Harmonizing financial futures: AI enhancement and methodical fusion in banking risk oversight

The paper will deal with the link between finance and artificial intelligence (AI) in the context of banking, including how AI was introduced from simple tasks to more complex ones involving risk management and fraud detection. The phenomenon displays use of AI by banks as exemplified by First Financial Bank, which was able to open new accounts through intelligent digital assistants. The article focuses on the question of ethical AI that aims to create trust and compliance. This article has explored the position that big language models (LLMs) hold in enhancing virtual assistants in banking and the significance of open source models, as they contribute to collaboration and innovation in the financial industry.