The Role of Artificial Intellect in Today’s Banking System
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 stand...
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| Format: | Article |
| Language: | Russian |
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Plekhanov Russian University of Economics
2024-05-01
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| Series: | Вестник Российского экономического университета имени Г. В. Плеханова |
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| Online Access: | https://vest.rea.ru/jour/article/view/1981 |
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| _version_ | 1849243783887060992 |
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| author | Demba Cisse |
| author_facet | Demba Cisse |
| author_sort | Demba Cisse |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-e943db6d3ac04de0b7de6446e31e3bfa |
| institution | Kabale University |
| issn | 2413-2829 2587-9251 |
| language | Russian |
| publishDate | 2024-05-01 |
| publisher | Plekhanov Russian University of Economics |
| record_format | Article |
| series | Вестник Российского экономического университета имени Г. В. Плеханова |
| spelling | doaj-art-e943db6d3ac04de0b7de6446e31e3bfa2025-08-20T03:59:21ZrusPlekhanov Russian University of EconomicsВестник Российского экономического университета имени Г. В. Плеханова2413-28292587-92512024-05-010316417210.21686/2413-2829-2024-3-164-1721241The Role of Artificial Intellect in Today’s Banking SystemDemba Cisse0Plekhanov Russian University of EconomicsThe 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.https://vest.rea.ru/jour/article/view/1981economybankautomationriskschat-botcyber-security |
| spellingShingle | Demba Cisse The Role of Artificial Intellect in Today’s Banking System Вестник Российского экономического университета имени Г. В. Плеханова economy bank automation risks chat-bot cyber-security |
| title | The Role of Artificial Intellect in Today’s Banking System |
| title_full | The Role of Artificial Intellect in Today’s Banking System |
| title_fullStr | The Role of Artificial Intellect in Today’s Banking System |
| title_full_unstemmed | The Role of Artificial Intellect in Today’s Banking System |
| title_short | The Role of Artificial Intellect in Today’s Banking System |
| title_sort | role of artificial intellect in today s banking system |
| topic | economy bank automation risks chat-bot cyber-security |
| url | https://vest.rea.ru/jour/article/view/1981 |
| work_keys_str_mv | AT dembacisse theroleofartificialintellectintodaysbankingsystem AT dembacisse roleofartificialintellectintodaysbankingsystem |