Best practices and important considerations for AI and digital transformation in an economic downturn

Brendan Deakin
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Brendan Deakin: Provenir, USA

Journal of Digital Banking, 2023, vol. 8, issue 1, 30-36

Abstract: Banks surged ahead with digital transformation during the pandemic — largely out of necessity — when faced with lockdowns and the shift to digital-first transactions. Now, as the banking industry moves into the post-pandemic era, and given the current state of economic uncertainty, the adoption of digital transformation is even more crucial. A large proportion of investment will involve AI to improve automation and personalisation while improving the speed and accuracy of decision making. This is essential for banks to address today’s ever-changing risk landscape, especially as consumers and businesses navigate economic uncertainty, rising inflation and energy prices. In the midst of the current economic downturn, organisations must be purposeful in their digital transformation efforts. This paper provides an overview of best practices for digital transformation in the banking sector when every dollar is coming under increased scrutiny.

Keywords: AI; digitisation; fraud prevention; alternative data; machine learning (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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