AI-driven banking: A review on transforming the financial sector
Department of Information Technology, University of the Cumberlands, USA.
Review Article
World Journal of Advanced Research and Reviews, 2023, 20(02), 1461-1465
Article DOI: 10.30574/wjarr.2023.20.2.2253
Publication history:
Received on 28 September 2023; revised on 17 November 2023; accepted on 20 November 2023
Abstract:
The financial sector saw the rise of its transformation with the influx of various technology adoption innovations, including artificial intelligence. This research discusses how AI is being used in the banking industry to increase customer satisfaction through operational efficiency and the possibilities of financial services. With the deployment of some AI strategically, banks can make better decisions, screen for fraud, and provide a personalized or tailor-made service to their customers. While the integration of AI has its flaws, as a discipline, AI ethics is concerned with the ethics and responsibility involved with said integration and how these issues can be solved in ethical and responsible ways so AI can be implemented in such a manner. In this paper, we review the opportunities and challenges of AI in finance and outline insights financial institutions can leverage in their digital transformation journey.
Keywords:
Artificial Intelligence; Banking; Financial Sector; Customer Experience; Operational Efficiency; Fraud Detection; Risk Management
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0