ABSTRACT
Since the creation of the first computer, humans have concentrated on developing various approaches to decrease the computer size and increase its operational capacity. During the evolution of computer systems, researchers were interested in creating machines that think, work, and act like humans. This enthusiasm induced the development of artificial intelligence theory (AI) and gave rise to the creation of computer-based machines (e.g., robots) that have intelligence almost like humans. According to John McCarthy, the father of AI, artificial intelligence is defined as “the science and engineering of making intelligent machines, especially intelligent computer programs”. Additionally, the word artificial in AI stands for human-created; the word intelligence represents the power of thinking. Therefore, AI is a human-made machine with thinking power. Nowadays, AI is integrated into our daily activity in many forms, including computer gaming, Alexa, Google Assistant, etc. Recent years have witnessed a significant expansion in digitized financial services. AI has been considered a robust tool in the financial field. Many analytical tools, including machine learning, are used by firms to analyse data collected over time. AI improves the pattern recognition step by the use of modern statistical methods and large volumes of data to provide the best solution to any defined problem set.
