AI and Banking Sector: Impact and Risk

In finance and banking, artificial intelligence tools can help improve the efficiency of banking services. AI and machine learning are among the technological tools that have radically changed certain financial and banking services, especially in customer relations, trading, and risk management. Artificial intelligence for banks has been able to automate repetitive tasks, improve process efficiency, and use machine learning, deep learning, predictive analytics, and natural language processing to power more robust features such as chatbots and robo-advisors. However, adopting this cutting-edge technology still has several risks and negative impacts, especially on the human side, such as job losses and eliminating specific jobs replaced by robots. Our work will take a closer look at the impact of AI on the banking sector and the different risks dealt with by AI, and we will focus on the risks developed by AI in banking.