Adopting AI in the Banking Sector – The Wealth Management Perspective

Wittmann, Xinhua; Lutfiju, Flutra

doi:10.1007/978-3-030-86761-4_13

Cited by 3 publications

(4 citation statements)

References 5 publications

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“…However, it also acknowledges new challenges such as process complexity and increased regulatory requirements. The study anticipates a shift in the banking model to an integrated, hybrid operation with digital processes offering front-to-back solutions (Wittmann & Lutfiju, 2021).…”

Section: Future Trends and Predictionsmentioning

confidence: 99%

AI's evolving impact in US banking: An insightful review

Akoh Atadoga,

Ogugua Chimezie Obi,

Shedrack Onwusinkwue

et al. 2024

Int. J. Sci. Res. Arch.

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This paper presents an in-depth review of the evolving impact of Artificial Intelligence (AI) in the US banking sector, focusing on how AI technologies are revolutionizing various aspects of banking operations. The review synthesizes information from a wide range of sources, including industry reports, academic literature, case studies, and expert interviews, to provide a comprehensive understanding of AI's role in the banking industry. The key findings of the review indicate that AI has significantly improved operational efficiencies in banks by automating routine tasks and enhancing decision-making processes. AI applications in customer service, such as chatbots and virtual assistants, have transformed customer interactions by offering round-the-clock support and personalized financial advice. In the realm of risk management, AI algorithms have proven effective in detecting fraudulent activities and managing credit risks, outperforming traditional methods through advanced data analysis capabilities. Additionally, AI is playing a crucial role in helping banks comply with regulatory requirements by automating compliance processes and conducting real-time transaction monitoring. The review concludes that AI offers substantial opportunities for innovation and efficiency in the US banking sector. However, it also highlights the challenges associated with AI adoption, including ethical issues, data privacy concerns, and the imperative for workforce up skilling. The paper emphasizes the need for a strategic approach to AI integration in banking, where technological advancements are balanced with human oversight, ethical considerations, and regulatory compliance to maximize the benefits of AI while mitigating its risks

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Section: Future Trends and Predictionsmentioning

confidence: 99%

AI's evolving impact in US banking: An insightful review

Akoh Atadoga,

Ogugua Chimezie Obi,

Shedrack Onwusinkwue

et al. 2024

Int. J. Sci. Res. Arch.

View full text Add to dashboard Cite

show abstract

“…The study indicated a number of benefits such as: new customer experiences, efficiency and a better perspective on customers, but also some challenges related to requirements and regulations in the field, the effort related to the maintenance of new technologies and the complexity of processes. Thus, a hybrid approach, based on the use of talented HR with skills in using new technologies (techsavvy talent) in banks and digital processes will lead to front-to-back solutions (Wittmann & Lutfiju, 2021) ). The method of convenience and snowball was used as a research method to find the right people for the analysis.…”

Section: The Role Of Hr In Customers' Use Of E-banking Products and T...mentioning

confidence: 99%

The Analysis of the Impact of Digital Product Innovation and Human Resources Specialists on Intention to Use Artificial Intelligence in Financial Banking System

Florea,

Croitoru,

Radu (Cârstea)

et al. 2024

ISF

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Artificial Intelligence in the banking system is constantly developing, especially among young customers. Innovation of digital products has an important role in the use of banking services, but human resources specialists in the banking system also have such a role, due to their expertise, knowledge and involvement in explaining the benefits of using Artificial Intelligence and digital products in the banking financial system. In this article, the Technology Acceptance Model (TAM) was used to show the impact of internal variables (the role of human resources specialists in the banking system) and external variables (Artificial Intelligence and innovation of digital products), TAMspecific PU and PEU, on the intention to continue using Artificial Intelligence in the banking financial system. The results indicated that innovative digital products and the role of human resources in the use of Artificial Intelligence, PU and PEU have a positive and direct impact on the intention to use Artificial Intelligence in the financial system. All research hypotheses have been fulfilled, indicating that Artificial Intelligence has an important role in the Romanian banking financial system among young consumers. The paper contributes to the development of the banking financial system by using Artificial Intelligence, highlighting the importance of human resources, TAM and PLS-SEM specialists in this field.

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“…Process complexity, more work required for maintenance, and increasing regulatory requirements are some of the challenges found. Nevertheless, it is anticipated that AI will transform the banking industry into a more integrated, hybrid, and leaner business with front-to-back solutions provided by digital processes (Wittmann et al, 2021). A study analyses how the COVID-19 pandemic and bank service digitization have affected the needs of retail customers for banking services using the binominal logit model and spearman's rank correlation coefficient.…”

Section: Literature Reviewmentioning

confidence: 99%

“…A study claims that artificial intelligence will affect banking by enhancing the customer experience. Digital strategy in the financial sector has become a crucial component for banks trying to maintain sustainable growth and competitiveness since the globe entered the Industry 4.0 phase (Wittmann et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

Employee’s Attitude Towards Artificial Intelligence in the Indian Banking Sector

Dwivedi,

Kochhar

2023

J. Professional Business Review

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Purpose: This paper aims to examine employees' attitudes towards the utilization of Artificial Intelligence (AI) in the Indian Banking Sector. The study delves into understanding how employees perceive the integration of AI technologies and its impact on various aspects of banking operations. Theoretical framework: Built upon the significance of AI as a transformative technology, this research seeks insights into employees' perspectives on AI adoption within the Indian Banking Sector. The study is framed within the context of technological implementation and its influence on organizational processes. Design/Methodology/Approach: Utilizing a mixed-methods approach involving surveys and interviews, this study collects data on employees' attitudes towards AI in banking. A questionnaire captures diverse viewpoints, while interviews provide deeper insights into the reasons underlying these attitudes. Findings: The study uncovers a range of employee attitudes towards AI integration in the Indian Banking Sector. Positive responses highlight AI's contributions in areas like accounting, sales, contracts, and cybersecurity. Conversely, some employees express concerns about job security and advocate for enhanced training and upskilling opportunities. Research, Practical & Social implications: This research adds a unique perspective by presenting Indian banking employees' viewpoints on AI implementation. The findings hold practical implications for banking organizations aiming to effectively manage the incorporation of AI technologies while addressing employee concerns. Additionally, the study underscores the importance of facilitating adequate training to ensure a seamless transition. Originality/Value: This study stands out as one of the limited research endeavors focused on Indian banking employees' attitudes towards AI. By concentrating on this aspect, the research offers valuable insights into the human dimension of technological advancement, contributing both academically and practically to the banking sector.

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Adopting AI in the Banking Sector – The Wealth Management Perspective

Cited by 3 publications

References 5 publications

AI's evolving impact in US banking: An insightful review

AI's evolving impact in US banking: An insightful review

The Analysis of the Impact of Digital Product Innovation and Human Resources Specialists on Intention to Use Artificial Intelligence in Financial Banking System

Employee’s Attitude Towards Artificial Intelligence in the Indian Banking Sector

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