Utilization of artificial intelligence in the banking sector: a systematic literature review

Omar H. Fares (), Irfan Butt () and Seung Hwan Mark Lee ()
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Omar H. Fares: Toronto Metropolitan University
Irfan Butt: Toronto Metropolitan University
Seung Hwan Mark Lee: Toronto Metropolitan University

Journal of Financial Services Marketing, 2023, vol. 28, issue 4, No 15, 835-852

Abstract: Abstract This study provides a holistic and systematic review of the literature on the utilization of artificial intelligence (AI) in the banking sector since 2005. In this study, the authors examined 44 articles through a systematic literature review approach and conducted a thematic and content analysis on them. This review identifies research themes demonstrating the utilization of AI in banking, develops and classifies sub-themes of past research, and uses thematic findings coupled with prior research to propose an AI banking service framework that bridges the gap between academic research and industry knowledge. The findings demonstrate how the literature on AI and banking extends to three key areas of research: Strategy, Process, and Customer. These findings may benefit marketers and decision-makers in the banking sector to formulate strategic decisions regarding the utilization and optimization of value from AI technologies in the banking sector. This study also provides opportunities for future research.

Keywords: Artificial intelligence; Digital innovations; Retail banking; Customer journey map; Systematic literature review (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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DOI: 10.1057/s41264-022-00176-7

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