Year: 2024
Type: article
Abstract: This article examines the strategic implementations of Artificial Intelligence (AI) in the finance sector, with a particular emphasis on banks.It discusses the ways in which AI is revolutionizing a variety of banking functions, including fraud detection, risk management, customer support, and personalized financial advice.By employing AI-driven algorithms and tools, financial institutions can enhance efficiency, accuracy, and security while offering customers personalized services.The article underscores the importance of AI in promoting innovation and competitiveness, in addition to emphasizing the necessity of responsible adoption and ongoing research to resolve issues and optimize the potential benefits of AI technology.Four major US banks are analyzed, each demonstrating how AI is deployed and the benefits that it brings to the organization.
DOI: 10.18374/jabe-24-3.3
Institution: California State University, Fullerton
Language: English
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4403118260