With the digital transformation of banks in full swing and driving the domestic banking system into the next day, which is already beginning to become apparent to the average banking customer, the adoption of artificial intelligence is a transformative factor in the banking industry, which is expected to significantly affect their future.

But how will Artificial Intelligence affect the future of Greek banks?

Initially, the application of artificial intelligence, as estimated by the bank executive training consultant and former Banking and Investment Services Ombudsman Dimitris Pavlakis, will allow banks to improve their communication and relationship with their customers.

Also:

  • By using machine learning and natural language algorithms, banks will be able to recognize and interpret the needs of their customers, offering them personalized financial solutions and advice.
  • In addition, artificial intelligence will enable automatic processing and execution of transactions, reducing time and costs for customers and banks.
  • Artificial intelligence will help strengthen security in the banking space. By analyzing large volumes of data, AI will recognize patterns and anomalies in transactions, spotting potential fraud and threats, while being able to predict the need to fight fraud and take proactive measures to protect customers and banks .

The application of artificial intelligence in the banking industry also entails risks that must be addressed. One of the main risks, says Mr. Pavlakis, a former executive in the banking sector in positions of responsibility, is the protection of customer privacy, as IT requires the collection and analysis of large amounts of personal data, which presupposes the existence of strict measures protection and security of customer data.

In addition, reliance on artificial intelligence can increase the risk of cyber attack and data loss. This necessitates investment in security and protection systems to counter cyber-attacks and remediate any problems.

Jobs and the role of education

With the increased use of technology and the automation of certain tasks, there is a risk of job losses for certain professional areas within banks.

As Mr. Pavlakis mentions, the need for personal contact between the bank customer and his bank advisor will never be lost.

In this context, further education and professional retraining in the banking sector acquires a decisive role in order for employees to adapt to new technologies and at the same time maintain their employment in the new roles they will be asked to play (thus contributing to the preservation of jobs).