Artificial Intelligence in Corporate Business and Financial Management: A Performance Analysis from Pakistan

Abstract

This paper attempts to explore many signs of progress enabled by Artificial Intelligence (AI) in financial and corporate business management. It also amid to identify the benefits and cons of AI applications in social life. A systematic content analysis approach has been used to demonstrate the developmental phases of AI. Four distinct organizational maturity clusters i.e. Pioneers, Investigators, Experimenters, and Passives have been developed on basis of dataset. Data collections was carried through emails, customizable chatbots, live chat softwares and automated helpers of top ten online companies and various banking and financial institutions located in Lahore and Karachi cities for making behavioral analysis. The data results revealed that all aspects of financial managements and corporate business activities have been highly influenced by the application of AI. The study demonstrated that 80% senior business executives were of view that AI boost productivity and creates new business avenues. The results also demonstrated that 88% Pioneer organizations have understand and adopted AI techniques according to organization requirements, 82% Investigator organizations are not using it beyond the pilot stage whereas 24% Experimental organizations were adopting AI without understanding it. These results seem to reflect that AI has profound effects on financial industry to streamline its credit decisions from quantitative trading to financial risk management and fraud detection. This study also discovered that the widespread use of AI have raised a number of ethical, moral and legal challenges that are yet to be addressed. Although AI is gaining popularity day by day and it is believed that AI will improve work performance beyond human standards but it could not replace human resources fully.