Is artificial intelligence and machine learning changing the ways of banking: a systematic literature review and meta analysis

Abstract This study aims to analyze the research work and present an SLR (Systematic Literature Review) on the initiatives taken by players in the banking sector, especially toward the technological innovations done in the field of AI (Artificial Intelligence) and ML (Machine Learning) that have contributed to the growth of the sector as well towards the ease of doing and building trust amongst consumers in the digitalized era of Banking. Growing security risks in cyberspace accompany the enormous and complex digital versions of virtual services. In total, 734 articles were reviewed to explore how Artificial Intelligence and Machine Learning have been used in various banking facets and how they have evolved to cater to different banking sector requirements. The findings reveal the areas where these modern-age technologies have been adopted and where the same can be used efficiently. Lastly, this study elaborates and evaluates the applications of these technologies on the parameters of scalability going further, keeping in mind the unprecedented dynamic times, and serving the very purpose of banks and how the banks are dealing with all the opportunities and challenges these new technologies bring in. This SLR also provides an overview of the research that can be taken up in future by the researchers in this domain.