Performance of Artificial Intelligence Technologies in Banking
Institutions
HASSAN ALI AL-ABABNEH
Faculty of Administrative and Financial Sciences - E - Marketing and Social Communication,
Irbid National University,
PO Box 2600, Irbid,
JORDAN
VICTORIA BORISOVA
Department of Finance, Banking and Insurance,
Sumy National Agrarian University,
160, G. Kondratieva Str., 40000, Sumy,
UKRAINE
ALINA ZAKHARZHEVSKA
Department of Management,
State University of Telecommunications,
7, Solomyanska Str., 03110, Kyiv,
UKRAINE
POLINA TKACHENKO
Department of Business Economics and Entrepreneurship,
Kyiv National Economic University named after Vadym Hetman,
54/1, Peremoga Avenue, 03057, Kyiv,
UKRAINE
NATALIA ANDRUSIAK
Department of Social Geography and Recreational Nature Management,
Yuriy Fedkovych Chernivtsi National University,
2, Kotsyubynsky Str., 58012, Chernivtsi,
UKRAINE
Abstract: - The development and implementation of innovations in various areas of business is stimulated by
the competitive market environment. The use of artificial intelligence technologies for business process
transformation is one of the most promising areas. Artificial intelligence is conductive to not only increasing
the business process efficiency, but also to reducing the companies’ costs required for business process
implementation. Artificial intelligence also contributes to reducing the need for human resources to perform
routine operations. The aim of the study was to make a list of indicators that describe the performance of
artificial intelligence technology in the activities of large companies and calculate them based on the example
of the banking branch. Credit Agricole — a bank with foreign investment, one of the leaders of the banking
sector of Ukraine — was chosen for the study. The methods of statistical and economic analysis were the main
research methods used to contrast performance indicators with the use of artificial intelligence and without it.
Quantitative indicators such as the duration of the client’s application; the cost of client service; the number of
requests processed by the bank’s operators and managers; saving money spent on client service business
processes were the main indicators for evaluating the performance of artificial intelligence. The results of the
study demonstrated practical advantages of using artificial intelligence, which entail savings of working time
and financial resources. These results confirm that the labor productivity of the bank branch employees has
increased due to the automation of processes implemented through the artificial intelligence systems and
technologies. The study opens up new areas of further research, in particular the impact of the use of artificial
intelligence on financial performance and market capitalization of companies.
Key-Words: - artificial intelligence, machine learning, business processes, voice bot, chatbot.
Received: May 21, 2022. Revised: October 22, 2022. Accepted: November 29, 2022. Available online: December 30, 2022.
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DOI: 10.37394/23207.2023.20.29
Hassan Ali Al-Ababneh, Victoria Borisova,
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1 Introduction
The digital technologies are increasingly
developing, thus entailing their widespread use in
various aspects of companies’ operation. The
introduction of artificial intelligence (AI) in the
business process implementation or transformation
is the best practice. Artificial intelligence and
machine learning (ML) technologies can
completely replace humans in certain operations.
Moreover, artificial intelligence can perform certain
types of operations much faster and with higher
efficiency. This urges evaluation of the results and
effects of the introduction of artificial intelligence
in companies’ operation. In this context, the
performance evaluation involves not only indicators
of economic efficiency, but also increase the utility
of the tools for the company’s customers.
So, the use of artificial intelligence should
increase the utility and level of user satisfaction of
the companies’ services provided by artificial
intelligence directly or through its use.
2 Literature Review
The OECD study, [1], indicates that the use of
artificial intelligence can provide competitive
advantages to companies. The main advantage is
the reduction of costs, which provides increased
economic efficiency. On the other hand, the use of
artificial intelligence allows optimizing the
company’s internal business processes by
automating certain types of work. The companies
can reduce the labor requirement and time outlays
by using artificial intelligence to interact with
customers. There are several risks along with the
benefits of using artificial intelligence. One of the
main risks is the error or inaccuracy in the artificial
intelligence algorithm, which can lead to significant
losses. So, artificial intelligence can provide
significant competitive advantages to financial
companies given the elimination of the risks.
According to [2] artificial intelligence can
change some aspects of business environment.
Innovations in products and services using artificial
intelligence will create value for customers in the
form of personalized service and individual
approaches. Artificial intelligence is conductive to
business model transformations, thus making
financial institutions more cost-effective, highly
networked and more specialized. The spread of
artificial intelligence will result in increased
competition and further development of innovation,
entailing the improved quality of services.
Were found many examples of the use of
artificial intelligence by large financial companies
in various fields, [3]. Financial institutions use
artificial intelligence to assess the borrowers’ risks
when issuing loans, while insurance companies
involve it in assessing market insurance contracts.
Moreover, artificial intelligence is used to automate
the company-client communication. Asset
management companies and commercial agents use
artificial intelligence to detect signals of
underestimated or overestimated profitability of
financial assets in the market.
Therefore, as a significant number of reputable
international organizations maintain, the
introduction of artificial intelligence into business
practice is one of the leading trends in the
development of modern business, including the
banking and financial sectors.
Analyzing the available academic publications
on the subject of research, it should be noted that
most of them considered artificial intelligence an
important driver of the development of modern
business and improvement of its interaction with
customers, primarily in terms of efficiency, and to a
lesser extent — the quality of such interaction. For
example, in [4] the author argues that artificial
intelligence can significantly improve the current
state of financial services sector. Artificial
intelligence can be used in the financial services
sector for online trading on currency exchanges,
asset portfolio creation and optimization, models
verification and testing. Besides, there is a space for
activities in the field of client service, including
online consultations and assistance in resolving
issues. Artificial intelligence can also be used to
assess regulatory compliance and stress testing.
In the study of the use of artificial intelligence
by financial companies, [5], was concluded that
companies can use it for many aspects of their
activities. Companies can conduct and track the
results of marketing campaigns to promote their
brand or product in the market. Artificial
intelligence can also be used to assess the activities
risks and develop mechanisms to mitigate them.
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The use of artificial intelligence by financial
companies in anti-fraud and cybersecurity is no less
important. Artificial intelligence can detect fraud
attempts, while machine learning helps to update
and modernize the detection algorithm. Chatbots
discussed in study, [6], are one of the most
successful ways of introducing artificial intelligence
into the practice of improving banking operations.
In the publication, [7], chatbots are considered as an
effective tool for improving business-customer
interaction.
A significant number of publications deal with
the spread of “neo-banks” — banks based on
information technologies that actively use artificial
intelligence in their activities. In [8] author studied
the experience of such banks, while in [9] author
focused on the implementation of artificial
intelligence in the practice of modern banking and
financial institutions.
The next block of the literature survey covers
the implementation of artificial intelligence in the
banking and financial sector.
A meta-analysis of research on the use of
artificial intelligence in finance showed that
artificial intelligence has a positive impact on
accounting, audit, and finance, [10]. The authors
note that in the reviewed studies provide evidence
of a positive impact of artificial intelligence on the
accounting efficiency. Besides, the use of artificial
intelligence systems in the audit was found to
improve the efficiency of identifying errors and
risks peculiar to the accounting system. The need
for additional training of the company’s staff, as
well as the need for hardware and software required
to set up artificial intelligence are one of the main
obstacles to the introduction of artificial
intelligence.
In his study of the challenges and opportunities
of using artificial intelligence in finance, [11],
researcher notes that the use of artificial intelligence
is primarily related to data analysis. The modern
world of finance produces large data volumes that
can provide quality information for decision-
making upon their proper analysis. Besides,
artificial intelligence can conduct textual analysis of
information, which is especially important for
publicly listed companies. This analysis can also be
useful for monitoring the company’s external
environment and market sentiment.
In [12] the researchers noted that the use of
artificial intelligence in financial services provides
many benefits. Artificial intelligence can promote
the company’s performance by automating either
individual stages of business processes, or the entire
business process. Besides, artificial intelligence
allows reducing the number of mistakes in
management decisions caused by psychological or
emotional factors. The algorithmic conclusions of
artificial intelligence eliminate shortcomings related
to the emotional human nature. Artificial
intelligence enables detecting long-term trends and
anomalies that cannot be detected through the
classical analysis of economic indicators.
Studying the limits of the use of artificial
intelligence in finance, [13], was emphasized that
artificial intelligence can provide much greater
benefits than working with data. Artificial
intelligence in stock trading is a necessity. Analysis
and forecasting of trends, detection of anomalies is
possible only through artificial intelligence.
Transaction and data storage security is another
important area of using this tool. Artificial
intelligence can independently detect and block
threats, thus significantly increasing the security of
financial information.
In [14] the researchers state that the use of
artificial intelligence in financial services promotes
overcoming the barriers to the expansion of this
market segment, namely difficulty in pledging or
verifying credit history. Moreover, it contributes to
improving management quality, which is the key to
the security of financial transactions. Artificial
intelligence technologies can analyze large data
volumes in real time and further automate business
processes. A combination of the said benefits
ensures the reliability and speed of operations in the
financial markets and provide the competitive
advantages to companies that use artificial
intelligence.
So, the use of artificial intelligence is considered
in the context of possible potential advantages in
different studies, but the issue of assessing the
quantitative effect of its use has not been covered.
This is the main problem of the surveyed studies
because this issue is extremely important in the
context of practical application of the theoretical
concepts that are considered in the surveyed studies.
A literature review has shown that the
companies benefit from the use of artificial
intelligence. At the same time, the areas of use of
artificial intelligence are quite diverse and,
accordingly, there are different options for
evaluating performance of artificial intelligence
depending on the company’s line of business and
the areas where the AI is used. Our study is
different, as we quantify the parameters of the use
of artificial intelligence in the activities of large
companies, which was not the case in the reviewed
studies.
The aim of the study was to make a list of
performance indicators of artificial intelligence
technology in the activities of large companies, as
well as to calculate them. The aim involved the
following objectives:
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— identify areas for the use of artificial
intelligence in large corporations;
— evaluate performance of artificial intelligence
technology in banking institutions.
3 Methods
3.1 Research Design
The performance of artificial intelligence
technologies in banking institutions was evaluated
by using the data on the operation of the Credit
Agricole bank branch “before” and “after” the
introduction of AI-based technological innovations.
This bank is the oldest foreign bank in Ukraine,
[15], which has been operating on the market since
1993 and providing a full range of banking services.
The bank is among the TOP-5 most reliable and
most comfortable banks of Ukraine and among the
TOP-10 banks in terms of assets according to the
National Bank of Ukraine. In QII 2022, this bank
ranked third in the ranking of the Ministry of
Finance Internet portal, [16], with a total score of
3.83, yielding only to Raiffeisen Bank (4.05) and
Ukrsibbank (3.90). Therefore, it is a representative
of the group of leaders of the Ukrainian banking
market in terms of stability, all of which are banks
with foreign capital. At the same time, the largest
Ukrainian state-owned bank — Privatbank, which
is considered quite progressive and innovative in
terms of introducing client-oriented banking
services based on the latest technologies, is inferior
to Credit Agricole in this rating (4th place with 3.81
points). Similarly, Universalbank with its
Monobank project, which is the leading mobile-
only neo-bank in Ukraine with the most dynamic
growth of the client base due to the offer of
innovative online banking solutions, ranks only
13th in this ranking.
This bank was chosen for the study as it has
actively implemented artificial intelligence
technologies in recent years, and it is possible to
monitor the effectiveness of innovations at the level
of the bank branch.
The AI-based technological innovations were
implemented in the bank in 2020-2021 as part of
the innovation strategy, which implied involving
employees in more complex and creative tasks that
are beyond the capacity of artificial intelligence,
[17]. The introduction of appropriate technologies
to speed up and improve customer service is the
main subject of AI-related improvement in the
bank. In particular, the following areas of
improvement were implemented:
use of artificial intelligence in the work of a
call center operator for legal entities;
use of a voice bot to serve individuals;
use of artificial intelligence to prepare legal
opinions.
The resulting indicator of the economic effect from
the introduction of AI-based technological
innovations was calculated according to the results
of the analysis of measures to improve work in the
bank branch using the data for the said three areas.
3.2 Methods
The statistical and economic analysis was used for
data contrasting to achieve the aim. Quantitative
indicators were used as the main indicators for
evaluating the performance of artificial intelligence:
the duration of the client’s application; the cost of
client service; the number of requests processed by
operators and managers of the bank; saving money
spent on client service business processes.
The effect in the form of savings from the use of
artificial intelligence was evaluated by comparing
the number of resources required for the
implementation of business processes before the
introduction of artificial intelligence and after its
introduction.
Savings from the use of artificial intelligence in
the work of a call center operator for servicing legal
entities is defined as the ratio between the indicators
 (the cost of servicing one telephone call of legal
entity without (і) and with the use of artificial
intelligence (j)), which is calculated by the
following formula:
   
where
 – the cost of servicing one telephone
call from a legal entity (le), EUR;
 – working hours of the call center
operator;
 – the number of phone calls from the legal
entity to the call center (per month);
– call center operator wage (per hour);
i – without the use of artificial intelligence;
j – with the use of artificial intelligence.
Savings from the use of a voice bot for servicing
individuals is defined as the ratio between the
indicators  (the cost of servicing one individual
client without (і) and with the use of artificial
intelligence (j)), which is calculated by the
following formula:
  
where  – the cost of servicing one telephone
call from an individual client (ic), EUR;
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 – the average duration of servicing an
individual client to the call center;
 – the number of telephone calls from an
individual client to the call center (per month);
– call center operator wage;
i – without the use of artificial intelligence;
j – with the use of artificial intelligence.
Savings from the use of artificial intelligence for the
preparation of legal opinions were defined as the
ratio between  (the cost of one legal opinion for
a legal entity without (і) and with the use of
artificial intelligence (j)), which is calculated by the
following formula:
 

where  – the cost of one legal opinion for a
legal entity (le), EUR;
– time for the preparation of the legal
opinion;
 – the number of prepared legal opinions
(per month);
 – legal adviser wage;
i – without the use of artificial intelligence;
j – with the use of artificial intelligence.
3.3 Instruments
Calculations were made and charts were created in
the Microsoft Excel.
4 Results
The economic effect of the use of artificial
intelligence technologies in the Credit Agricole
bank branch in the form of cost savings was
evaluated by using the data on operational activities
of this branch before and after the implementation
of AI-based innovative technologies. In particular,
the data summarized in the Table 1 were the source
data for the calculations.
Table 1. Source data for calculating the economic effect of the use of artificial intelligence technologies in the
Credit Agricole bank branch in the form of cost savings
Indicator
Values in the case of operation
without the use of artificial
intelligence, monthly average values
for the previous year (2020)
Values in the case of operations
with the use of artificial
intelligence, average monthly
values for the reporting year (2021)
  – working hours of the call center
operator when servicing a telephone call
of a legal entity
30 minutes (0.5 hour)
20 minutes (0.33 hour)
 – working hours of the call center
operator when servicing a telephone
request of an individual client
15 minutes (0.25 hour)
10 minutes (0.17 hour)
– call center operator wage
2.25 EUR/h
2.25 EUR/h
 – the number of telephone calls
from a legal entity to the call center
300/month
250/month
 – the number of telephone calls
from an individual client to the call
center
550/month
540/month
  – time for the preparation of the
legal opinion
2 h
1 h
 – legal adviser wage
3.75 EUR/h
3.75 EUR/h
 – the number of prepared legal
opinions
70
90
Average annual number of call center
operators of the department
11
9
Average annual number of legal advisers
of the department
3
3
Source: data on the operational activity of the Credit Agricole bank branch
Table 2 presents calculations of the economic effect
of the use of artificial intelligence technologies in
the Credit Agricole bank branch in the form of cost
savings.
It should be noted that there was a relatively
stable volume of services provided by this
department a year before and during the year after
the introduction of artificial intelligence
technologies. Therefore, when interpreting the
results of the analysis, it should be taken into
account that the resulting resource savings will be
largely associated not only with saving money, but
also with a certain release of working time of
employees (call center operators and legal
advisers).
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The calculation of the economic effect of the use of
artificial intelligence technologies in the Credit
Agricole bank branch in the form of annual cost
savings (for the number of employees) showed that
the implementation of artificial intelligence
technologies in the work of a call center operator for
servicing legal entities provided annual cost savings
at EUR 24,505 per regular branch operators. There
was also a significant reduction in the workload, and
the working hours were reduced by a third.
Therefore, there is an opportunity to use this time to
perform other tasks, or to redistribute the load of the
call center between employees and to optimize staff
by reducing positions that do not have a workload.
It was determined in a similar way that the
implementation of artificial intelligence
technologies in the work of call center operators for
servicing individuals resulted in annual cost savings
of EUR 18,529.44 per branch. There was also a
significant reduction in the workload — by a third
(1-0.17/ 0.25=0.32). Therefore, there is also an
opportunity to use this time to perform other tasks,
or to redistribute the load of the call center between
employees and optimize the staff by reducing
positions that do not have a workload. The use of
artificial intelligence to prepare legal opinion
enabled saving EUR 6,750 per year in the analyzed
branch of the bank, which also makes it possible to
load specialists with additional work, as half of their
working time was spared, or to optimize the staff.
Figure 1 presents the results of calculations of
annual costs for the provision of services before and
after the introduction of artificial intelligence
technologies. Figure 2 shows the annual savings
obtained by the areas of implementation of these
technologies in the branch and in general.
Fig. 1: Comparison of costs related to the activities of the bank branch before and after the introduction of
artificial intelligence technologies
Fig. 2: Cost savings related to bank branch activities as a result of the introduction of artificial intelligence
technologies
44.550
40836,84
18.900
20045
22307,4
12.150
0 10.000 20.000 30.000 40.000 50.000
1) the use of artificial intelligence in the work
of the call center operator for servicing legal
entities
2) use of a voice bot for servicing individuals
3) use of artificial intelligence for preparing
legal opinions
EUR
With the use of artificial intelligence Without the use of artificial intelligence
24505 18529,44
6750
49784,44
0
10000
20000
30000
40000
50000
60000
1) the use of artificial
intelligence in the
work of the call center
operator for servicing
legal entities
2) use of a voice bot
for servicing
individuals
3) use of artificial
intelligence for
preparing legal
opinions
Total savings (1+2+3)
EUR/year/branch
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In addition to the actual annual saving of resources,
the potential of the analyzed measures can also
include the opportunities for additional staff loading
with new services and/or staff optimization (its
reduction due to a decreased personnel workload
caused by a reduction in the man-hours (increased
labor productivity)).
4.1 Research limitations and Implications
This study has certain methodological and practical
limitations. The choice of Credit Agricole Bank as a
research object is a methodological limitation.
Besides, the calculations do not take into account
costs for the development and implementation of
artificial intelligence technologies, which determine
the need to fix a certain level of effect from the
implementation of measures in view of a certain
payback period of investment in the implementation
of AI technologies.
At the same time, it is possible to fully assess the
performance of artificial intelligence only after the
full development and spread of this technology and
the resolution of related organizational issues. At the
moment, Credit Agricole Bank is engaged in the
improvement of artificial intelligence technologies,
therefore investment costs are constantly growing.
The number of areas where artificial intelligence
can be used is also constantly increasing. For this
reason, it is inappropriate to assess the return on
investment in the development and implementation
of artificial intelligence in a classical way, as this
process is not complete.
At the same time, artificial intelligence is unique
in each case, which makes it difficult to objectively
contrast the effect of its use, as the conditions for its
implementation and use are incomparable. That is
why the limitation of the implementation of
theoretical and practical solutions is that the results
and effect of the use of artificial intelligence can
differ significantly and depend on the specifics of a
particular banking institution.
5 Discussions
So, the analytical conclusions and calculations
confirmed the possibility of using the proposed
analytical tools in practice, and confirmed the
effectiveness of the AI-based technological
solutions in the example of a bank branch where
those solutions were implemented.
As the Report states, [18], the use of artificial
intelligence by market intermediaries and asset
management companies can generate significant
benefits and improve performance. These findings
are in line with the results of our research, as
evidenced by the cost savings on servicing legal
entities and individuals. Besides, the benefits may
also include an increased investment and speed of
implementation. At the same time, the use of
artificial intelligence technology may create or
intensify certain risks that could potentially affect
the efficiency of financial markets and lead to
unpredictable losses for consumers of financial
services. Special emphasis is placed on
cybersecurity to prevent the use of artificial
intelligence to commit illegal acts, fraud and money
laundering.
At the same time, when interpreting the results of
this study, it should be taken into account that the
use of artificial intelligence in financial management
entails business model transformation. In [19] the
researchers studied the use of artificial intelligence
in the financial sector and concluded that the use of
artificial intelligence technology for risk control,
marketing, customer service, transactions and
operations is conductive to the creation of new
business models. Despite all the benefits of its use,
the AI algorithms must, however, be controlled by
man, especially if machine learning is used. It is
implied that the results of the work of artificial
intelligence algorithms must be checked by a person
to identify possible failures in its work. Our research
proved out these results, because the introduction of
artificial intelligence transforms business models, in
particular, certain types of operations such as the
call center operation, the creation of documentation
or the consumer loan approval are automated.
The study on the regulation of the use of
artificial intelligence in finance is of interest, [20].
The use of artificial intelligence is accompanied by
technical, ethical and legal issues which may
interfere with the financial regulation objectives
with regard to data security and privacy,
cybersecurity, systemic risk and ethics. In [21] the
author notes that surpassing human intelligence is
not the main danger of artificial intelligence, while
straining human errors is. The modern methods of
artificial intelligence mostly detect patterns in
historical data, so the use of these methods will
usually yield the same results that are currently
obtained through human calculations. The financial
sector greatly depends not only on forecasting the
company’s standing, but also on forecasting that of
competing companies and their behavior. This is the
reason why even minor errors in the evaluation of
artificial intelligence can entail unpredictable
consequences. The use of artificial intelligence is
not currently regulated in Russia, so each company
can use it as they may think fit in compliance with
the legislation in force.
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The Artificial Intelligence and Big Data in the
Financial Services Industry Report substantiated the
need for qualified specialists to implement and use
artificial intelligence in finance, [22]. The financial
services sector may be transformed through the
introduction of artificial intelligence technologies by
means of improving existing proposals, regulations
and business models. Consumers will get new
services and innovative products. Artificial
intelligence is expected to be a primary driver for
the development of the financial services market
and financial management of different levels. But
only those companies that can attract relevant
qualified specialists will benefit from artificial
intelligence. Sberbank established special
departments and centers intended to develop and
implement artificial intelligence in order to maintain
superiority in the market.
Evaluation of the implications of using artificial
intelligence for the financial system allowed Xie,
[23], to conclude that artificial intelligence
technology materially transforms the existing
financial industry system. The use of AI results in
creation of an innovative market for financial
products led by artificial credit and investment
advisers. This entails risks related to the liability for
errors and the legitimacy of the operation of
artificial advisers.
In [24] the authors indicate intensification of the
use of artificial intelligence and machine learning in
asset management. The regulatory bodies in charge
of oversight and regulatory compliance encourage
the spread of this technology. Artificial intelligence
tracks all transactions in real time and detects the
least deviations. The pressing issue is the evaluation
of the scope and implications of errors caused by
artificial intelligence. Machine learning will
significantly reduce the incidence of the errors.
A study of the systemic risks of artificial
intelligence, [25], found a dichotomy between
macro- and microfinance problems that directly
affect the effectiveness of artificial intelligence. In
general, artificial intelligence will have positive
consequences when used for macro-level
supervision, as well as micro-level regulation of
financial transactions and risk control. Using
artificial intelligence to reduce the companies’ costs
will also be a positive aspect. Replacing workers
with artificial intelligence will have adverse
implications.
Exploring the use of artificial intelligence in
decision-making, was established that many
companies use AI to detect market anomalies, [26].
Besides, artificial intelligence builds optimal
investment strategies, thus mitigating risks.
Determining the correct role of artificial intelligence
in making long-term decisions, which may impact
the company’s value, by the owners and senior
management is important. Artificial intelligence is
not a decision-maker, it’s just a tool. In [27] the
authors also underline the role of artificial
intelligence as a tool for substantiating decisions in
a decision-making process.
The prospects for the use of artificial intelligence
in terms of achieving other than economic effects
are worth noting among other things. According to
many scholars, [28]-[30], artificial intelligence has
significant potential for achieving sustainable
development goals. Besides, the use of artificial
intelligence can promote market-share gain by
diversifying services and expanding the directions
of customer service, [31], [32].
Contrasting our findings with the results obtained
in other studies demonstrates significant advantages
and benefits provided by the use of artificial
intelligence technology. We assume on this ground
that this technology will further become
increasingly widespread, accompanied by the
extension of the scope of implementation in the
business processes of different companies. This will
result in business process transformation and their
improved efficiency.
6 Conclusions
Artificial intelligence technology is developed to
make certain routine business processes fully
automated. This entails improved efficiency of
business processes and involved related resource
saving. Calculation of the economic effect in the
form of annual saving of resources (money, working
time) in three areas, in which artificial intelligence
technologies were implemented in Credit Agricole
Bank (the use of artificial intelligence in the work of
the call center operator for servicing legal entities;
the use of a voice bot for servicing individuals; use
of artificial intelligence for preparing legal opinions)
showed a significant (30-50% savings) increase in
the operational efficiency.
In addition to the actual saving of resources, the
potential of the analyzed measures was found in the
opportunities for additional staff loading with new
services and/or staff optimization (its reduction due
to a decreased personnel workload caused by a
reduction in the man-hours). The indicated results
confirm the fact that the labor productivity of the
bank branch employees increased because of the
automation of processes implemented through
artificial intelligence systems and technologies.
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.29
Hassan Ali Al-Ababneh, Victoria Borisova,
Alina Zakharzhevska, Polina Tkachenko,
Natalia Andrusiak
E-ISSN: 2224-2899
315
Volume 20, 2023
In general, this study revealed the practical
advantages of the use of artificial intelligence,
which entails time and financial resource savings.
The research findings may be used as an economic
substantiation of investment projects aimed at the
implementation of artificial intelligence.
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Hassan Ali Al-Ababneh, Victoria Borisova,
Alina Zakharzhevska, Polina Tkachenko,
Natalia Andrusiak
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316
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WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.29
Hassan Ali Al-Ababneh, Victoria Borisova,
Alina Zakharzhevska, Polina Tkachenko,
Natalia Andrusiak
E-ISSN: 2224-2899
317
Volume 20, 2023
Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
The authors equally contributed in the present
research, at all stages from the formulation of the
problem to the final findings and solution.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
No funding was received for conducting this study.
Conflict of Interest
The authors have no conflicts of interest to declare
that are relevant to the content of this article.
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