ARTIFICIAL INTELLIGENCE IN BANKING: THE FUTURE OF DIGITAL FINANCIAL SERVICES

Authors

  • Loso Judijanto IPOSS Jakarta, Indonesia Author
  • Desi Yuniarti Institut Agama Islam Sultan Muhammad Syafiuddin Sambas, Indonesia Author

Abstract

Artificial Intelligence (AI) has become a transformative force in the banking and digital financial services industry, fundamentally changing the way financial institutions operate and interact with customers. The research method used was literature review. The results show that AI has great potential to revolutionize the banking industry, but also presents challenges that need to be overcome, thus the importance of balancing innovation and regulation, as well as the need for an ethical approach in the development and implementation of AI solutions in the financial sector.

Downloads

Download data is not yet available.

References

Albo, C. (2022). Alternative Data for Configurable and Personalized Commercial Insurance Products. Big Data and Artificial Intelligence in Digital Finance, Query date: 2024-09-14 09:28:49, 313-322. https://doi.org/10.1007/978-3-030-94590-9_18

Burgos, D., Kranas, P., Jimenez-Peris, R., & Mahíllo, J. (2022). Architectural Patterns for Data Pipelines in Digital Finance and Insurance Applications. Big Data and Artificial Intelligence in Digital Finance, Query date: 2024-09-14 09:28:49, 45-65. https://doi.org/10.1007/978-3-030-94590-9_3

Chugh, S. (2021). ABC of Digital Era with Special Reference to Banking Sector. Artificial Intelligence, Query date: 2024-09-14 09:28:49, 21-30. https://doi.org/10.1201/9781003095910-3

Corazza, M., Garcia, R., Khan, F. S., Torre, D. L., & Masri, H. (2023). Artificial Intelligence and Beyond for Finance. Transformations in Banking, Finance and Regulation, Query date: 2024-09-14 09:28:49. https://doi.org/10.1142/q0449

Daníelsson, J., Macrae, R., & Uthemann, A. (2022). Artificial intelligence and systemic risk. Journal of Banking & Finance, 140 (Query date: 2024-09-14 09:28:49), 106290-106290. https://doi.org/10.1016/j.jbankfin.2021.106290

Firman, F.-. (2018). QUALITATIVE AND QUANTITATIVE RESEARCH. Query date: 2024-05-25 20:59:55. https://doi.org/10.31227/osf.io/4nq5e

GarimaKaneria. (2022). Artificial Intelligence in Banking Industry. Impact of Artificial Intelligence on Organizational Transformation, Query date: 2024-09-14 09:28:49, 327-348. https://doi.org/10.1002/9781119710301.ch19

Gujrati, P., & Biradar, J. (2023). Application of Artificial Intelligence in Banking and Finance: Bibliometric Review and Emerging Research Agenda. Indian Journal of Computer Science, 8(5), 27-27. https://doi.org/10.17010/ijcs/2023/v8/i5/173322

Gupta, Mr. R. (2024). Revolutionizing Finance: The Unleashing Power of Artificial Intelligence in the Banking Sector. International Scientific Journal of Engineering and Management, 3(4), 1-9. https://doi.org/10.55041/isjem01663

Habeeb, M., Sriram, T. V., & Shah, S. M. A. R. (2024). Bibliometric Analysis of Publications on Artificial Intelligence and Finance in the Databases of Scopus. Financial Mathematics and Fintech, Query date: 2024-09-14 09:28:49, 181-194. https://doi.org/10.1007/978-3-031-47324-1_11

Huang, H. (2024). Artificial Intelligence and Productivity Improvement in the Digital Economy. Finance & Economics, 1(5). https://doi.org/10.61173/2bq63573

Jelahut, F. E. (2022). Various Theories and Types of Qualitative Research. Query date: 2024-05-25 20:59:55. https://doi.org/10.31219/osf.io/ymzqp

Kaixiang, V. W., Rangaswamy, E., Nawaz, N., & Joy, G. V. (2024). Banking Customers Perception of Digital Banking Efficiency and Digital Transformation Program Adopted by Banks. Studies in Systems, Decision and Control, Query date: 2024-09-14 09:28:49, 623-635. https://doi.org/10.1007/978-3-031-50939-1_48

Kaur, A., & Tanwar, A. (2023). Adoption Potential and Challenges of Artificial Intelligence in Banking. Advances in Finance, Accounting, and Economics, Query date: 2024-09-14 09:28:49, 271-293. https://doi.org/10.4018/979-8-3693-1388-6.ch019

Khan, S., & Rabbani, M. R. (2021). Artificial Intelligence and NLP -Based Chatbot for Islamic Banking and Finance. International Journal of Information Retrieval Research, 11(3), 65-77. https://doi.org/10.4018/ijirr.2021070105

Lau, T. (2021). A transformational journey: Artificial intelligence in financial services. Journal of Digital Banking, 6(3), 202-202. https://doi.org/10.69554/zvam7538

Mamadiyarov, Z. (2024). PROVISION OF REMOTE BANKING SERVICES IN UZBEKISTAN ANALYSIS OF ITS PRACTICE. International Journal of Artificial Intelligence for Digital Marketing, 1(2), 22-32. https://doi.org/10.61796/ijaifd.v1i2.85

Narang, A., Vashisht, P., & Bajaj, S. B. (2024). Artificial Intelligence in Banking and Finance. International Journal of Innovative Research in Computer Science and Technology, 12(2), 130-134. https://doi.org/10.55524/ijircst.2024.12.2.23

Posthoff, C. (2024). Artificial Intelligence and Education. Artificial Intelligence for Everyone, Query date: 2024-09-09 14:06:11, 177-181. https://doi.org/10.1007/978-3-031-57208-1_13

Prisznyák, A. (2022). Artificial intelligence in the banking sector. Economy & Finance, 9(4), 333-340. https://doi.org/10.33908/ef.2022.4.4

Radenković, S. D., Hanić, H., & Bugarčić, M. (2023). Applying Artificial Intelligence in the Digital Transformation of Banking Sector. International Scientific Conference on Digital Transformation in Business: Challenges and New Opportunities, 11(Query date: 2024-09-14 09:28:49), 19-19. https://doi.org/10.3390/proceedings2023085019

Rani, S., Gupta, M., & Gupta, D. (2020). Artificial Intelligence and Personalized Banking. Transforming Management Using Artificial Intelligence Techniques, Query date: 2024-09-14 09:28:49, 105-128. https://doi.org/10.1201/9781003032410-8

Rodrigues, A. R. D., Ferreira, F. A. F., Teixeira, F. J. C. S. N., & Zopounidis, C. (2022). Artificial intelligence, digital transformation and cybersecurity in the banking sector: A multi-stakeholder cognition-driven framework. Research in International Business and Finance, 60 (Query date: 2024-09-14 09:28:49), 101616-101616. https://doi.org/10.1016/j.ribaf.2022.101616

Rozghon, Y., Melnyk, L., Matsenko, O., Kalinichenko, L., & Kyrylenko, M. (2024). ARTIFICIAL INTELLIGENCE AS A CATALYST OF INTELLECTUAL CAPITAL IN DIGITAL ECONOMY. ECONOMY, FINANCE, MANAGEMENT: WORLD PROBLEMS AND DEVELOPMENT PROSPECTS, Query date: 2024-09-14 09:28:49, 322-328. https://doi.org/10.46299/isg.2024.mono.econ.1.8.1

Sarea, A., Rabbani, M. R., Alam, Md. S., & Atif, M. (2021). Artificial intelligence (AI) applications in Islamic finance and banking sector. Artificial Intelligence and Islamic Finance, Query date: 2024-09-14 09:28:49, 108-121. https://doi.org/10.4324/9781003171638-8

Sirothiya, M., Tiwari, N., Khan, P. A., & Sukmana, R. (2024). Artificial Intelligence and Blockchain Technology in Banking: Bibliometric Analysis. Financial Mathematics and Fintech, Query date: 2024-09-14 09:28:49, 89-104. https://doi.org/10.1007/978-3-031-47324-1_6

Soldatos, J., & Kyriazis, D. (2022). Big Data and Artificial Intelligence in Digital Finance. Springer International Publishing. https://doi.org/10.1007/978-3-030-94590-9

St-Onge, S., Vincent, C., & Magnan, M. (2022). Artificial intelligence in an emerging portfolio manager: The case of Evovest. Handbook of Banking and Finance in Emerging Markets, Query date: 2024-09-14 09:28:49, 523-537. https://doi.org/10.4337/9781800880900.00037

Strube, D., Daase, C., & Schietzel-Kalkbrenner, J. (2024). Applications of Artificial Intelligence in Sustainability Assessment and Risk Management in European Banking. Proceedings of the 6th International Conference on Finance, Economics, Management and IT Business, Query date: 2024-09-14 09:28:49, 25-32. https://doi.org/10.5220/0012498700003717

Sudhamathi, R. K. (2022). Artificial intelligence in accounting profession: A way forward. Asian Journal of Research in Banking and Finance, 12(3), 7-9. https://doi.org/10.5958/2249-7323.2022.00012.8

Suyitno. (2021). QUALITATIVE RESEARCH METHODS CONCEPTS, PRINCIPLES AND OPERATIONS. Query date: 2024-05-25 20:59:55. https://doi.org/10.31219/osf.io/auqfr

Torrie, V., & Payette, D. (2023). AI governance frameworks for the banking sector. Artificial Intelligence in Finance, Query date: 2024-09-14 09:28:49, 114-141. https://doi.org/10.4337/9781803926179.00014

Vinothkumar, Dr. B. (2024). BANKING INNOVATIONS THROUGH ARTIFICIAL INTELLIGENCE. Futuristic Trends in Artificial Intelligence Volume 3 Book 2, Query date: 2024-09-14 09:28:49, 69-79. https://doi.org/10.58532/v3bdai2p2ch1

Zhang, S. (2022). The Cognitive Transformation of Japanese Language Education by Artificial Intelligence Technology in the Wireless Network Environment. Computational Intelligence and Neuroscience, 2022(Query date: 2024-09-09 14:06:11), 1-10. https://doi.org/10.1155/2022/7886369

Downloads

Published

2024-07-30

Issue

Vol. 1 No. 1 (2024): July

Section

Articles

License

Copyright (c) 2024 INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) © 2024 by Adisam Publihser is licensed under CC BY-SA 4.0