Innovations and Challenges in Finance and Banking: The Transformative Role of Digitalization and Artificial Intelligence

Abstract

The advent of digitalization and artificial intelligence (AI) has revolutionized the finance and banking sector, while introducing groundbreaking innovations on one hand and presenting significant challenges on the other. This paper explores the transformative impact of AI ecosystems on the banking and finance industry, highlighting unresolved challenges. It dives into how these technologies have enhanced operational efficiency, reduced fraud, and fostered financial inclusion, paving the way for a more robust and agile banking ecosystem.