Generative AI in Financial Services: A Strategic Framework for Digital Transformation
DOI:
https://doi.org/10.32628/CSEIT251112145Keywords:
Generative AI, Financial Services, Digital Transformation, Banking Innovation, AI StrategyAbstract
This article examines the transformative impact of Generative Artificial Intelligence (GenAI) on the financial services industry, with a particular focus on strategic implementation and operational transformation in the banking sector. Through a comprehensive analysis of current implementations and strategic initiatives, particularly in North American banks, the article explores how GenAI is revolutionizing traditional banking operations, from automated knowledge management to personalized customer services. The article investigates the multifaceted approach institutions are taking toward AI integration, including investments in infrastructure, talent development, and risk management protocols. The article reveals that successful AI implementation requires a balanced approach between innovation and risk mitigation, with institutions strategically deploying AI solutions across various operational domains. This article contributes to the growing body of literature on digital transformation in financial services by providing a structured framework for understanding the strategic implications of GenAI adoption and its role in shaping the future of banking operations. The article concludes by identifying critical success factors for AI implementation and suggesting future research directions in this rapidly evolving field.
Downloads
References
Dr Florian Ostmann , Dr Cosmina Dorobantu . (2021). AI in financial services. The Alan Turing Institute. https://www.turing.ac.uk/sites/default/files/2021-06/ati_ai_in_financial_services_lores.pdf
Yomna Abdulla, Rabab Ebrahim, and Sumathi Kumaraswamy (2020). Artificial Intelligence in Banking Sector: Evidence from Bahrain. In 2020 International Conference on Data Analytics for Business and Industry: Way Towards a Sustainable Economy (ICDABI) (pp. 1-8) 2021. IEEE. https://doi.org/10.1109/ICDABI51230.2020.9325600
Eliza Strickland (2024). What Is Generative AI? IEEE Spectrum. https://spectrum.ieee.org/what-is-generative-ai
Dimitrios Belias and Athanasios Koustelios (2014). Transformational Leadership and Job Satisfaction in the Banking Sector: A Review. International Review of Management and Marketing, 4(3), 187-200. https://ideas.repec.org/a/eco/journ3/2014-03-02.html
Shagun Sharma, K. R. Gola, and Nishtha Ujjawal (2023). Exploration of Artificial Intelligence (AI) in Banking Sector: A Bibliometric Analysis. In Building AI Driven Marketing Capabilities (pp. 205-233). SpringerLink. https://link.springer.com/chapter/10.1007/978-1-4842-9810-7_13
Seyedeh Khadijeh Hashemi, Seyedeh Leili Mirtaheri, and Sergio Greco (2022). Fraud Detection in Banking Data by Machine Learning Techniques. IEEE Access, 11, 3034-3043. https://doi.org/10.1109/ACCESS.2022.3232287
Archana Todupunuri (2024). The Future of Conversational AI in Banking: A Case Study on Virtual Assistants and Chatbots: Exploring the Impact of AI-Powered Virtual Assistants on Customer Service Efficiency and Satisfaction. International Research Journal of Economics and Management Studies, 3(10), 206-212. https://irjems.org/Volume-3-Issue-10/IRJEMS-V3I10P124.pdf
Krutika Sawant, Harshvardhan Soni, Parthraj Maharaul, and Saurabh Agarwal (2020). A Study of AI in Banking System . Universal Business School. https://www.universalai.in/wp-content/uploads/2020/03/A-STUDY-OF-AI-IN-BANKING-SYSTEM-KRI160616.pdf
Kathy Pretz (2024). Predictions From IEEE's 2024 Technology Megatrends Report. IEEE Spectrum. https://spectrum.ieee.org/preieee-2024-technology-megatrends-report
Downloads
Published
Issue
Section
License
Copyright (c) 2025 International Journal of Scientific Research in Computer Science, Engineering and Information Technology

This work is licensed under a Creative Commons Attribution 4.0 International License.