AI and robotics have gained wide importance in research over many years. This technology is booming and is now being used in several sectors. Majorly AI is referred to as a kind of automatisation, especially in the industrial sector but this technology is gradually paving its way in the finance sector. However, the finance sector has been slow in using this technology due to various reasons like uncertainty, cybersecurity issues, regulations, shortfalls in technology, etc. But now firms working in the financial sector have started realizing the benefits which AI can give to them. Nowadays financial sector is going through a paradigm shift that too at a rapid pace. But these precautions and security are crucial to any organization. AI has achieved great importance and the amount of humongous data available is growing speedily. AI technology carries the potential of transforming business models and markets for trading and enhancing the offerings of products. Although AI is playing a vital role in the finance sector, it is also posing new challenges and risks. This chapter gives an insight into how AI is benefitting the finance sector. Also, applications and use cases of AI used in the finance sector are discussed along with the respective real-life examples. The challenges associated with this implementation are also presented.