Evolution of Artificial Intelligence in the Banking Sector: A Systematic Literature Review
Evolution of Artificial Intelligence in the Banking Sector: A Systematic Literature Review

Author(s): Majlinda Godolja, Laureta Domi
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Artificial intelligence in banking; AI in financial services; Machine learning in banking
Summary/Abstract: The integration of Artificial Intelligence (AI) in the banking sector has revolutionized how financial institutions operate, interact with customers, and manage risks. This systematic literature review explores the evolution of AI applications in banking, highlighting technological advancements, implementation challenges, and future directions. By analyzing research from the past decade, this review provides insights into how AI technologies have transformed banking operations, customer service, and financial products. The banking sector has witnessed significant transformations due to AI, with innovations aimed at enhancing efficiency, customer experience, and security. The introduction of AI in banking is not just a recent phenomenon but a continuous evolution that has accelerated in the past decade, influenced by advancements in machine learning, natural language processing, and data analytics technologies. The evolution of AI in the banking sector is a testament to the transformative potential of technology in finance. While challenges remain, the ongoing advancements in AI promise a future where banking is more efficient, secure, and customer-centric. The continued research and development in AI technologies will be crucial in shaping the next generation of banking services.

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