A bank is a financial institution that provides banking and other financial services to their customers. Banks are a subset of the financial services industry and play an important role in the global economies. They are a key player in stimulating economic growth. The main aspects of this system include commercial lending banks or financial institutions and investment banks, also referred to as brokerage houses.
The financial services industry, consisting mainly of brokerage companies who provide capital opportunities to corporations and governments. The Federal Reserve Board, through the Federal Open Market Committee, buys and sells bonds and other debt instruments used to finance the government. In fact, the Federal government is one of the largest and most active players in the securities markets.
Artificial intelligence (AI) is being used by banks as an analytical tool and a technique to better service clients and manage internal activities. Many difficulties that the banking industry faces, such as fraud, customer experience, security, operations, and financial forecasts, may be solved by AI.
