Challenges In Applying Artificial Intelligence In Banking Sector: A Scientometric Review

Jain, Esha

doi:10.1109/assic55218.2022.10088355

Cited by 1 publication

(1 citation statement)

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“…The deployment of AI technologies in these areas not only boosts efficiency and competitive edge but also propels the digital overhaul of the banking sector. Jain (2022) focuses on the challenges of applying AI in the banking sector, emphasizing the need for effective protective measures against a wide range of vulnerabilities, especially in web applications critical to banking operations such as web banking and online shopping. The study highlights that while AI can drastically change business processes and customer interactions, it also requires careful consideration of security and ethical issues.…”

Section: Current Applications Of Ai In Bankingmentioning

confidence: 99%

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

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Int. J. Sci. Res. Arch.

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In the dynamic realm of banking, the advent of Artificial Intelligence (AI) has catalyzed a transformative shift, redefining the paradigms of customer service and operational efficiency. This scholarly paper delves into the intricate interplay between AI and banking, aiming to elucidate the multifarious impacts of AI integration within this sector. Anchored in a robust thematic analysis and an exhaustive literature review, the study meticulously navigates through the evolution, current applications and prospective future of AI in banking, with a particular focus on enhancing customer experience and addressing the operational challenges. The methodology adopted herein, comprising both qualitative and quantitative analyses, facilitates a comprehensive exploration of AI's role in banking, unveiling its potential to revolutionize service delivery, risk management and customer engagement. The findings from this investigation underscore the significant enhancements in customer service metrics attributed to AI, alongside the emergence of personalized banking experiences. Furthermore, the study illuminates the strategic implications for banks adopting AI technologies, highlighting the necessity of navigating ethical and privacy concerns meticulously. The conclusions drawn advocate for a balanced approach towards AI adoption, emphasizing the imperative of ongoing research and development, coupled with ethical considerations, to harness AI's full potential responsibly. In essence, this paper offers a scholarly synthesis of AI's transformative impact on banking, providing a roadmap for future explorations in this domain. It lays down the gauntlet for banks to leverage AI's potential judiciously, guiding the banking sector towards a future where technology and human ingenuity converge to redefine banking's essence. The recommendations proffered herein underscore the importance of ethical governance and continuous innovation in navigating the AI-driven future of banking.

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Section: Current Applications Of Ai In Bankingmentioning

confidence: 99%