Artificial Intelligence for Futuristic Banking

Artificial Intelligence (AI) has become an essential resource for large banks that deal with regulatory changes, new Anti-Money Laundering (AML) obligations and vulnerable fraud-prone clients. Cybersecurity has thus become a hot topic due to security failures using traditional methods and concerns about how companies use the personal data collected from clients or their regular users. The most obvious apparent reason why cybersecurity is critical in banking sector transactions is to protect client assets with a high level of data privacy. The main approaches in the front office conventional banking such as AI chatbots, smart virtual assistants and biometric user authentication are discovered to answer security challenges and to enhance prosperity in the field. Concurrently, advanced AI applications in fraud detection, fraud risk monitoring, anti-money laundering techniques and cross-border payments handling are observed under the back-office operations. The paper reviews the conceptualizations of privacy concerns and the antecedents and consequences of using AI-power in the banking sector. Moreover, overlooked limitations of AI such as scarcity of quality data, a rise of hidden-bias in suggestions and obliviousness of lacking knowledge are discussed with several thriving solutions.