ENHANCE THE BANKING SECTOR COMPLIANCE PROCESS THROUGH ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING TECHNIQUES

Abstract: Artificial intelligence (AI) is gaining popularity in a variety of fields, including business and society. However, while investment banking and backend services were among the first banking applications to successfully integrate artificial intelligence, AI is now mostly applied in areas where there is no direct client contact. Because of the importance placed on customer relationships in commercial banking, the deployment of artificial intelligence has received little attention. Artificial intelligence in commercial banking has the potential to have a substantial impact on corporate procedures and client relationships, which could open up new research areas in the field of behavioral finance. According to our research, artificial intelligence can assist commercial banks in reducing lending losses, increasing payment security, automating compliance-related labor, and improving consumer targeting. Researchers are worried about several concerns, including realizing technological advantages, implementing artificial intelligence into commercial operations, and ensuring that users are comfortable with the technology. As a last recommendation, we encourage you to sketch out an overall research strategy for behavioral finance science in the future.

Keywords: Banking Sector, Compliance Process, Machine Learning, Artificial Intelligence