Evolution of Artificial Intelligence in the Banking Sector: A Systematic Literature Review

Majlinda Godolja – University of Tirana, Faculty of Economy, Street Arben Brozi, 1001, Tirana, Albania

Laureta Domi – University of Tirana, Faculty of Economy, Street Arben Brozi, 1001, Tirana, Albania

Abstract: The integration of Artificial Intelligence (AI) in the banking sector has revolutionized how financial institutions operate, interact with customers, and manage risks. This systematic literature review ex­plores the evolution of AI applications in banking, highlighting techno­logical advancements, implementation challenges, and future direc­tions. By analyzing research from the past decade, this review provides insights into how AI technologies have transformed banking operations, customer service, and financial products.

The banking sector has witnessed significant transformations due to AI, with innovations aimed at enhancing efficiency, customer experience, and security. The introduction of AI in banking is not just a recent phe­nomenon but a continuous evolution that has accelerated in the past decade, influenced by advancements in machine learning, natural lan­guage processing, and data analytics technologies.

The evolution of AI in the banking sector is a testament to the transfor­mative potential of technology in finance. While challenges remain, the ongoing advancements in AI promise a future where banking is more ef­ficient, secure, and customer-centric. The continued research and devel­opment in AI technologies will be crucial in shaping the next generation of banking services.

8th International Scientific Conference – EMAN 2024 – Economics and Management: How to Cope With Disrupted Times, Rome, Italy, March 21, 2024, CONFERENCE PROCEEDINGS, published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-83-7, ISSN 2683-4510, DOI: https://doi.org/10.31410/EMAN.2024

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

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