Manuscript Type: Conceptual Purpose: In recent years, artificial intelligence (AI) and machine learning have been widely used in many areas of the financial field, and their applications have had a significant impact on financial markets, institutions, and regulations. The purpose of this paper is to review the development and implementation of artificial intelligence and machine learning in financial systems, as well as their challenges and opportunities in the field of financial services. Design/methodology/approach: This research paper focuses on qualitative research. A literature survey of AI and financial services cannot ignore to study the application aspects and their implications. Findings: Financial institutions and governments around the world are embracing and expanding the use of artificial intelligence tools in the formal financial market. The research shows that the implementation of various artificial intelligence technologies in the financial services sectors greatly benefits towards flat performing of financial services to the clientele. Originality/value: This study is one of the qualitative studies in the field of management. It examines the impact of artificial intelligence on financial services through cross-border literature reviews. Practical implications: The results of this research can help regulators, policymakers, and companies develop artificial intelligence and financial strategies for future emergency preparedness and response.