Transforming financial planning with AI-driven analysis: A review and application insights
1 Independent Researcher, St Louis, Missouri, USA.
2 Department of Business Administration, Skinner School of Business, Trevecca Nazarene University, USA.
3 Kings International School Port-Harcourt, Rivers State Nigeria.
4 Ignition Ajuru University of Education, Rivers State, Nigeria.
5 Independent Researcher, Nashville, Tennessee, USA.
6 Independent Researcher, Nigeria.
Review
World Journal of Advanced Engineering Technology and Sciences, 2024, 11(01), 240–257.
Article DOI: 10.30574/wjaets.2024.11.1.0053
Publication history:
Received on 02 January 2024; revised on 12 February 2024; accepted on 14 February 2024
Abstract:
In the ever-evolving tapestry of financial planning, the integration of Artificial Intelligence (AI) emerges as a pivotal force, redefining the contours of strategic decision-making and operational efficiency. This paper delves into the historical progression, current implementations and the multifaceted impact of AI within the financial planning sphere, aiming to unravel the complexities and transformative potential of AI technologies. Through a rigorous examination of peer-reviewed literature and empirical studies, the research meticulously maps the trajectory of AI's integration in finance, from its nascent stages to its current stature as a cornerstone of financial innovation. The study's methodology, rooted in qualitative analysis, systematically explores the enhancements AI brings to financial decision-making, the challenges it poses, including ethical considerations and regulatory compliance and the qualitative shifts in financial strategies engendered by AI adoption. The findings illuminate AI's dual role as both a catalyst for unprecedented efficiency and a harbinger of new challenges, underscoring the need for a balanced approach to its integration. Conclusively, the paper advocates for a harmonious blend of innovation and ethical stewardship, recommending that financial institutions embrace AI's potential while rigorously addressing its challenges through continuous learning, adaptability, and ethical vigilance. The recommendations aim to guide stakeholders through the labyrinth of AI integration, ensuring that financial planning not only becomes more efficient and strategic but also remains equitable and transparent. This study serves as a beacon for future exploration, offering insights into navigating the complexities of AI-driven financial planning.
Keywords:
Artificial Intelligence; Financial Planning; Strategic Decision-Making; Ethical Considerations; Regulatory Compliance; Technological Innovation
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0