Generative Artificial Intelligence in Finance

Pethuru Raj Chelliah, PhD, is a chief architect at Reliance Jio Platforms Ltd. (JPL), Bangalore, India. He has also worked at the IBM global cloud center and Robert Bosch Corporate Research. Pushan Kumar Dutta, PhD, is an assistant professor in the Electronics and Communication Engineering Department at ASETKL, Amity University Kolkata, West Bengal, India. He has edited multiple books, published about 50 articles, and completed 10 book editorials. He was honored with the Young Faculty in Engineering Award in 2018. Abhishek Kumar, PhD, is the assistant director and an associate professor in the Computer Science & Engineering Department, Chandigarh University, Punjab, India. He has more than 100 publications in reputed peer-reviewed national and international journals, books, and conferences. Ernesto D.R. Santibanez Gonzalez, PhD, is a professor at the University of Talca, Chile, and a professor at Paulista University, Brazil. He has published more than 60 research articles and has developed numerous projects. Mohit Mittal, PhD, is a data scientist at Knowtion GmbH in Karlsruhe, Germany. He completed a post-doctorate at Kyoto Sangyo University in Japan. He has authored numerous papers published in prestigious journals and at top-tier conferences. Sachin Gupta, PhD, is an assistant professor in the Department of Business Administration, Mohanlal Sukhadia University, Udaipur, Rajasthan, India. His core subjects are finance, entrepreneurship & innovation, business & corporate law, etc.

• Preface xxiPart I: Foundations and Applications of AI in Finance 11 Artificial Intelligence Application and Research in Accounting, Finance, Economics, Business, and Management 3Peterson K. Ozili2 Automating Data Entry in the Indian Banking Industry Through Generative 5AI Srividya Prathiba, Rahul Pandey, Yashwant Patel and Manjinder Singh3 Future Approach Generative AI, Stylized Architecture, and its Potential in Finance 33Abhinna Baxi Bhatnagar, Abhaya Nanad, Anshul Kumar and Rakesh Kumar4 Generative Artificial Intelligence (GAI) for Accurate Financial Forecasting 57Tajinder Kumar, Sachin Lalar, Vishal Garg, Pooja Sharma and Ravi Dutt Mishra5 The Far-Reaching Impacts of Emerging Technologies in Accounting and Finance 77Sudhansu Sekhar NandaPart II: Generative AI in Risk Management and Fraud Detection 996 Deep Diving into Financial Frauds via Ad Click, Credit Card Management and Document Dispensation in E-Commerce Transactions 101Bhupinder Singh, Pushan Kumar Dutta and Christian Kaunert7 Generative AI: A Transformative Tool for Mitigating Risks for Financial Frauds 125Rahul Joshi, Krishna Pandey and Suman Kumari8 Innovation Unleashed Charting a New Course in Risk Evaluation with Generative AI 149Shabeena Shah W., Khadeeja Bilquees A. and M. Jamal Mohamed Zubair9 The Significance of Generative AI in Enhancing Fraud Detection and Prevention Within the Banking Industry 159Roshni Rawal, Priya Sachdeva and Aabha S. Singhvi10 Role of Generative AI for Fraud Detection and Prevention 175Prasanna Kulkarni, Pankaj Pathak, Samaya Pillai and Vishal TiggaPart III: Ethical, Legal, and Regulatory Considerations 19911 Ethical and Regulatory Compliance Challenges of Generative 201AI in Human Resources Leena Singh, Ankur Randhelia, Ashish Jain and Akash Kumar Choudhary12 Navigating the Frontier of Finance: A Scoping Review of Generative AI Applications and Implications 215Ahmad Haidar and Ahmad Abbass13 Ensuring Compliance and Ethical Standards with Generative AI in Fintech: A Multi-Dimensional Approach 253Vishal Jain and Archan Mitra14 Privacy Laws and Leak of Financial Data in the Era of Generative AI 265Nitish Kumar Ojha and Sanjeev Thakur15 Ethics and Laws: Governing Generative AI's Role in Financial Systems 283Prakriti Dixit PorwalPart IV: Industry-Specific Applications and Innovations 29916 Generative AI Tools for Product Design and Engineering 301Manoj Singh Adhikari, Yogesh Kumar Verma, Manoj Sindhwani and Shippu Sachdeva17 AI-Driven Generative Design Redefines the Engineering Process 327Harpreet Kaur Channi, Amritjot Kaur and Surinder Kaur18 Insurance Disruption: Analytics on Blockchain Transforming Indian Insurance Industry 361Swati Gupta and Ruchika Rastogi19 Application of Explainable Artificial Intelligence in Fintech 383Raunak Kumar, Priya Gupta and Bhawna20 Empowering Financial Efficiency in India: Harnessing Artificial Intelligence (AI) for Streamlining Accounting and Finance 407Bhawna and Priya Gupta21 Framework and Interface: The Backbone of AI Systems in Banking in India 429Priya Sachdeva, Priti Goswami, Sumona Bhattacharya and Mohd. Ashfaq Siddiqui22 Harnessing Generative AI for Engineering and Product Design: Conceptualization, Techniques, Advancements and Challenges 443Sakshi, Chetan Sharma, Gunjan Verma and Nisha ChananaReferences 463Index 467