquees A. and M. Jamal Mohamed Zubair
9 The Significance of Generative AI in Enhancing Fraud Detection and Prevention Within the Banking Industry 159
Roshni Rawal, Priya Sachdeva and Aabha S. Singhvi
10 Role of Generative AI for Fraud Detection and Prevention 175
Prasanna Kulkarni, Pankaj Pathak, Samaya Pillai and Vishal Tigga
Part III: Ethical, Legal, and Regulatory Considerations 199
11 Ethical and Regulatory Compliance Challenges of Generative 201
AI in Human Resources Leena Singh, Ankur Randhelia, Ashish Jain and Akash Kumar Choudhary
12 Navigating the Frontier of Finance: A Scoping Review of Generative AI Applications and Implications 215
Ahmad Haidar and Ahmad Abbass
13 Ensuring Compliance and Ethical Standards with Generative AI in Fintech: A Multi-Dimensional Approach 253
Vishal Jain and Archan Mitra
14 Privacy Laws and Leak of Financial Data in the Era of Generative AI 265
Nitish Kumar Ojha and Sanjeev Thakur
15 Ethics and Laws: Governing Generative AI's Role in Financial Systems 283
Prakriti Dixit Porwal
Part IV: Industry-Specific Applications and Innovations 299
16 Generative AI Tools for Product Design and Engineering 301
Manoj Singh Adhikari, Yogesh Kumar Verma, Manoj Sindhwani and Shippu Sachdeva
17 AI-Driven Generative Design Redefines the Engineering Process 327
Harpreet Kaur Channi, Amritjot Kaur and Surinder Kaur
18 Insurance Disruption: Analytics on Blockchain Transforming Indian Insurance Industry 361
Swati Gupta and Ruchika Rastogi
19 Application of Explainable Artificial Intelligence in Fintech 383
Raunak Kumar, Priya Gupta and Bhawna
20 Empowering Financial Efficiency in India: Harnessing Artificial Intelligence (AI) for Streamlining Accounting and Finance 407
Bhawna and Priya Gupta
21 Framework and Interface: The Backbone of AI Systems in Banking in India 429
Priya Sachdeva, Priti Goswami, Sumona Bhattacharya and Mohd. Ashfaq Siddiqui
22 Harnessing Generative AI for Engineering and Product Design: Conceptualization, Techniques, Advancements and Challenges 443
Sakshi, Chetan Sharma, Gunjan Verma and Nisha Chanana
References 463
Index 467
