The Challenges of Banking in the Age of Artificial Intelligence

Alexandra Danila (), Irena Munteanu () and Marian Adrian Burcea ()
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Alexandra Danila: “Ovidius” University of Constanța, Faculty of Economic Sciences, Romania
Irena Munteanu: “Ovidius” University of Constanța, Faculty of Economic Sciences, Romania
Marian Adrian Burcea: The Academy of Economic Studies in Bucharest, Romania

Ovidius University Annals, Economic Sciences Series, 2024, vol. XXIV, issue 1, 616-621

Abstract: Banking systems play an essential role in the economy through their varied functions. They facilitate access to credit, ensure efficient money management and promote the smooth functioning of financial markets. In the current period, in financial and credit institutions there is an orientation towards the use of AI. Thus artificial intelligence has been introduced in bank asset management, in analyzing and assessing the risks of bank customers, in bank marketing, etc. The aim of the paper is to present the current AI technologies used in banking, highlighting the transformations that the field has undergone in recent years as a result of the implementation of AI. Moreover, the benefits, but also the risks that may arise for all actors participating in the banking market will be highlighted. We focus our attention on AI because it stimulates innovation in industry and opens the way to new business opportunities.

Keywords: Artificial intelligence; banking; regulation (search for similar items in EconPapers)
JEL-codes: E50 G01 G20 G21 G24 G30 (search for similar items in EconPapers)
Date: 2024
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