Legal and economic effect of adopting artificial intelligence on Egyptian banks towards sustainable development

Paper ID : 1046-CFLASU-FULL

Authors

Cherif Chaltout Chaltout * Doctor

Abstract

By virtue of global financial crises (GFC), extensive regulatory shifts outspread worldwide to mitigate various sorts of risks. Furthermore, compliance with regulation becomes an urgent requirement to cope with the new era of digitization. The deployment of Artificial Intelligence (AI) by financial technology (FinTech) and Regulatory Technology (RegTech) construct many prospects with the utilization of expert systems the deep learning, machine learning, natural language processing NLP, fuzzy logic, robots, and data mining. Because of these major drivers of the post-2008 evolution of RegTech, many banks around the world pursue efficient tools to deal with recent and sophisticated regulatory and compliance demands (ARNER, BARBERIS, & BUCKLEY, 2017). Therefore, the investment made by a great number of banks in intelligent solutions such as Mobile payment are rapidly increasing to reduce the costs of regulatory compliance to different laws and regulations, which is required for introducing and supporting their banking products and services. Liquidity regulations under Basel IV, stress testing and risk assessments are typical cases of these regulations and compliance. Payment system directive Version II (PSD2) seeks to make payments more secure in Europe, boost innovation and assist banking services to nourish new technologies. PSD2 is a growing evidence for the significance of Application Program Interfaces (APIs) that are obtained in different financial functions.

Keywords

Sustainable Development

Status: Accepted