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Banking in the era of artificial intelligence: a survey of the economic, social and strategic implications

Author

Listed:
  • Santiago Carbó-Valverde
  • Francisco Rodríguez-Fernández

Abstract

Integrating artificial intelligence (AI) into banking platforms represents a transformative shift in the financial services industry, driven by the need for enhanced efficiency, improved customer experience, and robust security measures. This article analyses the economic, social, and strategic implications of AI adoption in banking. Through a comprehensive literature review, the study examines the impact of AI on operational efficiency, customer experience, security, and financial inclusion. It also addresses the ethical and regulatory challenges associated with AI, including algorithmic bias, transparency, and compliance. The findings underscore the importance of developing ethical guidelines and regulatory frameworks to ensure the responsible use of AI in banking. Strategic recommendations for banks include investing in AI talent, fostering collaborations, adopting a customer-centric approach, and ensuring ethical AI deployment. Future research directions are also suggested to explore further the potential of AI in enhancing banking services and promoting financial inclusion.

Suggested Citation

  • Santiago Carbó-Valverde & Francisco Rodríguez-Fernández, 2025. "Banking in the era of artificial intelligence: a survey of the economic, social and strategic implications," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 15(1/2), pages 164-180.
    • Handle: RePEc:ids:injbaf:v:15:y:2025:i:1/2:p:164-180
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