Abstract

Abstract has been compiled with the use of ChatGPT.

The article analyses the dynamically developing AI systems in the context of their significance and application in the financial sector. Although no uniform definition of “artificial intelligence” has been yet formulated, ever more often the concept refers to certain techniques and tools, such as machine learning, natural language processing or image recognition. The article emphasizes that the significance of AI systems is rising in the areas of counteracting fraud, personalisation of services or risk management in financial institutions. At the same time, attention is drawn to regulatory initiatives of the European Union, which are aimed at adjusting the legal framework to the challenges and possibilities associated with AI. An important aspect of the analysis is a focus on technological, organisational and processing interrelationships of AI systems, which may lead to hazards in the area of cybersecurity and operational resilience. Further on in the article, the authors focus on those key issues associated with the duties of financial institutions in the context of the AI technology.