Drivers of Artificial Intelligence in Banking Service Sectors

Authors

  • Mohamed Hussain Thowfeek , Samsudeen Sabraz Nawaz , Mohamed Buhary Fathima Sanjeetha

Abstract

Artificial intelligence (AI) has been a subject of interest in the research field for the
past few years. It has now been brought closer to commercial use due to recent technological
advances and speedier data accessibility. Its relevance to global business models is
underlined by the significant investments in it made by Internet powerhouses including
Google, YouTube, Amazon and Facebook. In the banking sector where data is of substantial
value, AI has been incorporated in pilot projects but its true applications have yet to see the
light of day. In this study, the drivers and barriers to successful AI implementation in the
banking sector is analyzed using a panel data of 28 semi-structured interviews with AI
experts in the field of banking and finance. AI-oriented role models and process capabilities
were revealed to be essential prior to having the trained algorithms reach the level whereby
the AI applications can run devoid of human involvement and moral trepidations.

Published

2020-12-01

Issue

Section

Articles