The Role and Prospects of the Use of Artificial Intelligence Technology in the Credit Activities OF Banking Institutions
(Pages 2042-2051)Maksym Dubyna1,*, Olena Bazilinska2, Olena Panchenko3, Sadchykova Iryna4, Kozlianchenko Alona5 and Tarasenko Artem6
1D.Sc. in Economics, Professor, Department of Finance, Banking and Insurance, Chernihiv Polytechnic National University, 95 Shevchenko Str., Chernihiv, 14035, Ukraine.
2PhD in Economics, Associate Professor, Department of finance, National University “Kyiv-Mohyla Academy”, 2 Skovorody Str., Kyiv, 04070, Ukraine.
3PhD in Economics, Associate Professor, Department of Finance, Banking and Insurance, Chernihiv Polytechnic National University, 95 Shevchenko Str., Chernihiv, 14035, Ukraine.
4PhD in Economics, Associate Professor, Department of Finance, Banking and Insurance, Chernihiv Polytechnic National University, Chernihiv 14032, Ukraine.
5PhD in Economics, Department of Finance, Banking and Insurance, Chernihiv Polytechnic National University, 95 Shevchenko Str., Chernihiv, 14035, Ukraine.
6PhD in Economics, Associate Professor, Department of Finance, Banking and Insurance, Chernihiv Polytechnic National University, 95 Shevchenko Str., Chernihiv, 14035, Ukraine.
DOI: https://doi.org/10.55365/1923.x2023.21.220
Abstract:
Digitization of economic relations contributed to significant transformations in the market of financial
services. Today, financial institutions actively use digital technologies in their own activities to improve work efficiency. Artificial intelligence is a technology that banks and other credit institutions are gradually using in their own work. This determines the urgency of researching new possibilities of using artificial intelligence in credit activities, primarily of banking institutions.
The article uses the methodology of economic research for research. In particular, methods of content analysis, observation, abstraction, analysis and synthesis. As a result, promising directions for the use of artificial intelligence technology in the credit activity of banking institutions were determined, which was implemented on the basis of the analysis of specific features of such activity, the specification of the essence of the specified technology and the identification of its basic characteristics.
As a result, it was established that the technology of artificial intelligence has a significant potential for use in the provision of credit services by banking institutions to various types of clients. It was also found that these institutions are already actively using the capabilities of this technology, but to a limited extent, which is due to a number of institutional restrictions and the imperfection of the technology itself. However, current trends show that in the future such obstacles will gradually disappear and the use of artificial intelligence by banking institutions will only expand.
Keywords:
Artificial intelligence, banking institution, banking risks, banking system, credit activity, financial institution, non bank credit institutions.
How to Cite:
Maksym Dubyna, Olena Bazilinska, Olena Panchenko, Sadchykova Iryna, Kozlianchenko Alona and Tarasenko Artem. The Role and Prospects of the Use of Artificial Intelligence Technology in the Credit Activities OF Banking Institutions. [ref]: vol.21.2023. available at: https://refpress.org/ref-vol21-a220/
Licensee REF Press This is an open access article licensed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, provided the work is properly cited.