Navigating Tomorrow's Banking Landscape: Exploring the Role of AI, Unraveling Issues and Confronting Challenges

Abstract

Banking is a vital component of the entire monetary framework. It gives speculation, credit, and framework to the country's economy. Banking is an indispensable piece of the entire monetary area. It gives speculation, credit, and framework to the country's economy. The job of banking in monetary advancement is multi-layered and fundamental. Many banks are putting resources into innovative answers to address these difficulties for robotized administrative consistency. AI consciousness is changing the elements of organizations, and the financial framework is no exception. Prior literature affirms that artificial intelligence can make extra worth of up to USD 1 trillion every year for the worldwide banking industry. The current study used a systematic review of literature papers and books that have been considered from 2010 to 2020, and a total of 338 papers were considered during the period. The current study's findings outline the challenges and difficulties faced by the banking industry related to the implementation of AI assistance. Additionally, this study recommends that bank organizations and advancement managerial experts take essential actions to foster security, and affirmation assesses that confirmation further creates client care to grow the steadfastness and charm of AI monetary assistance.