MERICAN Journal of Public Diplomacy and International Studies www.
grnjournal.us AMERICAN Journal of Public Diplomacy and International Studies Volume 01, Issue 06, 2023 ISSN (E): 2993-2157 Challenges and Prospects for the Application of Artificial Intelligence in the Sphere of Finance Sultanov Omon Juma ugli Vice-rector for financial affairs at the International School of Finance Technology And Science Abstract: This article undertakes a comprehensive exploration of the integration of artificial
intelligence (AI) in the financial sectors of developing, underdeveloped nations. Analyzing the
unique challenges and hindrances faced in implementing AI technologies, the study presents a
multifaceted view of the landscape and prospects for future growth. Drawing lessons from
developed countries and spotlighting precise recommendations, it paves the way for enhancing
AI adoption in these diverse contexts. The findings reveal significant barriers that must be
overcome but also highlight potential pathways for substantial advancements through correct
strategic planning. The case of Uzbekistan, in particular, is examined to illustrate both the
complexities and the opportunities inherent in this transformative journey towards financial
innovation.
Keywords: artificial intelligence, finance, developing countries, underdeveloped countries,
financial technology, innovation.
INTRODUCTION Artificial intelligence (AI) has long been a focal point of financial research, attracting interest for
several decades. Traditionally, the impact of artificial intelligence has been observed in classic
financial areas such as markets, trading, banking, insurance, risk management, regulation and
marketing. This landscape has evolved to herald the emergence of a new generation of financial
technology, or FinTech. FinTech uses artificial intelligence to power innovative practices, smart
digital currencies, lending mechanisms, payment systems, and complex asset and wealth
management. It covers risk and regulatory management, as well as modernizing accounting and
auditing (Douglas W et. al, 2015).
In this context, “finance” includes capital markets, trading, banking, insurance, credit,
investments, asset and wealth management, risk management, marketing, compliance,
regulation, payments, contracting, auditing, accounting and covers other areas. financial
infrastructure. Emerging technologies such as blockchain will further enrich this landscape,
impacting ethics in operations, services, security and finance (Henri and Fischer 2019).
Moreover, the fields of economics and finance are not separate silos; they are increasingly
interconnected, both with each other and with the wider AI ecosystem. This synergistic
relationship highlights the multidimensional impact of AI, transforming and redefining the
contours of finance and economics in a digitally connected world. In developed countries, this
transformation has been apparent, yielding increased efficiency, personalization, and even new
paradigms of financial interaction. However, in developing and underdeveloped countries, the
