The Impact of Artificial Intelligence on Compliance in Financial Institutions - A Bibliometric Analysis

Abstract

Artificial intelligence has had a positive impact on the finance sector by increasing the efficiency and accuracy of functions that were previously manual, and also by providing customized services to clients. AI offers numerous possibilities for banks to improve operations and drive innovation. Earlier research shows that banks have already recognized the potential for cost reduction and the generation of new revenue streams through the improvement of their operational processes, for instance, in areas such as lending, security services, compliance, and improvements, as well as the introduction of new services and fraud detection. Furthermore, it has also offered various solutions and services to customers, including tailored investment plans, wealth management approaches, and robo-advisors. Today, AI is used to support decision-making, to monitor processes and assets in real-time, and to create value. The above picture will become even brighter in the future. As the nature of banking competition and technological disruption continues to progress at a rapid pace, leveraging AI to support decision-making is an opportunity to achieve a higher level of financial performance.Indeed, there are several reasons for conducting this research, such as the’ lack of trust among honorific individuals in AI systems’ functionalities and their demand for openness and responsibility from AI systems. Most articles in the past had a local view on the topic of compliance in the financial sector. As this topic is crucial, especially for international companies, I will close this gap by providing an international view on the overall topic and giving a future outlook. This research employs bibliometric analysis to investigate the role of AI in compliance within financial institutions and to map the knowledge landscape of the literature on AI. To conduct a detailed bibliometric analysis, two premier academic databases were selected: Scopus and the Scientific Citation Index (SCI/SSCI). These databases are renowned for their comprehensive international coverage and precise indexing of peer-reviewed publications.