OVERVIEW OF ARTIFICIAL INTELLIGENCE (AI) APPLICATION IN THE BANKING INDUSTRY

Abstract

Many factors have facilitated transformational changes in the banking industry in recent years. Among the most notable drivers of change are technological advances, particularly the development of AI-based solutions. The integration of AI and ML models has caused a significant transformation of banking operations and the overall banking industry. The rapid evolution of AI technology offered solutions for challenges found in traditional banking processes and operations. Consequently, key applications of AI solutions are identified in fraud detection, risk management, customer support, and regulatory compliance.