Delving into the Efficiency of AI Technologies within the Financial Sector: A Systematic Literature Review

In the global world, standard methods and some other technologies are used to make decisions, analyze risks, find fraud, and help customers. But the use of artificial intelligence (AI) in other fields such as education, automation, medicine, etc. has shown to be successful. But the research that’s already been done shows that there hasn’t been enough research done to show how AI tools can be used in the finance industry. For this reason, the goal of this study is to investigate how AI can be used in the banking industry. The PRISMA dataflow was used as a guide to do a thorough literature review for this study. The data for this in-depth literature study came from the scientific databases Science Direct, IEEE Xplore, EBSCO, SCOPUS, and Web of Science. With the help of specific keywords to the aim of the study, the search was narrowed to include only studies from 2019 to 2023. The most important results of the study showed that using AI technologies in banking and finance has improved decision-making, risk assessment, fraud discovery, customer service, investment advice, and personalized financial services. Consequently, deep learning methods and artificial intelligence have also shown promise in reducing cognitive and emotional errors in the financial sector. This could help banks make more money and make their customers happier. We think that the systematic literature review results will help the top managers in the finance sector figure out how to use and integrate AI tools to make the finance sector more sustainable and competitive.