KASBIT Business Journal, 17 (1), 44-56

Naeem, M., et al.

KASBIT BUSINESS JOURNAL

Journal homepage: www.kbj.kasbit.edu.pk

The Impact of Investment in AI on Bank Performance: Empirical Evidence from

Pakistan's Banking Sector
Muhammad Naeemi , Muhammad Sirajii, Ahmad Shah Abdaliiii, Asim Mehboobiv
i) Department of Commerce, Islamia University of Bahawalpur, Pakistan
ii) Department of Business Administration, Shaheed Benazir Bhutto Dewan University Karachi, Pakistan
iii) Department of Business Administration, Ghazi University of Dera Ghazi Khan, Pakistan
iv) Department of Accounting and Law, Faculty of Business Administration and Social Sciences, Muhammad Ali
Jinnah University Karachi, Pakistan.

ARTICLE INFO ABSTRACT

Keywords: Artificial Intelligence has gained the attention of researchers, owners, and investors
Artificial Intelligence because it plays a vital role in the success of any type of business (Small and medium
investment, Bank enterprises to large levels). This study is used to identify the impact of artificial
performance,
intelligence on bank performance. Data are collected from the bank's annual reports on
Pakistan Stock
the Pakistan Stock Exchange. The study period is from 2011-2022 and the total
Exchange, Emerging
market, Pakistan. observation of this study is 216. In this study, we used event study methodology for AI
and quantitative measures for bank performance. Bank Performance is measured
through these proxies i.e. Net profit margin, Return on Equity, and Return on Assets.
The control variables used in this study are Bank Size and Bank Age. Results show that
artificial intelligence investment positively contributes to bank performance. This study
has implications for stakeholders especially for owners of banks to focus on artificial
intelligence to increase bank performance. This study presents pioneering empirical
evidence regarding artificial intelligence's impact on bank performance. It also serves
as a valuable reference for businesses considering artificial intelligence investments.

1. Introduction
The rapid advancements in Artificial Intelligence (AI) present substantial business prospects across
diverse industries, notably within finance, as underscored by Enholm and Valfridsson (2022) and
Shareef et al. (2021). AI encompasses an array of technologies, effectively mimicking human
intelligence (Łapińska et al., 2021, Vogan et al., 2020, Mamela et al., 2020). Leveraging AI
Corresponding Author: Muhammad Naeem
Email: [email protected]
Received: 11TH January 2024
Received in revised form: 17th April 2024
Accepted: 22nd April, 2024
The material presented by the authors does not necessarily represent the viewpoint of the editor(s) and the management of the
Khadim Ali Shah Bukhari Institute of Technology (KASBIT) as well as the authors’ institute © KBJ is published by the
Khadim Ali Shah Bukhari Institute of Technology (KASBIT) 84-B, S.M.C.H.S, off Sharah-e-Faisal, Karachi- 74400, Pakistan

44
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

capabilities enhance operational efficiency, trims costs, and amplifies revenues, thereby catalyzing
improvements in business processes (Bag et al., 2021). While a significant form of research has
researched into the influence of AI on enterprises, as examined by scholars including (Rasheed et al.,
2021, Wamba-Taguimdje et al., 2020, Ho et al., 2022, Islam et al., 2022, Liu et al., 2022b,
Chen et al., 2022a) in developed economies, the Pakistani financial sector has remained relatively
underexplored. It is crucial to recognize that transposing the implications from developed economies
to emerging ones like Pakistan may not be straightforward, given the differing economic conditions
in both contexts. Pakistan's financial sector grapples with an array of challenges attributable to the
nation's economic conditions, including economic volatility, fraud, cybersecurity concerns, and
issues related to credit ratings, all of which ultimately impact its overall performance. Despite the
various methodologies employed to investigate the association between Investment in AI and firm
value in SMEs, the application of the event study methodology has been limited. This study
endeavors to link this gap by employing the event study technique to evaluate the impact of AI on
the presentation of the Pakistani financial sector.

For identifying business opportunities, enterprise capabilities are critical. While AI has great
potential to advance a business performance, there are substantial barriers to this business
implementing AI (Yu et al., 2023). Businesses can use AI to improve performance through cost
reduction and revenue growth (Manser Payne et al., 2021). When a business uses AI that is difficult
to replicate by competitors, it gains a competitive advantage (Ali et al., 2020) and improves bank
performance (BP) (Xu et al., 2022, Li et al., 2022). Exploring the mechanisms and critical factors of
the impact of AI on performance (Li et al., 2022, Mikalef and Gupta, 2021) has therefore an
important value (Theoretical and Practical) (Wang et al., 2021). According to Bughin et al. (2018),
revenue from AI applications will increase in the coming years. Even though new technologies are
triggering a lot of enthusiasm, some organizations are still anxious about executing them. Businesses
have worried because they are concerned that machines might not be in line with management
purposes, which could lead to poor decisions or functioning errors. There are two basic reasons for
the reluctance to accept AI. Initially, businesses view the acceptance of AI as a substantial problem
that, in the event of a machine failure, might result in lost revenue. Additionally, the associated
expenses are a major warning for businesses looking to adopt AI technology. Therefore, it is
probable that the aid of AI for organizations won't at all times clear as planned (Bughin et al., 2018).

AI delivers a technical solution to economic complications handled by emerging market

enterprises at the bottommost of the economic pyramid. Through the incorporation of data from
numerous sources, including websites, social media platforms, and traditional channels, firms can
advance robust plans for revenue growth and pioneering business models. AI mobile apps, software,
and technology may be used by developing-country businesses to increase efficiency (Strusani and
Houngbonon, 2019). AI technologies have the potential to create new opportunities and expand
markets by improving productivity and financial solutions (Briganti and Le Moine, 2020).

AI has advanced significantly in the banking industry, allowing banks to optimize processes
and improve client experiences (Sträßer and Stolicna, 2023). However, there is a huge knowledge
vacuum about the direct impact of AI on key financial performance measures such as net profit
margin, return on equity, and return on assets (Kacar, 2023). Despite AI's ability to streamline
operations and boost efficiency, empirical research has yet to reveal the precise relationship between
AI adoption and these financial consequences. Investigating this relationship is critical for banks to
strategically harness AI for long-term financial success. While existing research (Crosman, 2018)
recognizes AI's revolutionary potential in banking, the impact of AI adoption on specific financial
45
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

performance measures such as net profit margin, return on equity, and return on assets has not been
thoroughly studied (Makhija et al., 2021). The relationship between AI adoption and financial
performance is complicated and may be influenced by moderating factors such as bank size and age,
which have not been properly investigated (Ernst, 2022, Rahman et al., 2023). This information gap
provides a chance for researchers to shed light on the subtle implications of AI adoption on financial
performance, as well as how these effects may differ based on the characteristics of individual
institutions (Aprilia et al., 2023). By filling this vacuum, the study hopes to give banks evidence-
based insights to steer Investment in AIs and improve financial results.

Our study objectives are; to inspect the impact of Investment in AI on BP in emerging

markets. Therefore, the objective of this research is to fill this gap by responding to the following
investigated questions: Does Investment in AI influence BP in Pakistan? In this study, we used a
quantitative technique. AI is measured through event study methodology. Performance is measured
through these proxies i.e. NPM, ROE, and ROA. Data was collected from 18 banks registered in
PSX in the study period from 2011 to 2022. Our study found a positive substantial affiliation
between these variables. This study answers the questions. Investment in AI gives competitive
advantages to businesses through these competitive advantages businesses can earn more as
compared with their competitors. The paper organized are as follows: section 2 discusses the
literature review and section 3 presents the research methodology. Section 4 consists of analysis
while sections 5 and 6 contain results and conclusion respectively.

2. Literature review
The terms "artificial" and "intelligence" must first be unstated individualistically to
understand the idea of AI. "Intelligence" can be well-defined as concerning mental processes like
comprehension, learning, and reasoning (Lichtenthaler, 2019). Contrariwise, "artificial" entitles
something that is formed by humans as opposite to something that occurs naturally. Merging the
two, Wamba-Taguimdje et al. (2020) state that "Artificial Intelligence can be understood as making
machines capable of simulating intelligence." It is also defined as “a set of theories and techniques
used to create machines capable of simulating intelligence. AI is a general term that involves the use
of computers to model intelligent behavior with minimal human intervention”. According to Pallant
(2020), AI is a field that uses big data and computer science to advance decision-making and
problem-solving in enterprises. AI algorithms, for instance, can be used to shape proficient systems
that can categorize data based on input or make forecasts. Therefore, AI in the business field can
progress and create computer systems which is accomplished by human intellect (Davenport and
Ronanki, 2018). Financial performance aids from the use of AI in a diversity of business value
chains, such as personnel management, inventory tracking, financial record keeping, and consumer
segmentation (Papagiannidis et al., 2021). For the reason, that AI practices and applications are the
go-ahead and deficit standardized ideas, estimating AI adoption in enterprises is a problematic
responsibility. The implementation of AI has been measured using a diversity of techniques in
previous studies, including both qualitative and quantitative approaches. The request for AI-skilled
human capital is being measured; business insights into AI are being unstated (Gill et al., 2019), the
application of particular AI-based technologies, such as machine translation, is being inspected; and
the incorporation of AI claims into central business functions is being carefully inspected (Drydakis,
2022, Deveci, 2023). These are examples of qualitative measures. Numerous metrics have been
employed to measure the implementation of AI on a quantitative level. These include material
derived from AI product statements (Zhou et al., 2021), funds or R&D expenses related to AI (Chen
and Biswas, 2021, Liu, 2023), and the inspection of the application of AI patent (Damioli et al.,
2021).
46
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

2.1 Theoretical Background

AI is being integrated into the financial sector. In the context of TAM, AI adoption would be
driven by characteristics such as perceived usefulness and usability. These financial performance
measures (Net Profit Margin, ROE, and ROA) will be altered by the use of AI in banking
operations. TAM says that two major aspects drive technology adoption: perceived utility and
perceived ease of use. Perceived usefulness can be quantified by surveying banking stakeholders on
how they believe AI adoption would benefit various elements of banking operations, such as
efficiency, decision-making, customer service, risk management, and so on. The higher perceived
utility is likely to lead to increased AI adoption. Perceived ease of use refers to how easy it is for
bank employees to use AI technology efficiently. Training availability, user-friendly interfaces,
compatibility with existing systems, and so on can all have an impact on this. Increased perceived
ease of use is likely to lead to wider adoption of AI. The model would seek to explore how the
adoption of AI, impacted by perceived usefulness and ease of use, influences financial performance
measures (net profit margin, ROE, ROA) in the banking sector while controlling for bank size and
age. By examining the data, you may assess whether AI adoption, which is motivated by perceptions
of usefulness and convenience of use, has a major impact on these financial performance measures.

2.2 Hypotheses Development

AI has emerged as a transformative force in the banking sector, redefining the landscape of
BP. By leveraging advanced algorithms, machine learning, and data analytics, banks can now
enhance customer experiences through personalized services, streamline operations by automating
routine tasks, and mitigate risks by identifying anomalies in real-time. AI-driven chatbots and virtual
assistants facilitate seamless interactions, while predictive analytics aids in making data-driven
decisions for loan approvals and investment strategies. Moreover, AI's ability to analyze vast
datasets enables banks to uncover valuable insights, optimize resource allocation, and detect
fraudulent activities, ultimately leading to improved efficiency, profitability, and competitiveness in
the dynamic world of finance.

ROA, ROE, EPS, and ROS are important performance indicators for businesses (Dubey et al.,
2020). Investment in AI positively relates to BP measures (Yasmin et al., 2020). AI improves
manpower and resource efficiency (Ashaari et al., 2021). AI through knowledge creation enhances
BP (Chakraborty et al., 2020). This study concludes that AI significantly affects BP. Through the
conceptual research model, some studies confirmed that AI has a positive impact on BP (Mikalef
and Gupta, 2021). They have stated that AI improves BP. Firms can increase their business value
and capability by implementing AI technology. When organizations adopt new technologies, it is
possible to reconfigure their processes. Oke et al. (2008) and Miller et al. (2017) found that AI has a
positive influence on FP. The digitalization of accounting measures in businesses was the main
focus of the examination of AI concepts and their influence on accounting. The assumption reached
was that while AI might not directly progress accounting, it does play a sympathetic role in the
development of firm performance. Tan et al. (2022), examined how AI affects accounting fraud and
the caliber of accounting data. Conferring to their conclusions, AI can equally reduce accounting
fraud and progress the general caliber of accounting data. Turner (2018), examined the association
between AI and finance and accounting. Conferring to the statement, AI has the revolutionary
possibility to entirely change the system in that contract and auditing-related responsibilities are
done.
47
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

Babina et al. (2021) revealed that businesses that finance AI beat their competitors concerning
employment, market valuations, and increases in sales, all of which are mainly attributable to
product innovation. Larger businesses are more exaggerated than smaller ones, which makes sense a
certain amount of data they gather. However, AI doesn’t seem to have any influence on cost-cutting
measures. The application and deployment of AI in organizations have been revealed to have decent
aids on organizational performance and originality by Mikalef and Gupta (2021) current empirical
investigation, representative of the valuable effects of AI capacity on FP. Alternatively, Liu et al.
(2022a) observed how Investment in AIs affected business worth using an analysis of sixty-two
publicly traded American firms' Investment in AI announcements. Their study showed that stock
prices fell by 1.77% on the day of the announcement. Particularly, businesses in non-manufacturing
industries and those with lesser credit ratings and information technology capabilities suffered
further. Equally, Fotheringham and Wiles (2023) revealed that performance increased by 0.22% in
response to Investment in AI announcements about customer support, such as chatbots. Chatbot
marketing can influence the customer relationship (Siraj and Muhammad, 2023). Thus, we
hypothesized it as follows.

H1: Artificial Intelligence Investment positively and significantly affects Bank Performance.

2.3 Theoretical Framework

Independent Variable
Dependent Variable

Artificial H1 “Net Profit Margin”

Intelligence “Return on Equity”
“Return on Assets”

Bank Size
Bank Age
Control Variable

3. Research Methodology
3.1 Data Used in the Study
Data is collected from annual reports available on the PSX study period from 2011 to 2022.
We used a quantitative technique. Independent variable Investment in AI is measured through event
study methodology. Dependent variables BP are measured through NPM, ROE, and ROA. Size and
Age are used as control variables.

48
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

3.2 Measurement of Variables

3.2.1 Independent Variable
AI is measured through event study methodology in binary form. If banks use the word AI in
their annual reports and newspapers to make announcements related to Investment in AI then
allocate 1 otherwise 0. The event study methodology is widely used in accounting and finance to
examine the association between AI announcements and financial and non-financial returns of the
firms (Lui et al., 2022, Huang et al., 2019). We gathered data from the annual reports of banks.

3.2.2 Dependent Variables

BP is measured through quantitative techniques.
NPM is computed by dividing net income by total revenue.
ROE is computed by dividing net income by total equity.
ROA is determined as the ratio of net income to total assets.
3.2.3 Control Variables
Control variables used in this study are measured as follows:
Bank Size = Log of the total assets.
Bank Age= Number of years to the establishment of the bank
3.3 Econometric Model
The impact of AI on BP has been measured through the following equation:

Equation
BPit= α0 + α1AIit + α2Sizeit +α3Ageit

Whereas
BPit = Bank Performance for bank i for time t;
Sizeit = Size of the bank for bank i for time t
Ageit = Age of the bank for bank i for time t
α 0= Intercept for firm i for time t

4. Results
4.1 Descriptive Result
Table I: Descriptive Statistics
Variable Obs Mean Std. Dev. Min Max
AI 216 .727 .447 0 1
NPM 216 .007 .016 -.072 .04
ROE 216 9.572 13.905 -54.18 30.149
ROA 216 10.071 6.365 1.575 53.943
SIZE 216 14.955 1.127 11.456 17.052
AGE 216 35.833 22.373 1 97

Table 1 shows the result of descriptive statistics. It shows that the average of AI is 72.7% which
means that Pakistani banks approximately 73% focusing on Investment in AIs because banks have ideas
now this time is for machine learning and AI. The mean value of NPM is 7 %. Investment in AIs 7%
contribute to NPM. The mean value of ROE and ROA shows that AI also causes increases in these.
49
 KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

Bank size and age have mean values of 15% and 36% approximately means that these variables
contribute more as compared with AI. Mostly those banks focus on Investment in AIs who has larger
size and more age.

4.2 Correlation Statistics

Table II: Matrix of correlations

Variables AI NPM ROE ROA SIZE AGE
AI 1.000
NPM 0.052 1.000
ROE 0.198 0.658 1.000
ROA 0.173 0.008 0.149 1.000
SIZE 0.055 0.532 0.564 0.482 1.000
AGE 0.184 0.444 0.406 0.053 0.612 1.000

We conducted a correlation analysis to assess the presence of multicollinearity among

variables in the dataset. Regression analysis involves multicollinearity, which is the existence of a
substantial correlation between two or more independent variables. The struggle in separating the
different effects of each variable on the dependent variable stems from this high correlation. In this
case, we followed a guideline from Anderson and Reeb (2003) that states a correlation coefficient
value above 0.7 indicates the presence of multicollinearity. According to the results presented in
Table 2, none of the correlation coefficients between variables exceeded the threshold of 0.7. This
suggests that there is no significant multicollinearity issue among the variables you analyzed. This is
a positive outcome as multicollinearity can lead to unstable coefficient estimates, reduced
interpretability, and challenges in drawing meaningful conclusions from a regression analysis. By
confirming that our variables have correlation coefficients below the threshold, we have more
confidence in the reliability of our regression results.

4.3 Regression Result

Table III: Regression Results

Variables NPM ROE ROA
AI 0.040** 0.113* 0.119*
(0.012) (0.021) (0.029)
Size 0.0289* 0.454** 0.317*
(0.019) (0.152) (0.610)
Age 0.0220 0.089** 0.092*
(0.018) (0.039) (0.043)
Constant 0.303*** 0.222 0.019**
(0.096) (0.240) (0.224)
Observations 216 216 216
R-squared 0.218 0.191 0.201
Number of Firms 18 18 18
“Note: Standard errors are in parentheses. *** p<0.01, ** p<0.05, * p<0.1”
50
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

The impact of Investment in AI on BP is shown in Table III. Results demonstrate that AI has
a positive substantial influence on NPM, ROE, and ROA which means that now these days’ banks
are focusing on AI installment in their banks and reducing their cost. Those banks that are more
focused on AI and technology ultimately, they are reducing their manpower as well as their
expenses in the form of salary. So due to this their performance increases. AI has also a positive
substantial consequence on Bank size and bank age because those banks that have more assets and
are old in the form of age are more investing in AI. Our results are aligning with (Chen et al., 2022b,
Ma et al., 2021). R square of NPM is approximately 22% which means that AI brings 22% change in
NPM. The same as NPM ROE and ROA R square is 19% and 20% respectively. Investment in AI in
the form of credit rating, banking apps, and other types of capabilities and tools enhances BP.

5. Discussion
The study's findings shed light on the possibilities of AI integration in Pakistan's banking
industry. They emphasize that investments in AI may significantly improve innovation and overall
performance, with bank age and size also having a big impact. To succeed in today's globalized
world, Pakistani banks must adopt technology-driven channels for transactions and client
engagement. It emphasizes the importance of crucial investments in AI to promote industrial change.
Results demonstrate that AI has a positive substantial influence on NPM, ROE, and ROA which
means that now these days’ banks are focusing on AI installment in their banks and reducing their
cost. Those banks that are more focused on AI and technology ultimately, they are reducing their
manpower as well as their expenses in the form of salary. So due to this their performance increases.
AI has also a positive substantial consequence on Bank size and bank age because those banks that
have more assets and are old in the form of age are more investing in AI. Investment in AI in the
form of credit rating, banking apps, and other types of capabilities and tools enhances BP. The
advent of AI as a global scientific achievement has progressed beyond theoretical principles to
actual applications in a variety of disciplines. Its tremendous influence, notably in the financial
sectors of leading nations, is obvious. AI has grown into a vital tool for improving BPs, generating
innovation, and obtaining a competitive advantage. Nonetheless, despite significant time and
resource expenditures, several AI programs confront obstacles, in part owing to a lack of a clear
understanding of AI's potential to provide commercial value and the expected forms of such value.
The study's findings shed light on the possibilities of AI integration in Pakistan's banking industry.
They emphasize that investments in AI may significantly improve innovation and overall
performance, with bank age and size also having a big impact.

6. Conclusion
To succeed in today's globalized world, Pakistani banks must adopt technology-driven
channels for transactions and client engagement. It emphasizes the importance of crucial
investments in AI to promote industrial change. This research has theoretical as well as practical
ramifications. It emphasizes AI's critical role as a resilient driver of performance, especially under
difficult situations. The findings give significant information for firms considering AI integration,
including insights into avoiding investment risks. Proactive investors and managers may find
possibilities to diversify portfolios and optimize returns by studying and investing in stocks of banks
that have effectively incorporated AI. Furthermore, the study demonstrates that tracking the
performance of AI-adopting companies provides a fresh route for both technical and fundamental
assessments, potentially improving decision-making processes. While this study adds greatly to our
understanding of AI's influence on the banking industry, it is not without limits. Notably, it does not

51
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

assess how AI influences the performance of SMEs or non-financial organizations, leaving the
potential for further study in these areas. The study's sample size was small, indicating that larger-
scale studies are needed for greater generalizability. Furthermore, the report focuses exclusively on
performance gains and does not go thoroughly into the risk management elements of AI adoption.
Future research should look at a variety of routes to build on this topic. To begin, researching how
AI affects SMEs and non-financial enterprises can give a more thorough knowledge of AI's
applicability across many industries. Increasing the sample size and covering a larger range of banks
can improve the robustness of the findings. Furthermore, future studies might dive into the
complexities of risk management in the context of AI integration, looking at possible issues like
ethical and cybersecurity threats. Finally, emphasizing AI implementation methodologies and
identifying important success factors might give significant insights for firms contemplating AI
adoption. To summarize, this study lays the groundwork for further investigation of AI's diverse
consequences and its capability to drive sustainable growth and novelty across businesses.

52
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

References
Ali, M., Alam, N. & Rizvi, S. A. R. 2020. Coronavirus (Covid-19)—An Epidemic Or Pandemic For Financial
Markets. Journal Of Behavioral And Experimental Finance, 27, 100341.
Anderson, R. C. & Reeb, D. M. 2003. Founding‐Family Ownership And Firm Performance: Evidence From
The S&P 500. The Journal Of Finance, 58, 1301-1328.
Aprilia, S., Lionora, C. A. & Aprilistyan, S. F. J. B. J. K. B. D. P. 2023. Formulating Strategy Through
Boston Consulting Group Matrix In The Tourism Industry. 10, 147-158.
Ashaari, M. A., Singh, K. S. D., Abbasi, G. A., Amran, A. & Liebana-Cabanillas, F. J. 2021. Big Data
Analytics Capability For Improved Performance Of Higher Education Institutions In The Era Of Ir
4.0: A Multi-Analytical Sem & Ann Perspective. Technological Forecasting And Social Change, 173,
121119.
Babina, T., Fedyk, A., He, A. & Hodson, J. 2021. Artificial Intelligence, Firm Growth, And Product
Innovation. Firm Growth, And Product Innovation (November 9, 2021).
Bag, S., Gupta, S. & Kumar, S. 2021. Industry 4.0 Adoption And 10r Advance Manufacturing Capabilities
For Sustainable Development. International Journal Of Production Economics, 231, 107844.
Briganti, G. & Le Moine, O. 2020. Artificial Intelligence In Medicine: Today And Tomorrow. Frontiers In
Medicine, 7, 27.
Bughin, J., Hazan, E., Lund, S., Dahlström, P., Wiesinger, A. & Subramaniam, A. 2018. Skill Shift:
Automation And The Future Of The Workforce. Mckinsey Global Institute, 1, 3-84.
Chakraborty, K., Bhatia, S., Bhattacharyya, S., Platos, J., Bag, R. & Hassanien, A. E. 2020. Sentiment
Analysis Of Covid-19 Tweets By Deep Learning Classifiers—A Study To Show How Popularity Is
Affecting Accuracy In Social Media. Applied Soft Computing, 97, 106754.
Chen, C., Haupert, S. R., Zimmermann, L., Shi, X., Fritsche, L. G. & Mukherjee, B. 2022a. Global
Prevalence Of Post-Coronavirus Disease 2019 (Covid-19) Condition Or Long Covid: A Meta-
Analysis And Systematic Review. The Journal Of Infectious Diseases, 226, 1593-1607.
Chen, T., Huang, Y., Lin, C. & Sheng, Z. 2022b. Finance And Firm Volatility: Evidence From Small
Business Lending In China. Management Science, 68, 2226-2249.
Chen, Y. & Biswas, M. I. 2021. Turning Crisis Into Opportunities: How A Firm Can Enrich Its Business
Operations Using Artificial Intelligence And Big Data During Covid-19. Sustainability, 13, 12656.
Crosman, P. J. A. B. 2018. How Artificial Intelligence Is Reshaping Jobs In Banking. 183, 1.
Damioli, G., Van Roy, V. & Vertesy, D. 2021. The Impact Of Artificial Intelligence On Labor Productivity.
Eurasian Business Review, 11, 1-25.
Davenport, T. H. & Ronanki, R. 2018. Artificial Intelligence For The Real World. Harvard Business Review,
96, 108-116.
Deveci, M. 2023. Effective Use Of Artificial Intelligence In Healthcare Supply Chain Resilience Using Fuzzy
Decision-Making Model. Soft Computing, 1-14.

53
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

Drydakis, N. 2022. Sexual Orientation And Earnings: A Meta-Analysis 2012–2020. Journal Of Population
Economics, 35, 409-440.
Dubey, R., Gunasekaran, A., Childe, S. J., Bryde, D. J., Giannakis, M., Foropon, C., Roubaud, D. & Hazen,
B. T. 2020. Big Data Analytics And Artificial Intelligence Pathway To Operational Performance
Under The Effects Of Entrepreneurial Orientation And Environmental Dynamism: A Study Of
Manufacturing Organisations. International Journal Of Production Economics, 226, 107599.
Enholm, I. & Valfridsson, O. 2022. Prediction Of Battery Lifetime Using Early Cycle Data: A Data Driven
Approach.
Ernst, E. 2022. Artificial Intelligence: Productivity Growth And The Transformation Of Capitalism.
Platforms And Artificial Intelligence: The Next Generation Of Competences. Springer.
Fotheringham, D. & Wiles, M. A. 2023. The Effect Of Implementing Chatbot Customer Service On Stock
Returns: An Event Study Analysis. Journal Of The Academy Of Marketing Science, 51, 802-822.
Gill, S. S., Tuli, S., Xu, M., Singh, I., Singh, K. V., Lindsay, D., Tuli, S., Smirnova, D., Singh, M. & Jain, U.
2019. Transformative Effects Of Iot, Blockchain And Artificial Intelligence On Cloud Computing:
Evolution, Vision, Trends And Open Challenges. Internet Of Things, 8, 100118.
Ho, L. T., Gan, C., Jin, S. & Le, B. 2022. Artificial Intelligence And Firm Performance: Does Machine
Intelligence Shield Firms From Risks? Journal Of Risk And Financial Management, 15, 302.
Huang, C., Zappone, A., Alexandropoulos, G. C., Debbah, M. & Yuen, C. 2019. Reconfigurable Intelligent
Surfaces For Energy Efficiency In Wireless Communication. Ieee Transactions On Wireless
Communications, 18, 4157-4170.
Islam, M. S., Hussain, I., Rahman, M. M., Park, S. J. & Hossain, M. A. 2022. Explainable Artificial
Intelligence Model For Stroke Prediction Using Eeg Signal. Sensors, 22, 9859.
Kacar, M. 2023. Application Of Ai In Customer Experience Management. Marketing And Sales Automation:
Basics, Implementation, And Applications. Springer.
Łapińska, J., Escher, I., Gorka, J., Sudolska, A. & Brzustewicz, P. 2021. Employees’ Trust In Artificial
Intelligence In Companies: The Case Of Energy And Chemical Industries In Poland. Energies, 14,
1942.
Li, J., He, Z. & Wang, S. 2022. A Survey Of Supply Chain Operation And Finance With Fintech: Research
Framework And Managerial Insights. International Journal Of Production Economics, 247, 108431.
Lichtenthaler, U. 2019. An Intelligence-Based View Of Firm Performance: Profiting From Artificial
Intelligence. Journal Of Innovation Management, 7, 7-20.
Liu, L., Iketani, S., Guo, Y., Chan, J. F.-W., Wang, M., Liu, L., Luo, Y., Chu, H., Huang, Y. & Nair, M. S.
2022a. Striking Antibody Evasion Manifested By The Omicron Variant Of Sars-Cov-2. Nature, 602,
676-681.
Liu, X. 2023. A Model Of Systemic Bank Runs. The Journal Of Finance, 78, 731-793.
Liu, Y., Liu, Y. & Wei, Z. 2022b. Property Rights Protection, Financial Constraint, And Capital Structure
Choices: Evidence From A Chinese Natural Experiment. Journal Of Corporate Finance, 73, 102167.

54
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

Lui, A. K., Lee, M. C. & Ngai, E. W. 2022. Impact Of Artificial Intelligence Investment On Firm Value.
Annals Of Operations Research, 1-16.
Ma, Y., Zhang, Q. & Yin, Q. 2021. Top Management Team Faultlines, Green Technology Innovation And
Firm Financial Performance. Journal Of Environmental Management, 285, 112095.
Makhija, P., Chacko, E. J. F. I. R., Issues, B. D. & Implications 2021. Efficiency And Advancement Of
Artificial Intelligence In Service Sector With Special Reference To Banking Industry. 21-35.
Mamela, T. L., Sukdeo, N. & Mukwakungu, S. C. The Integration Of Ai On Workforce Performance For A
South African Banking Institution. 2020 International Conference On Artificial Intelligence, Big
Data, Computing And Data Communication Systems (Icabcd), 2020. Ieee, 1-8.
Manser Payne, E. H., Dahl, A. J. & Peltier, J. 2021. Digital Servitization Value Co-Creation Framework For
Ai Services: A Research Agenda For Digital Transformation In Financial Service Ecosystems.
Journal Of Research In Interactive Marketing, 15, 200-222.
Mikalef, P. & Gupta, M. 2021. Artificial Intelligence Capability: Conceptualization, Measurement
Calibration, And Empirical Study On Its Impact On Organizational Creativity And Firm
Performance. Information & Management, 58, 103434.
Miller, T., Howe, P. & Sonenberg, L. 2017. Explainable Ai: Beware Of Inmates Running The Asylum Or:
How I Learnt To Stop Worrying And Love The Social And Behavioural Sciences. Arxiv Preprint
Arxiv:1712.00547.
Oke, P. R., Brassington, G. B., Griffin, D. A. & Schiller, A. 2008. The Bluelink Ocean Data Assimilation
System (Bodas). Ocean Modelling, 21, 46-70.
Pallant, J. 2020. Spss Survival Manual: A Step By Step Guide To Data Analysis Using Ibm Spss, Mcgraw-
Hill Education (Uk).
Papagiannidis, E., Enholm, I. M., Dremel, C., Mikalef, P. & Krogstie, J. Deploying Ai Governance Practices:
A Revelatory Case Study. Responsible Ai And Analytics For An Ethical And Inclusive Digitized
Society: 20th Ifip Wg 6.11 Conference On E-Business, E-Services And E-Society, I3e 2021, Galway,
Ireland, September 1–3, 2021, Proceedings 20, 2021. Springer, 208-219.
Rahman, M., Ming, T. H., Baigh, T. A. & Sarker, M. J. I. J. O. E. M. 2023. Adoption Of Artificial
Intelligence In Banking Services: An Empirical Analysis. 18, 4270-4300.
Rasheed, J., Jamil, A., Hameed, A. A., Al-Turjman, F. & Rasheed, A. 2021. Covid-19 In The Age Of
Artificial Intelligence: A Comprehensive Review. Interdisciplinary Sciences: Computational Life
Sciences, 13, 153-175.
Shareef, M. A., Kumar, V., Dwivedi, Y. K., Kumar, U., Akram, M. S. & Raman, R. 2021. A New Health
Care System Enabled By Machine Intelligence: Elderly People's Trust Or Losing Self Control.
Technological Forecasting And Social Change, 162, 120334.
Siraj, M. & Muhammad, G. 2023. Is Chatbot Marketing Have A Relationship With Electronic Word Of
Mouth? A Mediating Role Of The Customer-Brand Relationship. Journal Of Management Sciences,
10, 80-94.
Sträßer, J. & Stolicna, Z. 2023. Knowledge Management Of Private Banks As An Asset Improved By
Artificial Intelligence Discipline—Applied To Strategic Mckinsey Portfolio Concept As Part Of The
55
KASBIT Business Journal, 17 (1), 44-56
Naeem, M., et al.

Portfolio Management. Developments In Information And Knowledge Management Systems For

Business Applications: Volume 7. Springer.
Strusani, D. & Houngbonon, G. V. 2019. The Role Of Artificial Intelligence In Supporting Development In
Emerging Markets.
Tan, Y., Li, Z., Liu, S., Nazir, M. I. & Haris, M. 2022. Competitions In Different Banking Markets And
Shadow Banking: Evidence From China. International Journal Of Emerging Markets, 17, 1465-1483.
Turner, V. 2018. Dramas, Fields, And Metaphors: Symbolic Action In Human Society, Cornell University
Press.
Vogan, A. A., Alnajjar, F., Gochoo, M. & Khalid, S. 2020. Robots, Ai, And Cognitive Training In An Era Of
Mass Age-Related Cognitive Decline: A Systematic Review. Ieee Access, 8, 18284-18304.
Wamba-Taguimdje, S.-L., Fosso Wamba, S., Kala Kamdjoug, J. R. & Tchatchouang Wanko, C. E. 2020.
Influence Of Artificial Intelligence (Ai) On Firm Performance: The Business Value Of Ai-Based
Transformation Projects. Business Process Management Journal, 26, 1893-1924.
Wang, C., Wang, Z., Wang, G., Lau, J. Y.-N., Zhang, K. & Li, W. 2021. Covid-19 In Early 2021: Current
Status And Looking Forward. Signal Transduction And Targeted Therapy, 6, 114.
Xu, C., Liu, Z., Liao, M. & Yao, L. 2022. Theoretical Analysis And Computer Simulations Of A Fractional
Order Bank Data Model Incorporating Two Unequal Time Delays. Expert Systems With
Applications, 199, 116859.
Yasmin, M., Tatoglu, E., Kilic, H. S., Zaim, S. & Delen, D. 2020. Big Data Analytics Capabilities And Firm
Performance: An Integrated Mcdm Approach. Journal Of Business Research, 114, 1-15.
Yu, J., Weng, Y., Yu, J., Chen, W., Lu, S. & Yu, K. 2023. Generative Ai For Performance-Based Design Of
Engineered Cementitious Composite. Composites Part B: Engineering, 266, 110993.
Zhou, Q., Lim, F. J., Yu, H., Xu, G., Ren, X., Liu, D., Wang, X., Mai, X. & Xu, H. 2021. A Study On Factors
Affecting Service Quality And Loyalty Intention In Mobile Banking. Journal Of Retailing And
Consumer Services, 60, 102424.

56