Analysis on Opportunities and Challenges of Ai in the Banking Industry
Year: 2024
Type: article
Abstract: The fundamental objective of this SLR was to locate, evaluate, and synthesise the available data regarding the advantages and disadvantages of AI in banking. A number of AI-related potential for the industry were highlighted in the SLR. Banking regulators are encouraging the adoption of AI through law and collaboration, and numerous fin-tech start-ups are providing AI solutions for the banking industry. Additional opportunities can be found in areas such as smart wallets, decision-making, problem-solving, customer happiness and loyalty, process automation (particularly with regard to repetitive tasks), cybersecurity, improvements to transactions, and the promotion of digital financial inclusion. To counteract current and future AI threats, however, the financial industry's most influential players must devise suitable responses. Our list of top AI concerns includes: job loss, user acceptance issues, privacy breaches, limited creativity and adaptability, stringent operational requirements, digital divide, access to high-quality data, alignment of AI with business strategies, and the emotional "human touch" that AI once provided. A lot of the current research, meanwhile, is descriptive and relies on secondary sources. To better understand the possibilities and threats posed by AI in the financial sector, further empirical research is required.
Author: Researcher
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6893081547
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