Authors : Stephanie Ness; Mykola Volkivskyi; Tayyab Muhammad; Kristina Balzhyk

Volume/Issue : Volume 9 - 2024, Issue 2 - February

Google Scholar : http://tinyurl.com/4ubkdan8

Scribd : http://tinyurl.com/rpyrayjd

DOI : https://doi.org/10.5281/zenodo.10707418

Abstract : Artificial Intelligence (AI), mimicking human intelligence in machines, represents a booming technological frontier, progressing from virtual assistants like Siri to self-driving vehicles. Grounded in examining human cognitive processes and applying machine learning techniques, AI has woven itself into a diverse array of industries, chief among them the financial sector. AI's presence in banking extends beyond chatbots, using algorithms to improve customer service, streamline sales performance, and drive profitability through pinpoint decision-making. AI uses machine learning and deep learning to extract valuable information from large amounts of data, helping to make better decisions by reducing errors caused by emotional biases. It is essential to grasp the ever-changing effects of AI on banking operations as it continues to transform the industry. This article explores the significant influence of AI on the functioning of banks, outlining its revolutionary effects and the resulting implications for the workforce. It delves into how AI is revolutionizing banks by focusing on its ability to simplify processes, improve efficiency, and enhance human creativity. Financial institutions can achieve sustainable growth in the digital era by embracing AI-driven innovations to adapt to changing market dynamics and provide superior customer experiences.