A Study: How AI is Incorporated in the Middle East Banking

Abstract

The banking sector has undergone significant transformation due to the swift advancements in Artificial Intelligence (AI). The present study elucidates the benefits of aforementioned technology and their influence on both individuals and communities. The paper discusses a novel cohort of banking institutions that have reaped the rewards of advancements in AI-powered electronic gadgets and internet-based applications. For example, mobile devices are increasingly utilized to conduct transactions via economic institutions' accounts. author has discussed in the paper that advancements in AI have brought significant benefits to the banking sector. The adoption of AI-powered electronic gadgets and internet-based applications has revolutionized the way banking services are delivered, providing convenience, personalized experiences, and enhanced customer service. AI technologies have also contributed to fraud detection and prevention, improved operational efficiency, and facilitated financial inclusion. As the banking sector continues to evolve, the integration of AI is likely to play an increasingly vital role in shaping the future of banking services.

Implementing AI in banking customer service: A review of current trends and future applications

“…The study reveals that AI's ability to analyze vast amounts of data enables banks to offer personalized services and recommendations, significantly improving customer relationship management and satisfaction. Sharma (2023) discusses the incorporation of AI in Middle Eastern banking, emphasizing the benefits of AI-powered electronic gadgets and internet-based applications in delivering personalized banking services. The study highlights how AI technologies have revolutionized banking operations, offering customers convenience, personalized experiences, and enhanced service quality.…”

Overview of Artificial Intelligence (Ai) Application in the Banking Industry

“…Hence, banks can now experience faster process times for different banking operations and processes such as data entry, transaction reconciliation, document verification, etc. (Sharma, 2023). Consequently, this enhancement in efficiency while reducing error rates creates cost-saving opportunities, and employees are able to focus on high-value tasks and activities associated with strategic decision-making.…”

“…• Advances in risk management Thanks to AI and Machine Learning algorithms, banks can augment their risk assessment and credit scoring models and processes, leading to improvements in the lending process (Sharma, 2023). Unlike traditional models, AI-powered assessment and credit scoring models offer better risk evaluations due to the ability to process vast amounts of data from multiple sources (Sadok et al, 2022).…”

“…• Augmentation of decision-making processes AI, with its advanced data analytic tools, allows banks to better understand their data and gain deeper insights into customer behavior, demand for bank's products and services, impact of various factors on bank operations, etc. Thus, they are able to make informed decisions associated with product developments, marketing decisions, and customer preferences (Sharma, 2023). AI-supported strategic decisions may ultimately lead to gaining competitive advantage and organizational growth (Khatab, 2020).…”