The field of artificial intelligence (AI) stands out as the most rapidly
advancing domain within computer science, exerting a pervasive impact across various
service sectors that have harnessed its applications. The current study gives a
comprehensive exploration of the overarching applications in financial services (FS),
offering practical insights into its definition and application. Primarily qualitative in
nature, the research does not involve statistical measurement for the analysis of the
results. The study elucidates the significant advantages resulting from the integration of
AI practices in the banking and financial sectors. To illustrate this, the study analyzes
instances of AI applications in financial firms, presenting results derived from positive
observations outlined in their balance sheets and annual reports. The transformative
influence of AI extends benefits to the users and firms in the service industry. The
research paper offers a clear reason for the positive applications of AI in enhancing
decisions in financial management and in the development of the market.
Keywords: Artificial intelligence, Balance sheets, Financial stability, Financial services, Market development.
