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This study presents an analysis of the current state and prospects of artificial intelligence (AI) technologies in the banking sector.A comprehensive review of recent literature has been conducted to provide a holistic understanding of AI's transformative impact on financial services.The research delineates key AI technologies being implemented in banking, including machine learning, natural language processing, and deep learning.Their applications across various banking № 6(6) 2024 659 operations, such as customer service, fraud detection, credit scoring, risk management, and personalized banking services, are examined.The paper elucidates how AI enhances operational efficiency, improves customer experiences, and facilitates more sophisticated financial analysis and decision-making processes.Case studies of practical AI technology implementations in the business processes of leading financial institutions (e.g., JPMorgan Chase, Bank of America, Goldman Sachs) are presented, illustrating the competitive advantages AI confers to these organizations.However, the study also addresses significant challenges associated with AI adoption in banking.Key issues include data privacy and security concerns, regulatory compliance complexities, transparency problems, explainability of AI models, and algorithmic bias.Technical challenges, such as integration with legacy systems and the scarcity of AI talent, are also discussed.The paper explores emerging trends and future developments in AI for banking, anticipating advancements in areas such as hyper-personalized services, quantum computing applications, and the integration of AI with other technologies like blockchain and the Internet of Things.The potential for AI to reshape the financial landscape is juxtaposed against ethical considerations and the necessity for responsible implementation.Based on the findings, several recommendations are proposed for banks and regulatory bodies.These include investments in robust data governance frameworks, development of comprehensive AI ethics guidelines, fostering collaboration between banks and fintech companies, prioritizing the development of explainable AI models, and investment in continuous employee training programs.The conclusion emphasizes the importance of striking a balance between innovation and responsibility as banks navigate the AI-driven future of financial services.
Hrabariev et al. (Tue,) studied this question.