The way we engage in banking has evolved over decades, and this process continues to undergo transformations. The use of banking applications has become common. While it may seem that this process is nearly exhausted, today we are witnessing another transformation in banking—this time driven by Artificial Intelligence, which enhances internal bank processes and customer interactions. Due to global disruptions such as the COVID-19 pandemic and the war in Ukraine, the world is undergoing rapid and profound changes, and the banking sector is not exempt from these changes.
One of them is the acceleration of the implementation of broad-based innovations in banking, which has led to a massive digitalization process of the sector. The COVID lockdowns has changed the preferences of customers, to which new business models of banks have adapted by emphasising mobile banking to achieve efficiency, convenience, and increased security. The latter seems to be the biggest risk in the coming years, as technology-based banking systems must deal with various cybersecurity threats. The extensive implementation of Artificial Intelligence (Open AI) can help address these issues in the three pillars mentioned above. Nevertheless, AI is likely to reshape the banking business models we have known for years.