Modern Banking and Finance Systems Using Artificial Intelligence: A View From Citizen's Perspective

Abstract

The integration of Artificial Intelligence (AI) into modern banking and finance systems has revolutionized the industry, enhancing efficiency, personalization, and security. This paper discusses the multifaceted impact of AI on financial services from the perspective of the end-users—citizens. It discusses into the historical evolution of banking technologies, outlining the transition from traditional methods to advanced AI-driven processes. By examining key AI applications such as customer service automation, fraud detection, risk management, and personalized financial advice, the study highlights the tangible benefits experienced by consumers. Additionally, it addresses the challenges and risks associated with AI adoption, including data privacy issues, ethical considerations, and regulatory hurdles. Through case studies and survey data, the paper presents a nuanced understanding of public perceptions, trust levels, and the accessibility of AI-powered banking services.