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Artificial intelligence, digital transformation and cybersecurity in the banking sector: A multi-stakeholder cognition-driven framework

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  • Rodrigues, Ana Rita D.
  • Ferreira, Fernando A.F.
  • Teixeira, Fernando J.C.S.N.
  • Zopounidis, Constantin

Abstract

Traditional banking institutions are currently under great pressure from their stakeholders to adapt to new technologies. However, due to this sector’s inherent nature, data security cannot be jeopardized. Users must place great trust in their bank branches—a necessary feature of relationships between banking institutions and their clients. Banks’ reputation also directly affects their success, ability to attract new customers, and retention of existing ones. These issues mean that making decisions regarding how to deal with the challenges of incorporating artificial intelligence (AI), digital transformation and cybersecurity into the banking sector is quite complex. This study sought to develop a realistic decision-support model by combining cognitive mapping and the decision-making trial and evaluation laboratory (DEMATEL) method in order to address this topic. Group sessions with an expert panel were conducted to apply the methodological procedures, thereby allowing realism to be incorporated into the final results.

Suggested Citation

  • Rodrigues, Ana Rita D. & Ferreira, Fernando A.F. & Teixeira, Fernando J.C.S.N. & Zopounidis, Constantin, 2022. "Artificial intelligence, digital transformation and cybersecurity in the banking sector: A multi-stakeholder cognition-driven framework," Research in International Business and Finance, Elsevier, vol. 60(C).
    • Handle: RePEc:eee:riibaf:v:60:y:2022:i:c:s0275531922000046
    DOI: 10.1016/j.ribaf.2022.101616
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    Cited by:

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    2. Umara Noreen & Attayah Shafique & Zaheer Ahmed & Muhammad Ashfaq, 2023. "Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s Perspective," Sustainability, MDPI, vol. 15(4), pages 1-16, February.
    3. Gupta, Somya & Ghardallou, Wafa & Pandey, Dharen Kumar & Sahu, Ganesh P., 2022. "Artificial intelligence adoption in the insurance industry: Evidence using the technology–organization–environment framework," Research in International Business and Finance, Elsevier, vol. 63(C).
    4. Piotrowski Dariusz, 2023. "Privacy frontiers in customers’ relations with banks," Economics and Business Review, Sciendo, vol. 9(1), pages 119-141, April.
    5. HUO, Peng & WANG, Luxin, 2022. "Digital economy and business investment efficiency: Inhibiting or facilitating?," Research in International Business and Finance, Elsevier, vol. 63(C).

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    More about this item

    Keywords

    Artificial intelligence (AI); Cognitive mapping; Cybersecurity; Decision making trial and evaluation laboratory (DEMATEL); Digital transformation;
    All these keywords.

    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration

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