Journal of Financial Services Marketing (2023) 28:835–852

https://doi.org/10.1057/s41264-022-00176-7

ORIGINAL ARTICLE

Utilization of artificial intelligence in the banking sector: a systematic

literature review
Omar H. Fares1 · Irfan Butt1 · Seung Hwan Mark Lee1

Received: 12 January 2022 / Revised: 18 July 2022 / Accepted: 27 July 2022 / Published online: 11 August 2022
© The Author(s), under exclusive licence to Springer Nature Limited 2022

Abstract
This study provides a holistic and systematic review of the literature on the utilization of artificial intelligence (AI) in the
banking sector since 2005. In this study, the authors examined 44 articles through a systematic literature review approach
and conducted a thematic and content analysis on them. This review identifies research themes demonstrating the utilization
of AI in banking, develops and classifies sub-themes of past research, and uses thematic findings coupled with prior research
to propose an AI banking service framework that bridges the gap between academic research and industry knowledge. The
findings demonstrate how the literature on AI and banking extends to three key areas of research: Strategy, Process, and
Customer. These findings may benefit marketers and decision-makers in the banking sector to formulate strategic decisions
regarding the utilization and optimization of value from AI technologies in the banking sector. This study also provides
opportunities for future research.

Keywords Artificial intelligence · Digital innovations · Retail banking · Customer journey map · Systematic literature
review

Introduction voice recognition, chatbots), and solutions (e.g., AI invest-

ment advisors and AI credit selectors).
Digital innovations in the modern banking landscape are The application of AI in banking is across the board,
no longer discretionary for financial institutions; instead, with uses in the front office (voice assistants and biomet-
they are becoming necessary for financial institutions to rics), middle office (anti-fraud risk monitoring and complex
cope with an increasingly competitive market and chang- legal and compliance workflows), and back office (credit
ing customer expectations (De Oliveira Santini, 2018; underwriting with smart contracts infrastructure). Banks
Eren, 2021; Hua et al., 2019; Rajaobelina and Ricard, 2021; are expected to save $447 billion by 2023, by employing
Valsamidis et al., 2020; Yang, 2009). In the era of modern AI applications. Almost 80% of the banks in the USA are
banking, many new digital technologies have been driven cognizant of the potential benefits offered by AI (Digalaki,
by artificial intelligence (AI) as the key engine (Dobrescu 2022). Indeed, the emergence of AI has generated a wealth
and Dobrescu, 2018), leading to innovative disruptions of of opportunities and challenges (Malali and Gopalakrishnan,
banking channels (e.g., automated teller machines, online 2020). In the banking context, the use of AI has led to more
banking, mobile banking), services (e.g., imaging of checks, seamless sales and has guided the development of effective
customer relationship management systems (Tarafdar et al.,
2019). While the focus in the past was on the automation of
* Omar H. Fares
[email protected] credit scoring, analyses, and the grants process (Mehrotra,
2019), capabilities evolved to support internal systems and
Irfan Butt
[email protected] processes as well (Caron, 2019).
The term AI was first used in 1956 by John McCarthy
Seung Hwan Mark Lee
[email protected] (McCarthy et al., 1956); it refers to systems that act and
think like humans in a rational way (Kok et al., 2009). In
1
Ted Rogers School of Retail Management, Toronto the aftermath of the dot com bubble in 2000, the field of AI
Metropolitan University, 350 Victoria St, Toronto, shifted toward Web 2.0. era in 2005, and the growth of data
ON M5B 2K3, Canada

Vol.:(0123456789)
836 O. H. Fares et al.

and availability of information encouraged more research extracted from Web of Science (WoS) and Scopus. These
in AI and its potential (Larson, 2021). More recently, tech- databases were selected to complement one another and pro-
nological advancements have opened the doors for AI to vide access to scholarly articles (Mongeon and Paul-Hus,
facilitate enterprise cognitive computing, which involves 2016); this was also the first step in ensuring the inclusion
embedding algorithms into applications to support organi- of high-quality articles (Harzing and Alakangas, 2016). The
zational processes (Tarafdar et al., 2019). This includes following query was used to search the title, abstract, and
improving the speed of information analysis, obtaining more keywords: “Artificial intelligence OR machine learning OR
accurate and reliable data outputs, and allowing employ- deep learning OR neural networks OR Intelligent systems
ees to perform high-level tasks. In recent years, AI-based AND Bank AND consumer OR customer OR user.” The key-
technologies have been shown to be effective and practical. words were selected, based on prior literature review, with
However, many corporate executives still lack knowledge the goal of covering various business functions, especially
regarding the strategic utilization of AI in their organiza- focusing on the banking sector (Loureiro et al., 2020; Verma
tions. For instance, Ransbotham et al. (2017) found that 85% et al., 2021; Borges et al., 2020; Bavaresco et al., 2020). The
of business executives viewed AI as a key tool for providing initial search criteria yielded 11,684 papers. These papers
businesses with a sustainable competitive advantage; how- were then filtered by “English,” “article only” publications,
ever, only 39% had a strategic plan for the use of AI, due to and using the subject area filter of “Management, Business
the lack of knowledge regarding implementation of AI for Finance, accounting and Business,” which resulted in 626
their organizations. papers.
Here, we systematically analyze the past and current state In this study, we used the preferred reporting method for
of AI and banking literature to understand how it has been systematic reviews and meta-analyses (PRISMA) to ensure
utilized within the banking sector historically, propose a ser- that we follow the systematic approach and track the flow
vice framework, and provide clear future research opportu- of data across different stages of the SLR (Moher et al.,
nities. In the past, a limited number of systematic literature 2009). After extracting the articles, each of the 626 papers
reviews have studied AI within the management discipline was given a distinctive ID number to help differentiate the
(e.g., Bavaresco et al., 2020; Borges et al., 2020; Loureiro papers; the ID number was maintained throughout the analy-
et al., 2020; Verma et al., 2021). However, the current litera- sis process. The data were then organized using the follow-
ture lacks either research scope and depth, and/or industry ing columns: “ID number,” “database source,” “Author,”
focus. In response, we seek to differentiate our study from “title,” “Abstract,” “keywords,” “Year,” Australian Business
prior reviews by providing a specific focus on the banking Deans Council (ABDC) Journals, “and keyword validation
sector and a more comprehensive analysis involving multiple columns.”
modes of analysis. The exclusion of papers was done systematically in the
In light of this, we aim to address the following research following manner: a) All duplicate papers in the database
questions: were eliminated (105 duplicates); b) as a second quality
check, papers not published in ABDC journals (163 papers)
1. What are the themes and sub-themes that emerge from were omitted to ensure a quality standard for inclusion in the
prior literature regarding the utilization of AI in the review,Query a practice consistent with other recent SLRs
banking industry? (Goyal and Kumar, 2021; Nusair et al., 2019; Pahlevan-Sha-
2. How does AI impact the customer's journey process in rif et al., 2019); c) in order to ensure the relevance of articles
the banking sector, from customer acquisition to service included, and following our research objectives, we excluded
delivery? non-consumer-related papers, searching for consumers (con-
3. What are the current research deficits and future direc- sumer, customer, user) in the title, abstract, and keywords;
tions of research in this field? this resulted in the removal of 314 papers; d) for the remain-
ing 48 papers, a relevance check was manually conducted to
determine whether the papers were indeed related to AI and
Methodology banking. Papers that specifically focused on the technical
computational process of AI were removed (4 papers). This
Selection of articles process resulted in the selection of 44 articles for subsequent
analyses.
Adhering to the best practices for conducting a Systematic
Literature Review (SLR) (see Khan et al., 2003; Tranfield Thematic analysis
et al, 2003; Xiao and Watson, 2019), we began by selecting
the appropriate database and identifying keywords, based on A thematic analysis classifies the topics and subtop-
an in-depth review of the literature. Research papers were ics being researched. It is a method for identifying,
Utilization of artificial intelligence in the banking sector: a systematic literature review 837

analyzing, and reporting patterns within data (Boyatzis, Thematic analysis

1998). We followed Chatha and Butt (2015) to classify
the articles into themes and sub-themes using manual We began with a deductive approach to categorize articles
coding. Second, we employed the Leximancer software into predetermined themes for the theme identification pro-
to supplement the manual classification process. The use cess. We then employed an inductive approach to identify
of these two approaches provides additional validity and the sub-themes and provide context for the primary themes
quality to the research findings. (See Fig. 1). The procedure for determining the primary
Leximancer is a text-mining software that provides themes included, a) reviewing previous related systematic
conceptual and relational information by identifying con- literature reviews (Bavaresco et al., 2020; Borges et al.,
cept occurrences and co-occurrences (Leximancer, 2019). 2020; Loureiro et al., 2020; Verma et al., 2021), b) identify-
After uploading all the 44 papers onto Leximancer, we ing keywords and developing codes (themes) from selected
added “English” to the stoplist, which removed words papers; and c) reviewing titles, abstracts, and full papers,
such as “or/and/like” that are not relevant to developing if needed, to identify appropriate allocation within these
themes. We manually removed irrelevant filler words, themes. Three primary themes were curated from the pro-
such as “pp.,” “Figure,” and “re.” Finally, our results con- cess: Strategy, Processes, and Customers (see Fig. 2).
sisted of two maps: a) a conceptual map wherein central
themes and concepts are identified, and b) a relational Strategy
cloud map where a network of connections and relation-
ships are drawn among concepts. In the Strategy theme (21 papers), early research shows the
potential uses and adoption of AI from an organizational
perspective (e.g., Akkoç, 2012; Olson et al., 2012; Smeure-
anu et al., 2013). Data mining (an essential part of AI) has
Findings been used to predict bankruptcy (Olson et al., 2012) and to
optimize risk models (Akkoç, 2012). The increasing use of
RQ 1: What are the themes and sub-themes that emerge AI-driven tools to drive organizational effectiveness creates
from prior literature regarding the utilization of AI in the greater business efficiency opportunities for financial institu-
banking industry? tions, as compared to traditional modes of strategizing and
risk model development. The sub-theme Organizational use
of AI (14 papers) covers a range of current activities wherein

Artificial
Intelligence
in banking

Strategy Processes Customers

(N=21) (N=34) (N=26)

AI and AI and
Organizationa Challenges AI and AI and AI and
adoption(Organization) services AI and
l uses of AI with AI credit adoption customer
(N=14) (N=20) marketing
(N=5) (N=3) (N=15) (Customer) experience
(N=11) (N=9)
(N=11)

Fig. 1  Thematic map

838 O. H. Fares et al.

Themes timeline
9

AI Customer
8

7
AI Processes

AI Strategy
5

0
2000 2005 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fig. 2  Themes by timeline

banks use AI to drive organizational value. These organiza- technology implementation. However, the literature remains
tional uses include the use of AI to drive business strategies limited in terms of discussions related to the organizational
and internal business activities. Medhi and Mondal (2016) challenges associated with AI implementation.
highlighted the use of an AI-driven model to predict out-
sourcing success. Our findings indicate the effectiveness of Processes
AI tools in driving efficient organizational strategies; how-
ever, there remain several challenges in implementing AI In the Processes theme (34 papers), after the dot com bub-
technologies, including the human resources aspect and the ble and with the emergence of Web 2.0, research on AI
organizational culture to allow for such efficiencies (Foun- in the banking sector started to emerge. This could have
tain et al., 2019). More recently, there has been a notice- been triggered by the suggested use of AI to predict stock
able focus on discussing some of the challenges associated market movements and stock selection (Kim and Lee,
with AI implementation in banking institutions (e.g., Jakšič 2004; Tseng, 2003). At this stage, the literature on AI in
and Marinč, 2019; Mohapatra, 2020). The sub-theme Chal- the banking sector was related to its use in credit and loan
lenges with AI (three papers) covers a range of challenges analysis (Baesens et al., 2005; Ince and Aktan, 2009; Kao
that organizations face, including the integration of AI in et al., 2012; Khandani et al., 2010). In the early stages of
their organizations. Mohapatra (2020) characterizes some AI implementation, it is essential to develop fast and reli-
of the key challenges related to human–machine interac- able AI infrastructure (Larson, 2021). Baesens et al. (2005)
tions to allow for the sustainable implementation of AI in utilized a neural network approach to better predict loan
banking. While much of the current research has focused on defaults and early repayments. Ince and Aktan (2009) used
technology, our findings indicate that one of the main areas a data mining technique to analyze credit scores and found
of opportunity in the future is related to adoption and inte- that the AI-driven data mining approach was more effective
gration. The sub-theme AI and adoption in financial institu- than traditional methods. Similarly, Khandani et al. (2010)
tions (six papers) covered a range of topics regarding moti- found machine-learning-driven models to be effective in
vation, and barriers to the adoption of AI technology from an analyzing consumer credit risk. The sub-theme, AI and
organizational standpoint. Fountain et al. (2019) conceptu- credit (15 papers), covers the use of AI technology, such as
ally highlighted some barriers to organizational adoption, machine learning and data mining, to improve credit scor-
including workers’ fear, company culture, and budget con- ing, analysis, and granting processes. For instance, Alborzi
straints. Overall, in the Strategy theme, organizational uses and Khanbabaei (2016) examined the use of data mining
of AI seemed to be the most prominent, which highlights the neural network techniques to develop a customer credit scor-
consistent focus on technology development compared with ing model. Post-2013, there has been a noticeable increase
Utilization of artificial intelligence in the banking sector: a systematic literature review 839

in investigating how AI improves processes that go beyond a machine learning technique to segment banking customers.
credit analysis. The sub-theme AI and services (20 papers) Schwartz et al. (2017) utilized an AI-based method to exam-
covers the uses of AI for process improvement and enhance- ine the resource allocation in targeted advertisements. In
ment. These process-related uses of technology include recent years, there has been a noticeable trend in investigat-
institutional uses of technology to improve internal service ing how AI shapes customer experience (Soltani et al., 2019;
processes. For example, Soltani et al. (2019) examined the Trivedi, 2019). The sub-theme of AI and customer experi-
use of machine learning to optimize appointment schedul- ence (Papers 11) covers the use of AI to enhance banking
ing time, and reduce service time. Overall, regarding the experience and services for customers. For example, Trivedi
process theme, our findings highlight the usefulness of AI (2019) investigated the use of chatbots in banking and their
in improving banking processes; however, there remains a impact on customer experience.
gap in practical research regarding the applied integration of Table 1 highlights the number of papers included in the
technology in the banking system. In addition, while there themes and sub-themes. Overall, the papers related to Pro-
is an abundance of research on credit risk, the exploration cesses (77%) were the most frequently occurring, followed
of other financial products remains limited. by Customer (59%) and Strategy-based (48%) papers. From
2013 onward, there was an increase in the inter-relation
Customers between all three areas of Strategy, Processes, and Custom-
ers. Since 2016, there has been a surge in research link-
In the Customer theme (26 papers), we uncovered the ing the themes of Processes and Customers. More recently,
increasing use of AI as a methodological tool to better since 2017, papers combining Customers with Strategy have
understand customer adoption of digital banking services. become more frequent.
The sub-theme AI and Customer adoption (11 papers) covers
the use of AI as a methodological tool to investigate custom- Leximancer analysis
ers’ adoption of digital banking technologies, including both
barriers and motivational factors. For example, Arif et al. A Leximancer analysis was conducted on all the papers
(2020) used a neural network approach to investigate barriers included in the study. This resulted in two major classifica-
to internet-banking adoption by customers. Belanche et al. tions and 56 distinct concepts. Here, a “concept” refers to
(2019) investigate factors related to AI-driven technology a combination of closely related words. When referring to
adoption in the banking sector. Payne et al. (2018) examine “concept co-occurrence,” we refer to the total number of
the drivers of the usage of AI-enabled mobile banking ser- times two concepts appear together. In comparison, the word
vices. In addition, bank marketers have found an opportunity association percentage refers to the conditional probability
to use AI to better segment, target, and position their bank- that two concepts will appear side-by-side.
ing products and services. The sub-theme, AI and marketing
(nine papers), covers the use of AI for different marketing Conceptual and relational analyses
activities, including customer segmentation, development of
marketing models, and delivery of more effective marketing Conceptual analysis refers to the analysis of data based on
campaigns. For example, Smeureanu et al. (2013) proposed word frequency and word occurrence, whereas relational

Table 1  Thematic count

Thematic classification Number
of papers

AI customer 26
Adoption of AI-consumer perspective 11
AI and customer experience 11
AI and marketing 9
AI processes 34
AI and credit 15
AI and use of services 20
AI strategy 21
Adoption of AI in financial institutions 6
Challenges with AI 3
Organizational uses of AI-strategy perspective 14
840 O. H. Fares et al.

Fig. 3  Concept map of content

of all papers included in the
study

analysis refers to the analysis that draws connections “customer,” some of the key concept associations include
between concepts and captures the co-occurrences between satisfaction (324 co-occurrences and 64% word association),
words (Leximancer, 2019). As Fig. 3 shows, the most promi- service (185 co-occurrences and 43% word association), and
nent concept is “customer,” which provides additional cre- marketing (86 co-occurrences and 42% word association).
dence to our customer theme. The concept “customer” This may imply the importance of utilizing AI in improving
appeared 2,231 times across all papers. For the concept customer service and satisfaction, and in marketing to retain
Utilization of artificial intelligence in the banking sector: a systematic literature review 841

and grow the customer base. For instance, Trivedi (2019) 82% word association), adoption (220 co-occurrences and
examined the factors affecting chatbot satisfaction and found 50% word association), and acceptance (71 co-occurrences
that information, system, and service quality, all have a sig- and 42% word association). This implies the importance of
nificant positive association with it. Ekinci et al. (2014) pro- utilizing AI in mobile- and internet-banking research, along
posed a customer lifetime value model, supported by a deep with inquiries related to the adoption and acceptance of AI
learning approach, to highlight key indicators in the banking for such uses. Belanche et al. (2019) proposed a research
sector. Xu et al. (2020) examined the effects of AI versus framework to provide a deeper understanding of the factors
human customer service, and found that customers are more driving AI-driven technology adoption in the banking sector.
likely to use AI for low-complexity tasks, whereas a human Payne et al. (2018) examined digital natives' comfort and
agent is preferred for high-complexity tasks. It is worth not- attitudes toward AI-enabled mobile banking activities and
ing that most of the research related to the customer theme found that the need for services, attitude toward AI, relative
has utilized a quantitative approach, with limited qualitative advantage, and trust had a significant positive association
papers (i.e., four papers) in recent years. with the usage of AI-enabled mobile banking services.
Not surprisingly, the second most prominent concept is Figure 4 highlights the concept associations and draws
“banking,” which is expected as it is the sector that we are connections between concepts. The identification and clas-
examining. The concept “banking” appeared 1,033 times sification of themes and sub-themes using the deductive
across all the papers. In the “banking” concept, some of the method in thematic analysis, and the automated approach
key concept associations include mobile (248 co-occurrences using Leximancer, provide a reliable and detailed overview
and 88% word association), internet (152 co-occurrences and of the prior literature.

Fig. 4  Cloud map of content of all papers included in the study

842 O. H. Fares et al.

Customer credit solution application‑service method that allows bank marketers to maintain the balance
blueprint between learning from advertisement data and optimizing
advertisement investment. At this stage, the support pro-
RQ 2: How does AI impact the banking customer’s cesses focus on integrating AI as a methodological tool to
journey? better understand customers' banking adoption behaviors,
A service blueprint is a method that conceptualizes the in combination with utilizing machine learning to evaluate
customer journey while providing a framework for the and update segmentation activities. The building block at
front/back-end and support processes (Shostack, 1982). this stage, is understanding the factors of online adoption.
For a service blueprint to be effective, the core focus Sharma et al. (2017) used the neural network approach to
should be on the customer, and steps should be devel- investigate the factors influencing mobile banking adop-
oped based on data and expertise (Bitner et al., 2008). As tion. Payne et al. (2018) examined digital natives' comfort
previously discussed, one of the key research areas, AI and attitudes toward AI-enabled mobile banking activities.
and banking, relates to credit applications and granting Markinos and Daskalaki (2017) used machine learning to
decisions; these are processes that directly impact cus- classify bank customers based on their behavior toward
tomer accessibility and acquisition. Here, we develop and advertisements.
propose a Customer Credit Solution Application-Service
Blueprint (CCSA) based on our earlier analyses. Visit bank’s website & apply for a credit solution
Not only was the proposed design developed but the
future research direction was also extracted from the arti- At this stage, banking institutions aim to convert website
cles included in this study. We also validated the frame- traffic to credit solution applicants. The integration of robo-
work through direct consultation with banking indus- advisors will help customers select a credit solution that
try professionals. The CCSA model allows marketers, they can best qualify for, and which meets their banking
researchers, and banking professionals to gain a deeper needs. The availability of a robo-advisor can enhance the
understanding of the customer journey, understand the service offering, as it can help customers with the appro-
role of AI, provide an overview of future research direc- priate solution after gathering basic personal financial data
tions, and highlight the potential for future growth in this and validating it instantly with credit reporting agencies.
field. As seen in Fig. 5, we divided the service blueprint Trivedi (2019) found that information, system, and service
into four distinct segments: customer journey, front-stage, quality are key to ensuring a seamless customer experi-
back-stage, and support processes. The customer journey ence with the chatbot, with personalization moderating the
is the first step in building a customer-centric blueprint, constructs. Robo-advisors have task-oriented features (e.g.,
wherein we highlight the steps taken by customers to apply checking bank accounts) coupled with problem-solving fea-
for a credit solution. The front-stage refers to how the cus- tures (e.g., processing credit applications). Following this,
tomer interacts with a banking touchpoint (e.g., chatbots). the data collected will be consistently examined through the
Back-stage actions provide support to customer-facing use of machine learning to improve the offering and enhance
front-stage actions. Support processes aid in internal customer experience. Jagtiani and Lemieux (2019) used
organizational interactions and back-stage actions. This machine learning to optimize data collected through differ-
section lays out the steps for applying for credit solutions ent channels, which helps arrive at appropriate and inclusive
online and showcases the integration and use of AI in the credit recommendations. It is important to note that while
process, with examples from the literature. the proposed process provides immense value to custom-
ers and banking institutions, many customers are hesitant to
share their information; thus, trust in the banking institution
Acquire customer is key to enhancing customer experience.

We begin from the initial step of customer acquisition, Receive a decision

and proceed to credit decision, and post-decision (Broby,
2021). In the acquisition step, customers are targeted with After the data have been collected through the online chan-
the goal of landing them on the website and converting nel, data mining and machine learning will aid in the analy-
them to active customers. The front-stage includes tar- sis and provide optimal credit decisions. At this stage, the
geted ads, where customers are exposed to ads that are customer receives a credit decision through the robo-advisor.
tailored for them. For instance, Schwartz et al. (2017) The traditional approaches for credit decisions usually take
utilized a multi-armed bandit approach for a large retail up to two weeks, as the application goes to the advisory net-
bank to improve customer acquisition, and proposed a work, then to the underwriting stage, and finally back to the
customer. However, with the integration of AI, the customer
Utilization of artificial intelligence in the banking sector: a systematic literature review 843

Fig. 5  Customer credit solution application journey

844 O. H. Fares et al.

can save time and be better informed by receiving an instant whether from the perspective of implementation, culture, or
credit decision, allowing an increased sense of empower- organizational resistance (Fountain et al., 2019). Moreover,
ment and control. The process of arriving at such decisions one of the key challenges uncovered in the CCSA is privacy
should provide a balance between managing organizational and security concerns of customers in sharing their informa-
risk, maximizing profit, and increasing financial inclusion. tion. As AI technologies continue to grow in the banking
For instance, Khandani et al. (2010) utilized machine learn- sector, the privacy-personalization paradox has become a
ing techniques to build a model predicting customers' credit key research area that needs to be examined.
risk. Koutanaei et al. (2015) proposed a data mining model In addition, the COVID-19 pandemic has brought on a
to provide more confidence in credit scoring systems. From plethora of challenges in the implementation of AI in the
an organizational risk standpoint, Mall (2018) used a neu- banking sector. Although banks' interest in AI technolo-
ral network approach to examine the behavior of defaulting gies remains high, the reduction in revenue has resulted
customers, so as to minimize credit risk, and increase profit- in a decrease in short-term investment in AI technologies
ability for credit-providing institutions. (Anderson et al., 2021). Wu and Olson (2020) highlight the
need for banking institutions to continue investing in AI
Customer contact call center technologies to reduce future risks and enhance the integra-
tion between online and offline channels. From a customer
At this stage, we outline the relationship between humans perspective, COVID-19 has led to an uptick in the adoption
and AI. As Xu et al. (2020) found that customers prefer of AI-driven services such as chatbots, E-KYC (Know your
humans for high-complexity tasks, the integration of human client), and robo-advisors (Agarwal et al., 2022).
employees for cases that require manual review is vital, as
AI can make errors or misevaluate one of the C's of credit
(Baiden, 2011). While AI provides a wealth of benefits for Future research directions
customers and organizations, we refer to Jakšič and Marinč's
(2019) discussion that relationship banking still plays a key RQ 3: What are the current research deficits and the future
role in providing a competitive advantage for financial insti- directions of research in this field?
tutions. The integration of AI at this stage can be achieved Tables 2, 3, and 4 provide a complete list of recommen-
by optimizing banking channels. For instance, banking dations for future research. These recommendations were
institutions can optimize appointment scheduling time and developed by reviewing all the future research directions
reduce service time through the use of machine learning, as included in the 44 papers. We followed Watkins' (2017) rig-
proposed by Soltani et al. (2019). orous and accelerated data reduction (RADaR) technique,
which allows for an effective and systematic way to analyze
and synthesize calls for future research (Watkins, 2017).
General discussion Regarding strategy, as AI continues to grow in the bank-
ing industry, financial institutions need to examine how
Researchers have recognized the viable use of AI to pro- internal stakeholders perceive the value of embracing AI, the
vide enhanced customer service. As discussed in the CCSA role of leadership, and multiple other variables that impact
service advice, facilities, such as robo-advisors, can aid in the organizational adoption of AI. Therefore, we recommend
product selection, application for banking solutions, and that future research investigate the different factors (e.g.,
time-saving in low-complexity tasks. As AI has been shown leadership role) that impact the organizational adoption of
to be an effective tool for automating banking processes, AI technologies. In addition, as more organizations use and
improving customer satisfaction, and increasing profitabil- accept AI, internal challenges emerge (Jöhnk et al., 2021).
ity, the field has further evolved to examine issues pertain- Thus, we recommend examining the different organizational
ing to strategic insights. Recent research has been focused challenges (e.g., organizational culture) associated with AI
on investigating the use of AI to drive business strategies. adoption.
For instance, researchers have examined the use of AI to Regarding processes, AI and credit is one of the areas
simplify internal audit reports and evaluate strategic initia- that has been extensively explored since 2005 (Bhatore
tives (Jindal, 2020; Muñoz-Izquierdo et al., 2019). The latest et al., 2020). We recommend expanding beyond the cur-
research also highlights the challenges associated with AI, rently proposed models and challenging the underlying
Utilization of artificial intelligence in the banking sector: a systematic literature review 845

assumptions by exploring new aspects of risks presented who examined investors' perceptions of robo-advisors.
with the introduction of AI technologies. In addition, we Second, regarding theme identification, there may be a
recommend the use of more practical case studies to vali- potential bias toward selecting themes, which may lead
date new and existing models. Additionally, the growth to misclassification. In addition, we acknowledge that
of AI has evoked further exploration of how internal pro- the papers were extracted only from the WoS and Scopus
cesses can be improved (Akerkar, 2019). For instance, we databases, which may limit our access to certain peer-
suggest investigating AI-driven models with other finan- reviewed outlets.
cial products/solutions (e.g., investments, deposit accounts, This research provides insights for practitioners and mar-
etc.). keters in the North American banking sector. To assist in the
Regarding customers, the key theories mentioned in implementation of AI-based decision-making, we encourage
the research papers included in the study are the Tech- banking professionals to consider further refining their use
nology Acceptance Model (TAM) and diffusion of inno- of AI in the credit scoring, analysis, and granting processes
vation theories (Anouze and Alamro, 2019; Azad, 2016; to minimize risk, reduce costs, and improve customer expe-
Belanche et al., 2019; Payne et al., 2018; Sharma et al., rience. However, in doing so, we recommend using AI not
2015, 2017). However, as customers continue to become only to improve internal processes but also as a tool (e.g.,
accustomed to AI, it may be imperative to develop theo- chatbots) to improve customer service for low-complexity
ries that go beyond its acceptance and adoption. Thus, tasks, thereby directing employees' efforts to other business-
we recommend investigating different variables (e.g., impacting activities. Moreover, we recommend using AI as a
social influence and user trends) and methods (e.g., marketing segmentation tool to target customers for optimal
cross-cultural studies) that impact customers' relation- solutions.
ship with AI. The gradual shift toward its customer- This study systematically reviewed the literature (44
centric utilization has prompted the exploration of new papers) on AI and banking from 2005 to 2020. We believe
dimensions of AI that influence customer experience. that our findings may benefit industry professionals and
Going forward, it is important to understand the impact decision-makers in formulating strategic decisions regard-
of AI on customers and how it can be used to improve ing the different uses of AI in the banking sector, and opti-
customer experience. mizing the value derived from AI technologies. We advance
the field by providing a more comprehensive outlook spe-
cific to the area of AI and banking, reflecting the history and
Limitations and implications future opportunities for AI in shaping business strategies,
improving logistics processes, and enhancing customer
This study had several limitations. During our inclusion/ value.
exclusion criteria, it is plausible that some AI/banking
papers may have been missed because of the specific
keywords used to curate our dataset. In addition, arti- Appendix
cles may have been missed due to the time when the
data were collected, such as Manrai and Gupta (2022), See Tables 2, 3 and 4.
 846

Table 2  Detailed future research directions—Theme: Strategy

References Future research directions Sub-themes Deficit Authors recommendations Themes

Fountain et al. (2019) Investigate motivation and barriers of organi- AI and adoption (Organization) Variables • Investigate the different factors (e.g., leader- Strategy
zational AI adoption and leadership tools to ship role) impacting organizational adoption
aid in adoption of AI technologies
Dushimimana et al. (2020) Investigate marketing tactics that increase Variables
fintech adoption rate
Mohapatra (2020) Use the model recommended for different Challenges with AI New dimension • Examine the different variables (e.g., leader-
types of retailers and examine organizational ship role) impacting organizational adoption
challenges of AI technologies
Olson et al. (2012) Test the method further and examine practical Organizational uses of AI Method • Investigate the different uses of AI to inform
implications organizational strategies (e.g., AI to predict
bankruptcy/ AI to analyze investments
decisions)
Zeinalizadeh et al. (2015) Examine the implications of the study on Implications
companies' investment distribution and
customer satisfaction
Anagnostopoulos and Rizeq (2019) Investigate using traditional regression meth- Method
ods and increase breadth of future studies
Muñoz-Izquierdo et al. (2019) Extend study in other regulatory context and Context
different time periods
Medhi and Mondal (2020) Analyze effect of firm size and age, and the Variables
interaction mechanism among various infor-
mation sources
Jindal (2020) Further investigate the relationship between Context
marketing investments and bankruptcy
survival
O. H. Fares et al.
Utilization of artificial intelligence in the banking sector: a systematic literature review 847

Table 3  Detailed future research recommendations—Theme: Processes

References Future research direc- Sub-themes Deficit Authors recommendations Themes
tions

Baesens et al. (2005) Increase data size and AI and credit Variables • Investigate different variables (e.g., demo- Processes
examine the impact graphic information) and methods (e.g.,
of time varying different feature selection [FS] algorithms)
inputs using AI in the credit scoring, analyses, and
Ince and Aktan (2009) More research using Method granting processes
NN and regression • Examine AI-driven credit models using
trees for credit scor- advanced algorithms and practical case stud-
ing models ies
• Explore new aspects of risks presented with
Kao et al. (2012) Investigate the model Variables
the introduction of AI technologies
with different vari-
ables
Akkoç (2012) Test the model with Method
different variations
Koutanaei et al. (2015) Investigate using other Method
FS algorithms. Per-
form comprehensive
parameters settings
Ala'raj and Abbod Test the model with Method
(2016) different variations
Vahid and Ahmadi Test the model devel- Variables
(2016) oped with different
variables
Mall (2018) Test the model devel- Variables
oped with different
variables
Chopra and Bhilare Investigate the practi- Implications
(2018) cal use of the model
Jagtiani and Lemieux Explore other aspects New dimension
(2019) of risk to borrowers
presented by new
innovations
Daqar and Arqawi Test the model further Variables
(2020) using demographic
information
Alborzi and Khanba- Deploy other ANN, AI and services Method • Explore different methods (e.g., deploy other
baei (2016) use more relevant artificial neural network approaches) included
variables, and apply in the use of AI in financial institutions
association rule
technique
Guotai et al. (2017) Include other financial New dimension
products
Table 4  Detailed future research recommendations—Theme: Customer
848

References Future research directions Sub-themes Deficit Authors recommendations Themes

Sharma et al. (2015) Increase sample size and examine usage trends AI and adoption (Customer) Variables • Investigate different variables (e.g., social Customer
by banking users influence, user trends…) and methods (e.g.,
Azad (2016) Investigate mediating and moderator factors Variables longitudinal studies) that impact consumer
of m-banking adoption and conduct cross- adoption of AI
country studies • Examine practical implications (e.g., experi-
ment AI in different branch locations) of
Sharma et al. (2017) Include a) bigger sample size b) data from Method
consumer adoption of AI
urban and rural areas c) longitudinal studies
Payne et al. (2018) Investigate different effects on different Variables
age groups. Examine difference/simi-
larities between m-banking and AI-enabled
m-banking
Belanche et al. (2019) perform a longitudinal study, examine other Variables
variables, and incorporate different cultures
Anouze et al. (2019) Investigate using more variables and in differ- Variables
ent countries
Königstorfer and Thalmann (2020) Investigate AI in optimizing branch locations, Implications
customers' intention for AI adoption, behavior
of decision-makers inside a company, and
suitable documentation AI-based services
Arif et al. (2020) Expand and diversify sample examined. Com- Variables
pare moderate and expert users of internet.
Test the model in different industries
Payne et al. (2021) Investigate using different age groups and more Variables
diverse sample
Gallego-Gomez and De-Pablos- Further research in the area of AI impact on AI and customer experience Analyses • Utilize different analysis types (e.g., existing
Heredero (2020) consumer banking experience heuristic models) to examine the impact of
Soltani et al. (2019) Develop heuristic models and examine different Analyses AI on consumer experience
customers' types • Explore new dimensions of AI (e.g., Chat-
bots) that influence consumer experience
Trivedi (2019) Investigate consumers' experience of using New dimension
• Investigate different variables (e.g., customer
chatbots offered in different industries
technology readiness, influence of previous
Jakšič and Marinč (2019) Investigate customers' banking relationship New dimension experience) impacting consumer perception
needs and the role of AI as a tool to improve and the use of AI
banking relationships
Tian et al. (2020) Increase variables examined and investigate Variables
practical uses
Xu et al. (2020) Investigate different variables related to AI and Variables
customers' perception
O. H. Fares et al.
Table 4  (continued)
References Future research directions Sub-themes Deficit Authors recommendations Themes

Khandani et al. (2010) develop other models of consumer behavior AI and marketing Method • Use different research methods (e.g., case
using ML studies) and examine different variables
(e.g., different countries/cultures) to develop
Smeureanu et al. (2013) Research more advanced algorithms that solves Method consumer behavior models using ML
the problem of the local minimum aspect • Investigate the implications (e.g., experiment
problem marketing models in optimizing bank adver-
Ekinci et al. (2014) Test the model in different cultures and longer Variables tisements) of the use of AI in bank marketing
time horizon
Schwartz et al. (2017) Test the model further and examine practical Implications
uses
Marinakos and Daskalaki (2017) Apply method in different industries and sec- Implications
tors
Rantanen et al. (2019) Statistically validate constructs of online corpo- Method
rate reputation
Frączek (2020) Present system for more complicated cases Implications
Utilization of artificial intelligence in the banking sector: a systematic literature review
849
850 O. H. Fares et al.

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