Transformation of financial and banking services through the use of artificial intelligence: current trends and strategic prospects

Abstract

Purpose. The relevance of this study is driven by the high interest in innovative financial tools among the economic and business communities, as well as public and private sector leaders, and the widespread adoption of artificial intelligence in dozens of countries worldwide to solve a diverse range of problems. Objective: To study the impact of artificial intelligence on the development of the Russian financial sector by analyzing the opportunities it can offer not only to representatives of financial institutions, innovation managers, and risk managers. Methods: A combination of theoretical methods was used, including statistical analysis, formalization, abstraction, and retrospective analysis. Results: The study describes not only competitive advantages but also potential barriers to the successful automation of business processes in investment asset management, lending, insurance, and risk management. A classification of innovative tools for studying structured and unstructured data is provided, including modern anti-fraud solutions, customer scoring tools, business process automation tools, and personalization of financial services and solutions. Conclusions: A thoughtful, phased, strategic implementation of artificial intelligence tools in the Russian financial sector is essential for the development of innovative products and solutions. Intelligent analytics and financial monitoring tools must comply with legal, regulatory, economic, and ethical standards. Ensuring the secure storage of user personal data and the effective response to increasingly frequent cyberattacks are recognized as one of the challenges of implementing artificial intelligence tools.