Abstract—Banks can leverage Artificial Intelligence (AI)-powered solutions to drive operational efficiency, save costs, and improve customer experiences, thereby gaining a competitive advantage in the fast-growing banking industry. Chatbots and virtual assistants using AI can perform various services, like advising on personal finance, assisting in transactions, and offering banking services on mobile apps and messaging platforms. The author sought to explore the role of Artificial Intelligence (AI) in improving customer experience and personalization of services in banks within emerging markets. Findings show that Artificial Intelligence (AI) plays a significant role in financial inclusion in emerging economies, including customer onboarding, authentication, data analytics, risk and portfolio management, fraud detection, investment, and credit appraisal. JPMorgan Chase in the United States of America (USA), Development Bank of Singapore (DBS), Sberbank in Russia, Housing Development Finance Corporation (HDFC), and Industrial Credit and Investment Corporation of India (ICICI) Banks in India have implemented AI banking. However, there are fewer data protection rules and infrastructure for AI, especially in emerging markets. Failure to provide adequate data privacy protection could expose personal information to unauthorized access, abuse, or exploitation, threatening individuals’ privacy and personal rights. In conclusion, using artificial intelligence represents a ground-breaking prospect for banks in emerging economies to stimulate the financial system further, improve the efficiency of banking operations, and facilitate better customer experiences.  In conclusion, using artificial intelligence represents a ground-breaking prospect for banks in emerging economies to stimulate the financial system further, improve the efficiency of banking operations, and facilitate better customer experiences.

Keywords—artificial intelligence, customer experience, operational efficiency

Cite: Joseph O. Witts, "Leveraging Artificial Intelligence (AI) for Banks in Emerging Markets," Journal of Advanced Management Science, Vol. 12, No. 4, pp. 167-172, 2024.