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The Challenges of Banking in the Age of Artificial Intelligence

Author

Listed:
  • 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)

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.

Suggested Citation

  • Alexandra Danila & Irena Munteanu & Marian Adrian Burcea, 2024. "The Challenges of Banking in the Age of Artificial Intelligence," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 616-621, August.
    • Handle: RePEc:ovi:oviste:v:xxiv:y:2024:i:1:p:616-621
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    More about this item

    Keywords

    Artificial intelligence; banking; regulation;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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