Perception analysis of Artificial Intelligence in Finance
Task:
- Produce an analytical report of how the Artificial intelligence is perceived in the finance industry. Further report on where and how AI is being implemented in the finance industry
Data Analysis Tools
In determining the perception of Artificial Intelligence by the Financial Advisers, the rate of adoption, and the current state of Al in Finance, data analysis was done using tools that facilitate the qualitative technique to qualitative data. The qualitative tools that were used are computer-assisted qualitative data analysis which includes graphics and texts. The methods enabled the integration of quantitative data approaches to qualitative data.
The study used qualitative analysis tools to analyze data from the research. The programs include Atlas.ti which has features that help in organizing and managing large data. The second tool is NVivo which assist in the analysis of unstructured surveys, image data, texts, and videos. The other program is Quirkos which also help in managing, sorting, and understanding text data. The software helped in comparing data across various sources. Besides, programs like webQDA software, HyperRESEARCH, and Aquad were used.
Analysis report on the primary and secondary data
This chapter presents the data collected from the field through primary and secondary sources, its report and the interpretation of the findings on establishing and analyzing the perception of people on the use of Artificial Intelligence in Financial Services.
The response rate
The study targeted people working in various sectors in America. Out of the targeted respondents, 76% of the respondents were men while the remaining 24% were women. The response rate was excellent and thus facilitated the research.
Age range
| Category( age range) | Frequency | Rate % |
| 13-17 | 0 | 0 % |
| 18-24 | 2 | 4 % |
| 25-34 | 12 | 24% |
| 35-44 | 16 | 32% |
| 45-54 | 15 | 30% |
| 55-64 | 5 | 10% |
| Above 65 years | 0 | 0% |
| Total | 50 | 100% |
The study sought to find out the age bracket of the respondents. The majority of the respondents were between 35-44 years with 32%, then 45-54 years with 30%, 55-64 range with 10%, 25-34 years with 24%, and lastly 18-24years with 4%. The other age brackets did not respond to the use of artificial intelligence in Finance.
Relationship Status
From the data collected, it is evidence that the majority of people who perceive the use of artificial intelligence in finance are the married with 58%, followed by the single with 20%, divorced 10%, living with a significant other 10%, and the engaged with 2%.
Parental Status
| Category | Frequency | Rate % |
| No children | 19 | 38% |
| 1 child | 9 | 18% |
| 2 children | 16 | 32% |
| 3 children | 5 | 10% |
| 4 children | 1 | 2% |
| 5 plus children | 0 | 0% |
| Total | 50 | 100% |
From the primary and secondary data collected basing on the parental status of the respondents, 38% have no children, 18% have one child, 32% have two children, 10% have three children, 2% have four children. There were no respondents with more than five children. Hence the majority of the respondents who perceive the use of artificial intelligence do not have children.
Household Annual income
From the data that was collected during the study, it was found that most of the respondents are in the income bracket of $100,000-$ 200,000 which translates to 34%, which is then followed by $50,000-$75,000 with 20%, $25,000-$50,000 with 16%, $75,000-$100,000 with 16%, $0-$25,000 with 6%, and $200,000-$500,000 and those with income above $500,000 which have 4%. The analysis shows that the majority of the people who are in the income bracket of $100,000-$ 200,000 are the one who embraces the use of artificial intelligence in Finance.
Career
From the research, the study shows that 60% of the people who use artificial intelligence are Information Technologists and 40% are from the Finance/ Banking/Accounting profession. The findings showed that other careers do not use artificial intelligence.
Ethnicity
| Category | Frequency | Rate % |
| African-American | 5 | 10% |
| Asian-American | 3 | 6% |
| Latino-American | 3 | 6% |
| White American | 35 | 70% |
| Multi-racial | 2 | 4% |
| Other | 1 | 2% |
| Total | 50 | 100% |
From the above findings on the ethnic groups, the White Americans lead in the use of Artificial intelligence in Finance with 70%, followed by African-American with 10%, Asian-American 6%, Latino American 6%, Multi-racial 4%, and others who have 2%.
Education
| Category | Frequency | Rate % |
| No college | 1 | 2% |
| Some college | 6 | 12% |
| 2yr degree | 7 | 14% |
| 4yr degree | 25 | 50% |
| Graduate school degree | 6 | 12% |
| Professional degree | 5 | 10% |
| Total | 50 | 100% |
From the findings, the study established that people perceive the use of artificial intelligence depending on their level of education. 50% of the respondents have a four-year degree, 14% have a 2yr degree, 12% have some college education, 12% have a graduate degree, 10% have a professional degree, and 2% of the respondents have no college education.
Employment Status
The analysis shows that 96% of the workers who are employed on a full-time basis use artificial intelligence while the part-time occupy only 4%.
Conclusion
Artificial intelligence is significant in the management of Finance. However, ensuring its incorporation into the organization is difficult as it requires the contribution of various stakeholders. The analysis shows that the study provided the appropriate evidence from the respondents who have different diverse characteristics like their education, careers, incomes, and the relationships. There should be professional development to enhance the perception of the people in the use of artificial intelligence to increase the returns and reduce the risks in financial planning industries. The study of artificial intelligence helps the financial advisers to spend their time in expanding their business operations to enhance their services to clients with less effort and time. Therefore, all the variables should be considered in the implementation of the artificial intelligence.