Development of Artificial Intelligence and Effects on Financial System

Abstract

In recent years, due to the rapid development of artificial intelligence (AI) and machine learning, its application has been widely used in many aspects of financial area, as well as significantly impacts financial market, institutions and regulation. The artificial intelligence technology brings enormous change to the entire financial industry, which creates a series of innovative financial services such as intelligent consultant, intelligent lending, monitoring and warning, and intelligent customer service as times required. In this paper, it aims to summarize the development and application of artificial intelligence and machine learning in financial system, as well as its impacts on macroeconomics and microeconomics. In the meantime, it is realised that a series of problems and risks were conducted by artificial intelligence during its use. Lastly, some suggestions and strategies are provided for reasonable usage of artificial intelligence in financial risk management, based on the financial risk management raised by artificial intelligence.

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