Transforming Banking with AI Expert Systems Neural Networks and Beyond

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AI is an advanced technology that has emerged as a groundbreaking innovation. This chapter seeks to examine the impact of AI on the banking sector, specifically focusing on the effects of various dimensions or methods of AI, such as expert systems (ES), neural networks (NN), genetic algorithms (GA), and intelligent agents (IA), on the finance and banking sectors. The AI business has experienced significant growth due to the increased adoption of new technological breakthroughs, leading to its widespread implementation across several domains. The utilisation of artificial intelligence technologies holds the capacity to fundamentally transform the operational framework of the banking industry, thereby augmenting the overall performance of banks. AI is commonly known for its ability to emulate human-like decision-making and minimise errors, which generates considerable enthusiasm among individuals. AI has been adopted to varying degrees across different industries, with the banking industry emerging as one of the notable adopters and implementers of this technology. This literature study provides a comprehensive definition of artificial intelligence (AI), elucidates its current benefits, methods and the influence of Ai in the banking sector within the banking sector, and delineates the specific effects it has on banks' overall performance.