Bank Digitalization and Virtual Agents Driving Financial Inclusion and Data Protection
Bank Digitalization and Virtual Agents Driving Financial Inclusion and Data Protection

Author(s): Isabelle Oprea, Daniela Duță
Subject(s): Economy, Human Rights and Humanitarian Law, Law on Economics, ICT Information and Communications Technologies, Business Ethics
Published by: ADJURIS – International Academic Publisher
Keywords: financial inclusion; banking financial system; bank digitalization; virtual agents; artificial intelligence; data protection;
Summary/Abstract: The rapid digitalization of the banking sector, coupled with the integration of AI-powered virtual agents such as chatbots and robo-advisors, is reshaping financial services and expanding access. These tools enhance financial inclusion by providing 24/7 support, personalized financial education, and automated assistance, particularly benefiting underserved communities. This study explores the role of virtual agents in promoting financial inclusion within the broader context of digital banking transformation. Using a qualitative methodology and case studies from Romanian banks—including Banca Transilvania, BCR, and CEC Bank—the research identifies best practices, challenges,and the impact of AI tools on accessibility. Findings indicate that virtual agents reduce costs, improve user engagement, and support decision-making for unbanked or underbanked individuals. However, key challenges remain, including digital literacy gaps, cybersecurity threats, and data protection risks. The paper also examines whether AI driven services enhance or compromise data subject rights, with a focus on transparency, ethical use of AI, and GDPR compliance. By addressing both opportunities and limitations, the study contributes to a more inclusive, secure, and trustworthy digital financial ecosystem.

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