Artificial Intelligence (AI), is revolutionizing the banking sector and presents unprecedented options for proficiency and innovation. The adoption of AI in the banking sector has stimulated globally, and it can potentially bring huge value to business. Academic research published by MDPI in 2023, however, indicates that this technological gyration has not secured Pakistan’s banking sector, which is a decisive component of the economy of the country.
The banking sector has embraced AI technology at a 12.2 percent adoption growth rate to boost risk management procedures, improve customer service, and drive automation. AI has a wide range of applications in the banking industry in Pakistan, including digital identity management, biometric verification, and fraud detection mechanisms.
