THE IMPACT OF ARTIFICIAL INTELLIGENCE ON THE TRANSFORMATION OF THE COMPETITIVE ENVIRONMENT OF BANKS
Abstract
The article is devoted to the study of the impact of artificial intelligence on the transformation of key elements of the competitive environment of banks under the conditions of active implementation of technologies. When writing the article, the authors used the methods of induction, comparative analysis, concretization, analogy, analysis of scientific publications, as well as a tabular method of presenting data. The article emphasizes that today artificial intelligence technologies are widely used by financial market participants in various business processes, such as interaction with clients, risk management, analytics, monitoring and execution of transactions; however, there is significant potential for further expansion of AI application by financial institutions, which could improve their efficiency and the quality of services provided. Key areas of application of AI in banking are considered, including automation of operational processes, intelligent risk management, personalization of client services, development of innovative financial products, expansion of analytical capabilities, and management of large volumes of data. It is concluded that the integration of AI technologies into the banking system is becoming an indispensable condition for its sustainable development and global competitiveness. Particular attention is paid to how AI changes traditional business models of banks, increases their competitiveness and forms new strategic advantages in the financial market. The article also raises security issues and ethical dilemmas that arise when implementing such technologies. The authors emphasize that for the successful application of artificial intelligence in the banking sector, it is necessary to develop skills in data management, attract qualified specialists, and create an adaptive IT infrastructure. The practical significance of the study lies in the fact that its results can be the basis for developing strategies for implementing artificial intelligence in banking processes, which not only increases the efficiency of operations, but also helps reduce the associated risks and strengthens the competitive position of a banking institution in the financial services market.
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