Artificial Intelligence applications on the banking sector: case study of Egypt with special emphasis on sustainable development, Dr Karim Hassanien
Dr Karim Badr El-Din Attia Hassanien
School of Business
University of Science and Technology Zewail City of Science, Technology and Innovation
Egypt
RECEIVED: 26 June 2024 / REVISED: 19 July 2024 / ACCEPTED: 20 July 2024 / PUBLISHED: 30 August 2024
ABSTRACT
The Egyptian banking sector witnessed huge technological advancement over the recent years. Since then, all banking transactions have been done via Internet banking, online banking, mobile applications, ATMs and electronic branches. The Egyptian banking sector is composed of 39 banks. Each bank has huge widespread branches inside and outside Egypt. Some Egyptian banks established subsidiaries in European, African, Asian and Arab countries. The use of AI in banking solutions became a normal day-to-day practice in Egyptian banks. AI applications based on various algorithms and machine learning tools are used by all banks in Egypt. This applies to both commercial and investment banks in Egypt, which give rise to the development of research and development (R&D) in Egyptian banks, matched with outsourcing of such R&D services in some cases.
PURPOSE: This research paper attempts to study the relationship between AI and the development of the banking sector to support economic growth in Egypt, with special consideration to financing the green economy.
DESIGN/METHODOLOGY/APPROACH: This paper focuses on studying the impact of using AI to enhance banking services, and minimize banking risks in Egypt. The banking sector is crucial in transferring funds from savers to investors to finance projects, as part of the development process in Egypt, as a requirement for economic growth in Egypt.
FINDINGS: The analysis and results underlined the following:
- AI supports the advancement of banking services in general.
- The services are supported by AI in the banking sector in Egypt.
- The benefits of utilizing AI in the banking sector in Egypt.
- The relation between utilizing AI in the banking sector and the green economic growth in Egypt.
THE ORIGINAL/VALUE OF THE CHAPTER: It made recommendations and drew policies that can enhance the efficient utilization of AI to better serve the banking sector in Egypt.
KEYWORDS: Artificial Intelligence (AI); Machine Learning (ML); Optical Character Recognition (OCR); Natural Language Processing (NLP); Letter of Credits (LCs); Letter of Guarantees (LGs); green economic growth; electronic invoices; Small and Medium Enterprises (SMEs); FinTech.
CITATION: Hassanien, K.B.E-D.A (2024): “Artificial Intelligence (AI) applications on the banking sector: Case study of Egypt with special emphasis on Sustainable Development”, in Artificial Intelligence and Data Science in Arab Countries 2024, Vol. 6, pp.159–172 (WASD: London, United Kingdom).