THE ROLE OF AI IN FINANCIAL MARKET DEVELOPMENT: ENHANCING EFFICIENCY AND ACCESSIBILITY IN EMERGING ECONOMIES

Authors

  • Nneka Adaobi Ochuba Independent Researcher, UK
  • Adetumi Adewumi Independent Researcher, Chicago, Illinois, USA
  • David Olanrewaju Olutimehin Christfill Global Enterprise, Lagos Nigeria

DOI:

https://doi.org/10.51594/farj.v6i3.969

Abstract

The integration of Artificial Intelligence (AI) within financial markets has become increasingly pivotal, particularly in emerging economies where efficiency and accessibility remain significant challenges. This abstract explores how AI technologies are reshaping financial market development, with a specific focus on enhancing efficiency and accessibility in emerging economies. AI facilitates automation of routine tasks, predictive modeling, and robust risk management, thereby streamlining operations and reducing costs. Moreover, AI-driven solutions democratize financial services, offering personalized advice and expanding financial inclusion initiatives. Despite its transformative potential, challenges such as data privacy concerns, regulatory barriers, and technological infrastructure limitations persist. By examining successful AI implementations and case studies, this review underscores the importance of collaborative efforts between public and private sectors to overcome these challenges. Looking ahead, the abstract emphasizes the need for policymakers to develop conducive regulatory frameworks and encourages stakeholders to embrace AI technologies for sustainable financial market development in emerging economies.

Keywords:  AI, Financial Market Development, Efficiency, Accessibility, Emerging Economies, Automation.

Published

2024-03-28

Issue

Section

Articles