The Role of Artificial Intellect in Today’s Banking System

Abstract

The article shows the use of artificial intellect (AI) in different spheres of banking, including client servicing, risk analysis, fraud combating, process automation and decision-making. AI use in banking fosters higher efficiency and accuracy of information processing. It makes automation of standard tasks easier and gives employees wider opportunities to work at complicated and analytical goals. AI helps banks assess quickly and correctly credit risks thereby decreasing possibility of default and enhancing general security of the banking system. The author pointed out that AI improves the quality of client servicing. Chat-bots based on AI can give fast and precise answers to client’s requests and assist in problem solving. Accurate treatment of requests gives banks an opportunity to develop personalized offers and services taking into account preferences and needs of clients. However, besides numerous benefits of using AI the author puts forward problems connected with challenges and difficulties of its introduction in the banking sector. Such issues of transparency, ethics of AI use, possible risks and threats need further study as well as the development of necessary control mechanisms.