The Role of Artificial Intelligence in the Enhancement of Operational Efficiency with a Focus on the Banking Sector in the United Kingdom

Abstract

Developments in technology have resulted in immense disruption in the business environment, fundamentally transforming organisations and businesses on an unprecedented scale. Artificial intelligence (AI), in particular, is a technological concept that aims to imitate and copy the function of the human brain, with the ability to learn and become better at decision making with increasing data. AI encompasses multiple concepts, especially machine learning and big data analytics. The application of AI has pioneered disruptive technologies, most of which are grounded on the autonomy of machines and their ability to independently make decide among multiple courses of action. In the banking sector, AI has been useful in transforming banking operations, increasing both efficiency and accuracy. Initial applications of AI in this sector have transformed the customer experience while creating more time for bank staff to perform other duties. The present research will be conducted using a quantitative approach. Primary data will be collected using survey questionnaires and analysed using SPSS. Secondary data will be gathered from publications and used to complement the primary data in the analysis process. Although the coronavirus situation is expected to create challenges in the data collection process, the research process will be meticulous, ensuring that it upholds the requirements for eliciting sound research findings. The research findings are expected to have widespread implications for both professional practice in the banking industry and scholarly knowledge on the topic.