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Best practices and important considerations for AI and digital transformation in an economic downturn

Author

Listed:
  • Deakin, Brendan

    (Provenir, USA)

Abstract

Banks surged ahead with digital transformation during the pandemic — largely out of necessity — when faced with lockdowns and the shift to digital-first transactions. Now, as the banking industry moves into the post-pandemic era, and given the current state of economic uncertainty, the adoption of digital transformation is even more crucial. A large proportion of investment will involve AI to improve automation and personalisation while improving the speed and accuracy of decision making. This is essential for banks to address today’s ever-changing risk landscape, especially as consumers and businesses navigate economic uncertainty, rising inflation and energy prices. In the midst of the current economic downturn, organisations must be purposeful in their digital transformation efforts. This paper provides an overview of best practices for digital transformation in the banking sector when every dollar is coming under increased scrutiny.

Suggested Citation

  • Deakin, Brendan, 2023. "Best practices and important considerations for AI and digital transformation in an economic downturn," Journal of Digital Banking, Henry Stewart Publications, vol. 8(1), pages 30-36, June.
    • Handle: RePEc:aza:jdb000:y:2023:v:8:i:1:p:30-36
    as

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    More about this item

    Keywords

    AI; digitisation; fraud prevention; alternative data; machine learning;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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