Russull Karim Nasser / Researcher in Business Economics
With no consumer protection in financial services and no data privacy laws, it is difficult to gain the trust of customers due to their fear of hacking and fraud.
AI has had a clear impact on financial markets, as well as algorithmic trading software. The artificial intelligence revolution has contributed to changing the concept of trading and the concept of investment in the global financial markets, especially the currency and stock markets, to become – currently – more accurate through the modern solutions it provides that draw the attention of speculators in the market, and the rapid use of this advanced software; To achieve high returns, the risks are commensurate with those returns.
Traders and investors in Iraq can use artificial intelligence not only in forecasting, but in decision-making, portfolio management, and many other financial matters.
It is necessary to spread financial awareness in the Iraqi society, and clarify the concepts of securities and how to invest in them, what shares are? What companies? How does it work? What are its benefits and impact on the country’s economy? How is it manipulated and defrauded? To be avoided.
The state should verify the companies’ accounts with certified public accountants to ensure that all data provided is true.
In recent times, rapid economic and financial developments and changes have been witnessed; As a result of technological development and globalization that made the world a small village; Especially in developed countries, we find that they rely on AI in large areas, although Iraq lags far behind in the use of many technological and scientific aspects in recent years; As a result of the circumstances the country has gone through. But it is possible to overcome this backwardness by adopting plans and strategies for using artificial intelligence in all fields, to make Iraq smarter than it is, improve performance, increase domestic production, and work with new governments that build their plans on science and technology with the help of specialists and university professors (both local and foreign). In the face of these developments and changes, financial management must move from its traditional concepts and objectives as a function of local companies specialized in regulating the flow of funds, planning, coordinating, and controlling them, to international financial management based on modern concepts derived from the reality of international environmental conditions, developments, and changes.