Scientometric Mapping of Research Trends and Impact of Artificial Intelligence Applications in Banking and Finance

Abstract

In recent times, the number of scholarly works contributed in the fields of Artificial Intelligence (AI), banking, and finance has increased significantly. This study aims to presents a qualitative approach to review, assess, and identify the remarkable developments of AI applications in banks based on the Scopus indexed  database by deploying Vosviewer 1.6.19v and Biblioshiny software to analyze factors like Co-authorship, Co-occurrence, and Citations.

The number of documents retrieved from the Scopus indexed database is 368 from 2013 to 2023. The result shows that China (91 documents), India (86 documents), the US (59 documents), Turkey (32 documents), and Russia (31 documents) are the five most active countries in terms of publications. The top active institutions are Bucharest University of Economic Studies, University Bourgogne Franche Comté (France), and Gachon University (South Korea). At the same time, China emerged as a significant funding nation for AI-based research. Several significant study gaps are found by reviewing the prior literature and offering suggestions for additional research.

This review develops and categorizes previous research sub-themes, identifies research themes showing how AI is used in banking and uses thematic findings to suggest an AI banking service framework that closes the knowledge gap between academic research and industry practice. These results guide future research and the formulation of strategic decisions about applying and optimizing value from AI technologies in the banking industry for academics, marketers, and decision-makers.