ADVANTAGES OF ARTIFICIAL INTELLIGENCE

As it is not a surprise to find out that most financial sectors don’t want to miss out on the
chance in applying and implementing AI. Most financial sectors use AI in providing a better
experience to the industries as well as the customer.

One of the advantages of an AI is that there is a clear reduction of error. Humans are bound
to do error and it is impossible to ask one person to act in a manner of perfection. By having an
AI, not only it will enable to reduce as much human error as possible, it will be done is a degree
of high precision and accuracy. By having AI, there is no issue in regards to excessive work
pressure or work fatigue thus decrease in error and even if there is a cognitive technological error
found, it is still rare compared to how often we see human error. 1

The utilization of AI is blossoming if looked into in the healthcare industry as AI are used
to optimize clinical procedures. Instances where there is overload of cases and healthcare
professional took on large number of cases at one time. Due to inability to properly delegate tasks
and mostly because of stress or work pressure, this often create chance for human errors and thus
AI are created to ease the pressure suffered by human which cause of human error. In regards to
financial sector, the advantages of AI blossom as it reduce the errors done in backing services by
disallowing and minimizing human involvement or any participant in either fraud, compliance,
credit and internal audit. Furthermore, the data inputs in AI is able to differentiate which is
considered as good transaction and whether this is constituted as fraudulent. Normally, such tasks
can be overlooked easily by human being. Even V Maslamani 2stated in the Conference of
Financial Crime and Terrorism Financing 2017 admitted that by utilizing AI, it will definitely
reduce the cost and also human error. 3

The second advantages that can be seen is that AI can Multi-tasking. As we know, task can
be categorized either as routine or not and there may be a repetition in doing the tasks and repeated
task that are monotonous in essence can be carried out with the assistance of nanotechnology.

1
Siti Rohaya Mat Rahim, Zam Zuriyati Mohamad, Juliana Abu Bakar, Farhana Hanim Mohsin, & Norhayati Md Isa.
(2018). Artificial Intelligence, Smart Contract and Islamic Finance. Canadian Center of Science and Education, 14.
Retrieved from https://doi.org/10.5539/ass.v14n2p145 accessed on 20 September 2019
2
Chief Compliance Officer of Al Rajhi Bank of Saudi Arabia at the Conference on Financial Crime and Terrorism
Financing (IFCTF)
3
Ibid 1
Machines unlike human have the capability to think far more quickly and can be put in multi-
tasking while ensuring the decreased of human errors. For instance, the neuron network that was
intended to filter out spam emails may repurpose it expertise in identifying and detecting the
phishing attempts, make the inbox a priority according to the importance and give guidance or
assistance in drafting responses to common request. AI applications also tends to retain more
information and data than paper based filling. The enormous dataset area to guide and help users
to upload multi-task data and identify the information. In any case, multi-tasking enhances the
efficiency of manufacturing company and today, we can see that AI can carry out rather versatile
range of tasks from forklifts drivers to product quality and performance assurance. With this, the
AI is useful for the manufacturing industry as it reduces the labour cost and also the reliance on
low skilled workers.4

Moreover, AI can work for longer hours than human which without a doubt contribute
greatly in our industry. Human tends to get tired but AI doesn’t. As long as there is battery, the AI
can work. This is because AI are programmed to do certain task or functions for long hours. This
can be illustrated in an automated teller machine which would be able to help and replace the
working hours of the bank clerk and also auto call centers that able to pick up your call at any time
given and can adhere to the complaints and reports reported by the customer without any worry
that it might affect the worker.

4
Ibid 1