Abstract
Banks daily interact with a vast number of customers and are still depending on a legacy system. With today’s advances in technology, regarding lifting almost all processes to automation, from start of production to finish, there is a need for revolution in archaic monetary management institutes. By not being in tune with the contemporary trends and times, banks are losing on an opportunity to transform some of their business models and relieve humans of repetitive work, prevent frauds, make better decisions and consequently gain losses. Banks can engage in implementation of new Virtual Assistants and Artificial Intelligence (A.I.) machine learning technologies, just as the other industries have engaged in modernizing i.e. medical checks, medical reports and evaluations, and this research paper will elaborate and emphasize the impact of artificial intelligence implementation on the banking sector processes. This research is based on both quantitative and model-based proofs of system performance by using several analytical tools, such as SPSS. The automation process helps institutions to enhance profitability, performance and to reduce human dependency. In a nutshell, Virtual Assistants powered with Artificial Intelligence improve the business process performance in every sector of business, especially the banking sector making it fast, reliable and not human dependent.
Highlights
Rules and regulations are the foundation of banking sector
Banks can engage in implementation of new Virtual Assistants and Artificial Intelligence (A.I.) machine learning technologies, just as the other industries have engaged in modernizing i.e. medical checks, medical reports and evaluations, and this research paper will elaborate and emphasize the impact of artificial intelligence implementation on the banking sector processes
Virtual Assistants powered with Artificial Intelligence improve the business process performance in every sector of business, especially the banking sector making it fast, reliable and not human dependent
Summary
Rules and regulations are the foundation of banking sector. Artificial intelligence is used to spare time that would take a human to process information that is high in volume and it provides results that are lower in cost and more accurate.The information technology implementation in the banking sector has become a global trend and is adopted by every country. Rules and regulations are the foundation of banking sector. Artificial intelligence is used to spare time that would take a human to process information that is high in volume and it provides results that are lower in cost and more accurate. The information technology implementation in the banking sector has become a global trend and is adopted by every country. The application of technology supports business automation; it increases the number of customers and finance remittance by decreasing the banking cost [1]. The banking sector is transforming the entire system into the technology system. A large number of customers in the banking sector mean adapting the innovative methods of technologies in the banking sector. There is a significant increase in the customer in the middle east from 20% to 25% by adjusting the mobile technology in the banking sector [2]
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