A general profile of artificial intelligence adoption in banking sector : a survey of banks in Afyonkarahisar province of Turkey

Abstract

Artificial Intelligence (AI) is rapidly transforming the global financial services industry. The new digitalization model is powered by artificial intelligence technology, and AI has the potential to disrupt and refine the existing financial services industry. The increasing amount of data in banking has revealed the need for fast and reliable service. Banks are financial service organizations that have used AI effectively in recent years. This paper reveals the general profile of artificial intelligence adoption by banks. Based on the evidence from all 17 banks operating in the Afyonkarahisar province of Turkey, it is concluded that AI technologies are applied in almost every area of the banking sector to improve the overall service offered. Moreover, the use of AI is evaluated as a potential that provides ease of use and reduces costs. As for the operations in future, the participants think AI will provide high levels of benefit to banks in their financial services in the incoming years. Given no similar study, this study appears to provide an original contribution to the literature regarding the use of AI in banking services within the Turkish context.