Integrating AI in Bank Digitalization: Strategies, Challenges and Future Perspectives
Integrating AI in Bank Digitalization: Strategies, Challenges and Future Perspectives

Author(s): Isabelle Oprea, Daniela Duță
Subject(s): International Law, Law and Transitional Justice, Law on Economics
Published by: ADJURIS – International Academic Publisher
Keywords: artificial intelligence; banking financial system; AI Act: Convention on Artificial Intelligence; facial recognition;
Summary/Abstract: The paper delves into the burgeoning role of artificial intelligence (AI) within the realm of banking digitalization. It begins by contextualizing the necessity for banks to adapt to digital transformation, driven by the increasing demand for efficient, personalized banking services and the pressure of fintech competitors. The core of the paper is dedicated to discussing the multifaceted strategies that banks are employing to integrate AI technologies, including automated customer service, fraud detection algorithms, and personalized financial advice systems. Moreover, the paper highlights significant challenges banks face in this integration process, such as data privacy concerns, and the need for substantial investment in technology and employees’ training. The issue of a potential digital divide and its implications for customer access to banking services is also explored. Future perspectives are optimistically outlined, emphasizing AI’s potential to revolutionize banking by further enhancing customer experience, optimizing operational efficiency, and fostering financial inclusion. The article argues that with thoughtful regulation, continuous innovation, and a focus on AI use, the integration of AI into banking can lead to more resilient and customer-centric financial institutions.

• Details
• Contents