Revolutionizing Banking and Finance: A Comprehensive Review of AIs Role and Future Prospects

Nilesh D. Kulkarni, Saurav Bansal

Abstract: This review paper explores the transformative impact of Artificial Intelligence AI on the banking and finance sector, highlighting its role in enhancing efficiency, security, and customer service. We examine the integration of AI with blockchain, APIs, and cloud computing, emphasizing the opportunities for innovation and the challenges of data quality and skill gaps. The future of AI in banking, characterized by predictive analytics and personalized services, promises significant advancements, notwithstanding the hurdles of implementation and ethical considerations. To ensure a comprehensive and systematic review, we employed a structured approach to literature selection, focusing on peer - reviewed articles and significant reports published in the last decade. We analyzed these sources to identify recurring themes, advancements, and gaps in the current understanding of AIs role in banking and finance, aiming to provide a balanced and insightful overview of the field.

Keywords: Artificial Intelligence (AI), Value Chain, ML, Financial sector, Banking, 4IR