Abstract
The rapid integration of artificial intelligence (AI) is transforming the financial system by enhancing operational efficiency, improving customer experiences and facilitating datadriven decision-making. This paper examines the key drivers influencing AI adoption in financial institutions, especially, in banking, including technological readiness, organizational culture, customer acceptance, regulatory compliance, competitive pressure, data quality and ethical considerations. Through a mixed-method approach involving literature review, statistical analysis and market evaluation, the study identifies critical challenges such as technological limitations, resistance to change, regulatory constraints and ethical dilemmas. It also offers practical recommendations for overcoming these obstacles, aiming to guide financial organizations in effectively implementing AI. By addressing these factors, financial intermediaries can leverage AI to enhance security, efficiency, and customer-centric services while aligning with regulatory requirements and ethical standards. The findings provide a comprehensive understanding of the complexities surroundding AI adoption in financial sector, highlighting the need for a holistic strategy to navigate the rapidly evolving financial landscape.
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