The Impact of Artificial Intelligence on Consumer Behavior in Banking Systems

Abstract

In the age of digitalization, applications of artificial intelligence have so far been introduced in a wide range of fields. With its promising benefits, this burgeoning trend has proven to be highly effective and efficient in several areas, especially in the banking sector, as it offers business solutions in both front-end and back-end tasks and processes making it possible to significantly save time, work smartly and more efficiently and improve the overall customer experience. The purpose of this paper is to outline the possibilities of implementing artificial intelligence applications in banks, point out their utility and usefulness, and shed the spot on their impact on customer behavior and how they could potentially improve their business as a whole. Customer opinions and feedback regarding the implementation of this rapidly emerging technology were considered in this research paper in order to arrive at the aforementioned premises and ultimately admit that if this wave of AI is missed, businesses and banks in particular may soon be overtaken by it.