Cloud-Powered Financial Intelligence: Integrating AI and Big Data for Smarter Wealth Management Solutions
Abstract
Artificial intelligence (AI) is a cutting-edge technology that is revolutionizing industries by enhancing products and services with intelligent capabilities. AI has gradually entered the field of finance in recent years, which in turn has ignited a tech-driven financial intelligence (TI) boom. TI (also widely known as AI + Big Data in Finance) is drawing more and more attention from both academics and industry practitioners.
The capital market is dynamic and complex, both in structure and mechanism, which reveals enormous opportunities and challenges. Conventional financial services based on heuristics and experience can hardly meet the increasing demand for digital transformation of financial institutions. Especially after the scaled financial market turmoil events and the outburst of financial market fragments, the financial industry is facing great pressure in wealth management (WM), risk management (RM), financial consulting (FC), and so on. While the traditional financial institutions are struggling to autonomously improve service efficiency and reduce cost, financial intelligence with fast and accurate machine learning capability to handle complex data is gradually rising as a new paradigm of smart finance in the global wealth management market.
Financial intelligence, as both an academic and an industry concept, describes a wide range of rich topics on AI, big data, financial technology (FinTech), digital assets, electronic cash, and crypto-currency in the financial domain. There exist a number of surveys in this discipline, but they are either outdated and/or lack the extensive review of the technical literature, such as in-depth exploration of state-of-the-art techniques in TI. Additionally, most previous surveys contain only limited topics or single setups of the financial domain. To mitigate this academic and practical gap, this article aims to conduct a wide-ranging literature survey that provides both after-the-fact and forward-looking discussions on financial intelligence
