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Utilization of artificial intelligence in the banking sector: a systematic literature review

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  • Omar H. Fares

    (Toronto Metropolitan University)

  • Irfan Butt

    (Toronto Metropolitan University)

  • Seung Hwan Mark Lee

    (Toronto Metropolitan University)

Abstract

This study provides a holistic and systematic review of the literature on the utilization of artificial intelligence (AI) in the banking sector since 2005. In this study, the authors examined 44 articles through a systematic literature review approach and conducted a thematic and content analysis on them. This review identifies research themes demonstrating the utilization of AI in banking, develops and classifies sub-themes of past research, and uses thematic findings coupled with prior research to propose an AI banking service framework that bridges the gap between academic research and industry knowledge. The findings demonstrate how the literature on AI and banking extends to three key areas of research: Strategy, Process, and Customer. These findings may benefit marketers and decision-makers in the banking sector to formulate strategic decisions regarding the utilization and optimization of value from AI technologies in the banking sector. This study also provides opportunities for future research.

Suggested Citation

  • Omar H. Fares & Irfan Butt & Seung Hwan Mark Lee, 2023. "Utilization of artificial intelligence in the banking sector: a systematic literature review," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(4), pages 835-852, December.
    • Handle: RePEc:pal:jofsma:v:28:y:2023:i:4:d:10.1057_s41264-022-00176-7
    DOI: 10.1057/s41264-022-00176-7
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    Cited by:

    1. Aristides Papathomas, 0000. "Key Inhibitors of Artificial Intelligence implementation in Greek Systemic Banking," Proceedings of Economics and Finance Conferences 14416321, International Institute of Social and Economic Sciences.
    2. Nicoleta Valentina Florea & Gabriel Croitoru & Georgiana Radu (Cârstea) & Daria Florea, 2024. "The Analysis of the Impact of Digital Product Innovation and Human Resources Specialists on Intention to Use Artificial Intelligence in Financial Banking System," Journal of Financial Studies, Institute of Financial Studies, vol. 16(9), pages 96-110, May.
    3. Øystein Bortne & Jone Bjornestad & Mads Nordmo Arnestad & Tore Tjora & Kolbjørn Kallesten Brønnick, 2024. "The role of persuasion by significant others and engagement in bank-switching intention," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1279-1290, December.
    4. Kaushik Mukerjee, 2024. "Augmented reality and customer engagement in the context of e-banking," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1559-1571, December.

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