Artificial Intelligence for Risk Mitigation in the Financial Industry

2Application of Artificial Intelligence in Risk Assessment and Mitigation in Banks

Ankita Srivastava*, Bhartrihari Pandiya and Navtika Singh Nautiyal

National Forensic Sciences University, Gandhinagar, Gujarat, India

Abstract

The banking industry encounters several difficulties in efficiently handling the risks linked to lending, investment, and financial activities. Given the swift progress in technology, the utilization of artificial intelligence (AI) has become a valuable asset for banks to improve their risk evaluation and reduction procedures. The objective of this research is to identify and analyze the various aspects of AI application in risk assessment and mitigation in banks and to highlight the emerging research areas for future research and provide suggestions to bank community for mitigating risk. Scopus database was considered for performing the literature search, as it is widely accepted and authentic. The description of the various data like most cited authors, subject-wise division, country-wise analysis, etc., was done and results graphically. Bibliometric analysis was done using VOSviewer software. After conducting a thorough examination and assessment of various research studies, certain elements of artificial intelligence in the banking sector were comprehended. The future research topics, organized into clusters, have the potential for deeper exploration using real-world data sets. By carefully reviewing the selected research papers, several observations ...