The Use of Generative AI in the Lebanese Banking Sector in Response to the Rise of the Fintech Firms Since 2019

The integration of AI technologies, including machine learning, chatbots, and virtual assistants, has revolutionized decision-making processes, enhanced analytical capabilities, and automated various business operations. The review emphasizes the numerous benefits of AI, ranging from improved customer experiences and personalized banking to efficient fraud detection and risk mitigation. Despite the many advantages, Gen-AI’s ethical considerations, algorithmic bias, transparency, and potential job displacement pose challenges that warrant careful assessment. This study explores the transformative impact of Gen-AI on the financial services industry, focusing on key applications such as customer relationship management, fraud detection, algorithmic trading, and risk management. It aims at studying how does Gen-AI affect the market share of the most innovative banks in Lebanon; how does Gen-AI play its role in moderating the relationship between innovative financial processes and the banking sector in response to the rise of the Fintech organizations.