DuΕ‘ica KariΔ
- Belgrade Business and Arts Academy of Applied Studies, Kraljice Marije 73, 11060, Belgrade, Serbia
Maja Δurica
Nina Djurica
Abstract:
Modern banking is facing challenges in business practices, service delivery, and client interactions due to the rise of digital technologies and artificial intelligence. In recent years, technologies such as artificial intelligence, mobile banking, and blockchain have not only been a source of support to human resources in banks but have also increasingly replaced them, enabling more efficient real-time banking services available 24/7. Digital innovations enhance the efficiency of banking operations through automation of routine tasks and archival of banking documentation and drive exponential growth in the volume of banking product and service sales, development of customized offerings, establishment of new communication forms, and, consequently, transformation of the customer experience. It is noted that the implementation of an innovative banking business model often encounters resistance from employees, which requires establishing a clear vision and strategy, continuous employee communication and training, analysis of leadership roles in change management, and fostering a culture of innovation within the bank. The focus of this paper is on presenting strategies that banks can implement using artificial intelligence, chatbots, and big data analytics to enhance client relations, improve competitiveness, increase brand recognition, and drive more profitable operations. Additionally, attention is drawn to the potential risks banks may face, including data privacy issues and regulatory compliance in order to underscore the advantages of digital banking while ensuring ethical, sustainable, and successful functioning of the banking sector. The aim of this research is to demonstrate a holistic approach to digital transformation in banking, based on the integration of digital technology, change management, and marketing strategies - essential prerequisites for competitiveness and long-term sustainability of banking operations in a dynamic business environment.
Tenth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research - LIMEN 2024 - International Scientific-Business Conference β LIMEN 2024: Vol 10. Conference Proceedings , December 5, 2024
Conference Proceedings published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia
ISBN: 9788680194929 , ISSN: 26836149 , DOI: 10.31410/LIMEN.2024
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission.
