The Role and Importance of Artificial Intelligence in the Finance and Banking Sector
Chapter from the book:
Buğan,
M.
F.
&
Kılıç,
Y.
&
Kırcı Çevik,
N.
(eds.)
2025.
Evolution of Financial Markets V.
Synopsis
The finance and banking sector is recognized as one of the most fundamental financial actors in economic growth and development, particularly in developing countries such as Turkey. The development of this sector and the added value it generates are crucial to the country's economic growth. Naturally, a sector that is so significant for the country's economy must closely follow technological developments. Furthermore, various artificial intelligence applications can be incorporated into the system to increase efficiency and productivity. Increased productivity will enable more output to be obtained with similar inputs, or the same level of production to be achieved with fewer inputs. In this case, the financial costs of banks and other financial actors in the sector will decrease and their profitability will increase relatively. Increased profitability will positively affect financial actors in the sector, which may also enable increased investment and employment growth. The integration of artificial intelligence into the finance and banking sector is a crucial issue for achieving all these positive outcomes.
Artificial Intelligence (AI) has become especially important in recent years, especially for the finance and banking sector. The use of various artificial intelligence programs aims to reduce costs while increasing efficiency, better manage risks, and improve the customer experience. For artificial intelligence applications to be impressive, issues such as the integration of data sets and the real-time execution of complex models are important. Furthermore, in a globalizing world, keeping pace with the rapid development and change, particularly in the field of information and technology, has become almost a necessity for every unit and every sector. Because any unit or sector that fails to keep pace with this change and development will be unable to catch up with the technological advances required by the times, and may face serious problems.
