Application of artificial intelligence in the banking sector

Abstract

Artificial intelligence has been attracting the attention of the scientific and professional public for decades. Today, in the digital age, it is more and more present in business and projects. The creation and implementation, but also the use of innovations created as a result of working with artificial intelligence, requires a multidisciplinary approach. One such innovation is REA Raiffeisen Bank's Electronic Assistant. REA has been created on the Weaver platform and uses certain artificial intelligence-based solutions, participating in the service business and communicating in a manner that respects the key points of the same. Simple and communicative for the user, REA is an example of the complexity that is a prerequisite for its creation and implementation. Therefore, this set of knowledge and skills, as well as the final outcomes of work on this project, are the inspiration both for work on such and similar innovations, and on the effects that can be monitored by research. Analyses show that business communication is dominated by telephone conversation, e-mail, website, while the Chatbot's share in business communication shows a score of 15%. The Chatbot is expected to be used in emergencies, when quick responses are needed: in resolving complaints, getting comprehensive answers, finding assistants to help people, booking hotels or restaurants, paying bills, etc. Although only partly present (15%), the Chatbot managed to attract the attention of the business public. The mentioned case study and desk analysis applied in this paper offer arguments which prove that the use of innovative systems in banking, based on artificial intelligence, is justified. Cyber security (trust) is the basic support in preserving privacy of the actors operating in that environment. Since security is the basic support for an innovative approach, the paper discusses the ISO 27001 international standard for the protection and security of information, which implements the Information Security Management System.