AI in Banking: Applications, Implications, and Considerations

Through artificial intelligence (AI), the power of machines is leveraged to streamline banking operations. With AI, tasks such as data processing can be automated, which allows these tasks to be completed more efficiently and lightens the workload for bank employees. AI can also be used to draw conclusions from data, which has applications such as detecting fraud and making credit decisions. As a result, banks using AI technologies are able to handle high loads of data at a fast pace, while keeping bank employees' workloads at a more manageable level and reducing operating costs. Nevertheless, there are some drawbacks associated with the use of AI in banking, including job elimination, bias, and data privacy risks.