Banking in the era of artificial intelligence: a survey of the economic, social and strategic implications

Santiago Carbó-Valverde and Francisco Rodríguez-Fernández

International Journal of Banking, Accounting and Finance, 2025, vol. 15, issue 1/2, 164-180

Abstract: Integrating artificial intelligence (AI) into banking platforms represents a transformative shift in the financial services industry, driven by the need for enhanced efficiency, improved customer experience, and robust security measures. This article analyses the economic, social, and strategic implications of AI adoption in banking. Through a comprehensive literature review, the study examines the impact of AI on operational efficiency, customer experience, security, and financial inclusion. It also addresses the ethical and regulatory challenges associated with AI, including algorithmic bias, transparency, and compliance. The findings underscore the importance of developing ethical guidelines and regulatory frameworks to ensure the responsible use of AI in banking. Strategic recommendations for banks include investing in AI talent, fostering collaborations, adopting a customer-centric approach, and ensuring ethical AI deployment. Future research directions are also suggested to explore further the potential of AI in enhancing banking services and promoting financial inclusion.

Keywords: artificial intelligence; banking; digital transformation; financial inclusion; operational efficiency; regulatory compliance; ethical considerations. (search for similar items in EconPapers)
Date: 2025
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