| Yhteenveto: | This research examines the ethical challenges associated with the adoption of Artificial Intelligence (AI) in banking operations through a systematic literature review (SLR). The review synthesizes findings from 72 peer-reviewed journal articles and conference papers published between 2018 - 2025, following a rigorous selection process based on PRISMA guidelines. The analysis reveals that, while AI technologies have transformed banking by enhancing operational efficiency, risk management, and personalized services, they also raise significant ethical concerns. Key ethical challenges identified according to the problematization include data privacy and security issues, algorithmic bias and discrimination, deficiencies in transparency, and accountability issues in AI driven decision-making processes.
To comprehensively evaluate these challenges, the study employs a multi-theoretical framework that integrates ethical theories (utilitarianism and virtue ethics) to assess the normative implications, the Unified Theory of Acceptance and Use of Technology (UTAUT) to explore stakeholder perceptions and technology acceptance, and Actor-Network Theory (ANT) to elucidate the dynamic interrelations along with the translation among human and non-human actors in the banking ecosystem. Although the existing literature broadly acknowledges the existence of these ethical issues, most studies tend to discuss them superficially without detailed analysis or practical mitigation strategies.
Based on the synthesized evidence, this study proposes a novel conceptual framework promoting ethical AI adoption in banking. The framework highlights the interdependencies of ethical challenges among technical, ethical, and regulatory dimensions and provides a basis for future research aimed at developing more comprehensive ethical guidelines and governance standards. Ultimately, the study contributes valuable insights for both academia and practice, promoting responsible and ethically sound AI implementation in the financial sector.
Keywords: ethical challenges, artificial intelligence, banking
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