• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Quaterly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Managing Editor: Ms. Inez. Chan

    • Abstracting/ Indexing:  Crossref, CNKI, EBSCO

    • Article Processing Charge (APC): 500 USD

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HOME > Archive > 2022 > Volume 13 Number 3 (Jun. 2022) >
IJTEF 2022 Vol.13(3): 82-86 ISSN: 2010-023X
DOI: 10.18178/ijtef.2022.13.3.729

Challenges of Bank Service Digitalization by Artificial Intelligence: The Case of Bulgaria

Dimiter G. Velev and Mario P. Zahariev

Abstract—Nowadays discussions, research and expertise on the capabilities and capacity of artificial intelligence and its application in the financial services sector continue to spread and gain popularity, with one of the main reasons being the overall potential cost savings for banks from the application of Artificial Intelligence (AI), valued at hundreds of billions of dollars, as well as improving the user experience, reduced to the emotions and attitudes of a person to a particular product, service or system. Most banks and other financial institutions are aware of the potential benefits of implementing and using AI in the areas of security, customer service, performing specific operations related to the security of information assets, financial resources and the reputation of financial institutions. This is also the main reason for the financial sector to focus on implementing modern solutions based on the use of AI. In the context of the Bulgarian banking sector, the use of AI would contribute to improving the consumer experience through changes related to the digitalization of most of the banks' activities, through potential cost savings, as well as by ensuring a high level of quality and reliability in servicing. Customers and management of large data flows and information systems. The paper aim is to determine the challenges of the possible critical banking services that could be digitalised by AI. Recommendations for their implementation in the Bulgarian banks are proposed.

Index Terms—Bank services, digitalization, artificial intelligence, information technology.

The authors are with the University of National and World Economy, Sofia, Bulgaria (e-mail: dgvelev@unwe.bg, webbersof@gmail.com).

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Cite: Dimiter G. Velev and Mario P. Zahariev, "Challenges of Bank Service Digitalization by Artificial Intelligence: The Case of Bulgaria," International Journal of Trade, Economics and Finance vol.13, no.3, pp. 82-86, 2022.

Copyright © 2022 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

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