Generative Artificial Intelligence in Banking – Risks and Challenges

Plamen Dzhaparov ()
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Plamen Dzhaparov: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2024, issue 1, 231-241

Abstract: Generative artificial intelligence has since 2022 risen to the top of the agenda of banking executives around the world. However, this rapid "embrace" of innovation comes with certain threats and challenges. This paper aims to outline all these risks while suggesting ways for successful implementation of Gen AI in the banking value chain. The research showed that there is no universal approach for banks to take advantage of the potential of this new technology. Instead, they must work out their own strategies for such implementation, taking into account many of the specifics of their organizational structure and applied business model.

Keywords: Generative Artificial Intelligence; Banking; Large Language Models; Hallucinations (search for similar items in EconPapers)
JEL-codes: G21 O30 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:suvrna:y:2024:i:1:p:231-241

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