The Effect of Artificial Intelligence on Finance, Banking and Insurance

Authors: Sherine Shahat Abdelnour Bastourous

Abstract:

Banking and monetary offerings are rapidly transitioning from being monolithic structures focusing simply on their personal economic services to becoming integrated gamers in a couple of customer journeys and delivery chains. Banks themselves are refocusing on being liquidity carriers and underwriters in those networks, whilst the overall idea of ‘embeddedness’ builds on the market conveniently available API (software Programming Interface) architectures to flexibly supply services to numerous requestors, i.e., online shops who want finance and insurance products to better serve their clients, respectively. With this flexibility come new necessities for more advantageous cybersecurity. API structures are greater decentralized and inherently vulnerable to trade. lamentably, this has now not been comprehensively addressed inside the literature. This paper attempts to fill this hole through looking at security tactics and technology relevant to API architectures found in embedded finance. After offering the research method implemented and introducing the essential bodies of understanding worried, the paper will speak six dominating era developments shaping excessive-degree monetary services architectures. Ultimately, embedded finance and the respective usage of API techniques might be described. building in this, safety concerns for APIs in monetary and insurance offerings will be elaborated on earlier than concluding with a few ideas for viable similar studies.

Keywords: finance, non-interest, sustainability, enlightenment health, out of pocket expenditure, universal healthcare