The Role of Artificial Intellect in Today’s Banking System-Reference-Cited by-同舟云学术

The Role of Artificial Intellect in Today’s Banking System

Published:2024-05-23 Issue:3 Volume: Page:164-172
ISSN:2587-9251
Container-title:Vestnik of the Plekhanov Russian University of Economics
language:
Short-container-title:Vestn. Ross. èkon. univ. im. G. V. Plehanova

Author:

Cisse Demba¹

Affiliation:

1. Plekhanov Russian University of Economics

Abstract

The article shows the use of artificial intellect (AI) in different spheres of banking, including client servicing, risk analysis, fraud combating, process automation and decision-making. AI use in banking fosters higher efficiency and accuracy of information processing. It makes automation of standard tasks easier and gives employees wider opportunities to work at complicated and analytical goals. AI helps banks assess quickly and correctly credit risks thereby decreasing possibility of default and enhancing general security of the banking system. The author pointed out that AI improves the quality of client servicing. Chat-bots based on AI can give fast and precise answers to client’s requests and assist in problem solving. Accurate treatment of requests gives banks an opportunity to develop personalized offers and services taking into account preferences and needs of clients. However, besides numerous benefits of using AI the author puts forward problems connected with challenges and difficulties of its introduction in the banking sector. Such issues of transparency, ethics of AI use, possible risks and threats need further study as well as the development of necessary control mechanisms.

Publisher

Plekhanov Russian University of Economics (PRUE)

Reference13 articles.

1. Abyshko A. O., Sabirov G. S. Iskusstvennyy intellekt i proizvedeniya mashinnogo tvorchestva: primenimost opyta stran obshchego prava k rossiyskomu regulirovaniyu [Artificial Intelligence and Works of Machine Creativity: Applicability of the Experience of Common Law Countries to Russian Regulation]. Patenty i litsenzii. Intellektualnye prava [Patents and Licenses. Intellectual Property Rights], 2021, No. 12, pp. 60–72. (In Russ.).

2. Averinskaya S. A., Sevostyanova A. A. Sozdanie iskusstvennogo intellekta s tselyu zlonamerennogo ispolzovaniya v ugolovnom prave Rossiyskoy Federatsii [Creation of Artificial Intelligence for the Purpose of Malicious Use in Criminal Law of the Russian Federation]. Zakon i pravo [Law and Law], 2019, No. 2, pp. 94–96. (In Russ.).

3. Alekseeva E. A. Protivostoyanie simvolizma i konnektsionizma v istorii razvitiya iskusstvennogo intellekta [The Confrontation of Symbolism and Connectionism in the History of Artificial Intelligence Development]. Elektronnyy nauchno-obrazovatelnyy zhurnal «Istoriya» [Electronic Scientific and Educational Journal "History"], 2020, Vol. 11, No. 11 (97), p. 30. (In Russ.).

4. Alekseenko A. P. Regulirovanie ispolzovaniya poiskovykh algoritmov v sootvetstvii s Zakonom KNR «Ob elektronnoy kommertsii» [Regulation of the Use of Search Algorithms in Accordance with the Law of the People's Republic of China "On Electronic Commerce"]. Territoriya novykh vozmozhnostey. Vestnik Vladivostokskogo gosudarstvennogo universiteta ekonomiki i servisa [Territory of New Opportunities. Bulletin of the Vladivostok State University of Economics and Service], 2020, Vol. 12, No. 2, pp. 118–126. (In Russ.).

5. Andreev V. K. Priobretenie i osushchestvlenie prav yuridicheskogo litsa s ispolzovaniem iskusstvennogo intellekta [Acquisition and Exercise of the Rights of a Legal Entity Using Artificial Intelligence]. Predprinimatelskoe pravo [Entrepreneurial Law], 2021, No. 4, pp. 11–17. (In Russ.).