Wojcik-Cze niawska, Agnieszka; G zymala, Zbigniew
A icle
Posi i e and Nega i e Inno a ions on AI economic
Pe spec i es in Mode n Banking/Finance
ENTRENOVA - ENTe p ise REsea ch InNOVA ion
P o ided in Coope a ion wi h:
IRENET - Socie y o Ad ancing Inno a ion and Resea ch in Economy, Zag eb
Sugges ed Ci a ion: Wojcik-Cze niawska, Agnieszka; G zymala, Zbigniew (2025) : Posi i e and
Nega i e Inno a ions on AI economic Pe spec i es in Mode n Banking/Finance, ENTRENOVA -
ENTe p ise REsea ch InNOVA ion, ISSN 2706-4735, IRENET - Socie y o Ad ancing Inno a ion and
Resea ch in Economy, Zag eb, Vol. 10, Iss. 1, pp. 467-480,
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467
ENTRENOVA - ENTe p ise REsea ch InNOVA ion
Vol. 10 No. 1
Posi i e and Nega i e Inno a ions on AI
economic Pe spec i es in Mode n
Banking/Finance
Agnieszka Wójcik-Cze niawska
Wa saw School o Economics, College o Managemen and Finance, Poland
Zbigniew G zymala
Wa saw School o Economics, College o Managemen and Finance, Poland
Abs ac
The s udy e iews key indings on he impac o banking g ow h and inno a ion on
economic de elopmen , pa icula ly ocusing on Asian economies whe e he
inancial sec o is less de eloped. Using seconda y da a, i expands he scope o
analysis o mo e speci ic elemen s o de elopmen . While banking inno a ion's
heo e ical e ec s a e as , empi ical indings a e o en less clea , as hey ocus on
speci ic businesses and channels. The s udy highligh s he impo ance o
unde s anding he cu en s a e o he inancial sec o when assessing i s ole in
g ow h. A i icial in elligence (AI) and Big Da a a e inc easingly used in economic
o ecas ing, o e ing p edic i e and decision-making capabili ies. The esea ch
concludes ha g ea e economic eedom, especially in c oss-bo de inancial
ma ke s, does no always bene i companies. In e na ional inancial eedom can
hinde de elopmen , while domes ic inancial eedom may suppo i . As weake
banks s uggle o inance s a ups, he s udy sugges s ha inancial eedom may yield
a ied esul s o economic and business g ow h. In egions wi h unde de eloped
inancial ma ke s, like Asia, banks play a c ucial ole in os e ing g ow h. The a icle
emphasizes he impo ance o inancial echnology in shaping hese ou comes.
Keywo ds: Posi i e and nega i e inno a ions, banking business, inancial
de elopmen , mode n banking ad ancemen
JEL classi ica ion: O16, O31, G21
Pape ype: Resea ch a icle
Recei ed: 14 Janua y 2024
Accep ed: 28 May 2024
DOI: 10.54820/en eno a-2024-00036
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Vol. 10 No. 1
In oduc ion
Does banking imp o emen ad ance de elopmen ? Hypo heses gi e di e en ia ing
eplies o his inqui y. The undamen al job o a well-wo king mone a y amewo k o
mechanical ad ancemen , la e wo k has been demons a ed on he adminis a ions
o mone a y delega es ha assis assess and show business isiona ies, g oup asse s o
use ul usages, and di e en ia e dange s o c ea i e asks, p omo ing an
ad an ageous impac o banking imp o emen on de elopmen . Then again, bank
obliga ion inancing de e s i ms om pu ing esou ces in o c ea i e unde akings
since no el en u es ha e huge ex be ulne abili y which is unwished o banking o
ga he da a unde connec ion loaning. In such manne , ading imp o emen as well
as dependence on bank suppo may a ec con a ily on de elopmen . The
expec a ion u ns ou o be mo e ques ionable as banking imp o emen p omp s
a ia ions in o he ma ke place s uc u es, like he se ious scene o he inancial a ea.
Thusly, i is e en ually an expe imen al inqui y ega ding whe he banking
imp o emen ad ances de elopmen (Aghion and Ti ole, 1994). Expe imen al
in es iga ions d aw on di e en deduc ions om he hypo heses and ways o deal
wi h esponding o he inqui y om al e na e poin s o iew. While hey o e blended
p oo , which e lec s he hypo he ical agueness, he dis inc ions can be possibly
cla i ied by he idea o he inancial imp o emen hey cen e a ound and he a ious
channels hey unco e . The e iew sums up he signi ican disco e ies o he exac
examina ions ha look a he impac o banking imp o emen on de elopmen and
ea u e hei gene al commi men s o comp ehension abou he di e en jobs ha
he inancial a ea plays in deciding ad ancemen . Then, a ha poin , i will
ee alua e he impac o banking ad ancemen and de elopmen , s e ching ou
he ex en o examina ion o mo e g ind componen s o de elopmen and o Asia
ma ke place whe e mone a y business sec o s a e less e ol ed. As ad ancemen is
an essen ial wellsp ing o long haul inancial de elopmen , he s udy will help he
obse a ional disco e ies owa d a p ecise ou look on he sc een h ough which
banks imp o emen in luences mone a y de elopmen and gi e po en ial
a angemen sugges ions o he a ising ma ke s.
Figu e 1
Digi al inance inclusion and s abili y
Sou ce: Amo e e al., 2013.
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Banking g ow h and inno a ion
P oo om p e ious wo k
This sec ion p o ides a de ailed analysis o nine publica ions ha in es iga e he
in luence o imp o ed banking on c ea i i y in an expe imen al se ing. 1 Six a icles
look a public and municipal inancial eedom, ou o hem look a in as a e and
highway banking libe a ion in he Uni ed S a es om he 1970s o he 1990s, and wo
o hem look a banking libe a ion in I aly om he 1980s. Two s udies p o ide c oss-
coun y con i ma ion o inancial g ow h and u n-o -e en s (A anasso e al., 2007).
Finally, du ing he G ea Recession, he essay in es iga es he ela ionship be ween
bank ailu e and co po a e de elopmen in he Uni ed S a es. I summa izes he mos
signi ican esul s o he esea ch. While each o he s udies looked a examines he
e ec s o money inclusion on de elopmen , he esul s do no seem o gi e a
comple e unde s anding o he inancial sec o 's ole in os e ing p og ess. A ew ac s
become appa en . To begin wi h, di e en ypes o banking g ow h, such as
in e na ional and highway inancial libe a ion, and na ionally inc easing eedom in
he Uni ed S a es, may ha e as ly di e en consequences on p og ess. Second, he
impac o inc eased inancial esou ces on de elopmen di e s ac oss na ion. Thi d,
he inancial sec o 's unc ion a ies h ough ime; as a esul , he impac o banking
de elopmen now, compa ison o he G ea Recession o a gene a ion ea lie , may
ha e a ange o de elopmen epe cussions. In o de o app ecia e he mul iple
con en ions, channels, and exac plans, as well as he gene alizabili y and amoun o
applica ion o he appa en ly di e se conclusions, he nex sec ions should dig in o
such di e ences (Balsmeie , e al., 2017).
This sec ion con ains a e iew o ou pape s ha look a he impac o inancial
de egula ion on US de elopmen . A pe iod o inancial libe aliza ion occu ed in he
Uni ed S a es. The e we e a ious imes om he 1970s h ough he 1990s when he
limi s we e p og essi ely elimina ed. concen a ing on banking and expanding
businesses bo h inside and ou side o s a es Each o he ou a icles pulls oge he a
unique combina ion o da a. Licensing me ics and pionee quali ies, as well as da a
om he US Pa en and T adema k O ice (USPTO), may be u ilized o moni o p og ess.
They include compa a i e exac plans like he di e ence in-con as s app oach,
ixed-impac examina ion, and dynamic elapses, which use a ew s agge ed loods
o da a. de egula o y e en s o de e mine whe he banking de elopmen has a
causal e ec on business g ow h ad ancemen . Rega dless o he s anda d es
subjec , he pape s do no gi e a consis en pic u e. When hey e ol e a ound
dis inc su ges o de egula o y al e a ions, nume ous so s o indings companies, and
di e se cha ac e is ics o mone a y ma ke expansion in he nex pa ag aphs, you will
ind. I will ocus on he main dis inc ions and conside hei example companies
h oughou he alk di ec s in sub le y con o e sies, disco e ies, and explana ions.
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Figu e 2
Banking digi al ans o ma ion
Sou ce: Be ge , 2014.
The s udy implies ha he e is a connec ion be ween mone a y a ea libe a ion and
inancial p og ess ia imp o emen . Ra he han es ablishing a consis en posi i e
ela ionship, i demons a es he di e ences in he e ec s o in ana ional and
highway inancial libe ies on he g ow h o young, co po a e en i ies – in ana ional
inancial libe a ion slows de elopmen , whe eas highway banking eedom
accele a es i . The wo ypes o libe a ion ha e, app op ia ely, esul ed in di e en
inancial de elopmen consequences. The indings suppo a compe i i e model in
which banke s wi h inc easing business dominance as a esul o in ana ional inancial
eedom a e less willing o lend o inno a i e businesses, while banke s wi h dec eased
ma ke s eng h as a esul o highway inancial libe a ion a e now mo e willing o
inance de elopmen . The esul s indica e how a ious ypes o mone a y eedoms
may ha e di e se e ec s on company de elopmen and he ac ual economy. This
inqui y is connec ed o a pape ha looks a he ac ual consequences o mone a y
imp o emen and he impac o bank me ge s on mone a y execu ion.
Acco ding o he a icle, in ana ional inancial libe a ion has inc eased he
banking sys em's ba gaining powe o e young, p i a e companies because
e ec i e, massi e banks hold a la ge sha e o he o e all indus y. As a consequence,
he e ec o banking libe y on de elopmen is in luenced by he impac o banks'
ma ke dominance. (Bha acha ya and Daouk, 2002)
Acco ding o Be ge , Hamid, and Klasen in 2004, ising capi al ma ke dominance
diminishes de elopmen inancing capaci y while simul aneously aising de elopmen
isk. Inc eased ma ke powe o banke s may po en ially impede g ow h by pushing
down business en s (e.g., G ossman and Hal 1987). Gi ing banke s addi ional dealing
powe , acco ding o s udies on in e ac ion inance (e.g., Raman 1992), may assis
hem inc ease g ow h by expanding loans o connec ed consume s. The esea ch
p oposes wo es able hypo heses and backs hem up wi h expe imen al da a o
econcile hese con adic o y opinions.
The numbe o licenses egis e ed and awa ded by he USPTO, as well as he
numbe o e e ences supplied o hese licenses, a e u ilized as media o s o deg ee
o de elopmen once again, wi h he numbe o licenses wi h lowe and highe
e e ences b oken down as pe cen o he isk o de elopmen . The p ima y es co e s
he yea s 1976 o 2006 and includes go e nmen iews om 52 na ions. Using a
co ec ed coun ing echnique, he s udy shows a nega i e (posi i e) associa ion
471
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be ween in e -s a e (highway) inancial a ea libe a ion and he deg ee and dange
o de elopmen , con i ming he hypo hesis. The s udy goes on o look a he impac
o libe y on b eaking new g ound as a key componen o economic success.
Changes in banking sec o dominance ha e a bigge impac on explo a o y
de elopmen han manipula i e de elopmen , and he e ec s a e likewise mo e
se e e o i em de elopmen han o sys ems in eg a ion. Mul ichannel es ing backs
up hese esul s, showing ha changing banke s' ba e ing abili y has a lopsidedly
g ea e e ec s in a eas wi h a highe concen a ion o small en e p ises. To summa ize,
his pape uses s a e-yea pe cep ions o in es iga e he impac s o inancial
libe aliza ion on he deg ee and isk o de elopmen o new, sec e i e companies,
inding ha in as a e libe aliza ion has a nega i e impac whe eas highway
libe aliza ion has a bene icial one. A e some libe a ions, a ious changes in he
haggling o ce o banke s con ibu e o he impac s, which a e p ima ily cha ac e ized
by way b eaking de elopmen and inally di ec ed in o inancial expansion (Cha a
e al., 2013).
In he banking sec o
In he chap e , we look a 2 s udies ha look a he impac o banking e o ms on
de elopmen in I aly du ing he la e 1980s and ea ly 1990s. By imposing dis ic -le el
segmen al limi a ions o di e en deg ees o se e i y o banks, he de egula o y cycle
al e s he neighbo hood s ock o banking associa ions ac oss place. The wo s udies
ely on sh ewd esea ch in o ma ion ("Indagine sulle Imp ese Manu a u ie e") ha
p o ide indispu able ac s on ad ancemen and di e se iewpoin s eno mous
numbe s o people o I alian social e en o ganiza ions. They also use ela i e
obse a ional designs o examine he da a, simila o how ins umen al a iable
analysis is done. Rega dless, he wo publica ions ocus on he many al e a ions ha
inancial oppo uni y has b ough o he I alian mone a y amewo k and examine he
in luence on p og ess ia se e al cou ses, simila o p e ious esea ch ha ocuses on
he impac o US banking oppo uni y (Demyanyk and Sø ensen, 2007).
Figu e 3
Banking applica ion de elopmen
Sou ce: Demyanyk and Sø ensen, 2007.
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Ma ia He e a and Mine i in 2007:
This a icle ocuses on he da a wo k o cash linked ounda ions (clea ly banks) in
desc ibing ad ancemen . The s udy shows a bene icial consequence o banks'
knowledge on co po a e p og ess ia he channel o associa ion p opelling,
inco po a ing esh da a o an ins ance o I alian ge - oge he o ganiza ions and
banking oppo uni y o he inancial se ice sec o as ex e nal ac o s associa ions. By
u he un a elling he in luence, he s udy delinea es ha he expansion being
p oduced o igina es wi h expe ience and he ob aining o ou side gene a ed
deg ees o de elopmen a he han in-lodging esea ch (F iedman and Schwa z,
2008)
In e ms o he impac o bank da a on ad ancemen , hypo he ical o ma ion is a
om conclusi e. Mo al isk conce ns in he ising connec ion be ween banks and
co po a ions, acco ding o Rajan and Zingales (2001), a e pa icula ly acu e new
cons uc ion loans headways due o he di icul y in comp ehending and acking
hese mo emen s, as well as ludic ous isk- aking mo i a ions o i ms. As a esul , bank
in o ma ion migh play a c i ical ole in esol ing he p oblem while also ex ending
loaning o und new ini ia i es. In any case, bank c edi ing hold-up conce ns (i.e.,
dange s Bank is e using o ex end c edi and econside commencing game plan
ci cums ances) may de e o ganiza ions om o ming, since esh ad ancemen s a e
pa icula ly ulne able o he p oblem. As a esul , gi en he dubious conce ns
ega ding he in luence o bank da a on p og ess, his esea ch aims o b ing
in o ma ion in o he pic u e. The c ea o s, in pa icula , make ex ensi e use o layou
da a, which allows hem o assess ce ain s ages o de elopmen and appoin
in e media ies o bank da a. They ga he in o ma ion on he kinds o ad ancemen s
ha a e aking place (e.g., i em s. p ocess) in he same way as R&D does, and hey
de ine he mos impo an me ic o bank da a as he ela ionship o bank & i m (a
cus oma y s a ic measu e a an a ibu e o ime). They p o ide mul iple ins umen al
componen s o de ec ex e nal ac o s o he nea by heap o banking connec ions
and o add ess indigenei y conce ns in he link be ween c edi ela ionship leng h and
imp o emen . The amoun o b anches p oduced eely by o iceholde banks and
pa banks a e he wo ools. The ools seem o be exogenous, gi en how hey a e
linked o he inancial dis ic 's oppo uni y design in I aly du ing he inal hal o he
1980s, which elimina ed adi ional en ance cons ain s o shi ing deg ees ac oss
a eas. The unique heading o he in ol emen be ween banking oppo uni y and
c edi ing a ilia ion does no jeopa dize he legi imacy o he ins umen s. Addi ionally,
he c ea o s do ex a es ing o e alua e whe he any p og ess is being made. They
ag ee ha mo e subs an ial shows and he acquisi ion o new b eak h oughs a e mo e
closely linked o p og ess han inside esea ch.
In his app oach, he a icle inco po a es I aly's mone a y independence in o de
o unde s and he causal in luence o banks' knowledge on company p og ess, as
p oxied by he c edi ing connec ion wi h en e p ises. The disclosu es a e in line wi h
banks' in o ma ion-ga he ing p ac ices, which help o mi iga e mo al isk conce ns in
he lending ela ionship while also boos ing unding o u u e loans (He e a & Mine i,
2007)
Ben a ello, Schian a elli, and Sembenelli in 2008:
The in luence o neighbo hood banking de elopmen on I alian en e p ises'
c ea i e e o s h oughou he 1990s is examined in his a icle. The likelihood o a
cycle imp o emen ises as banking p og esses, and he impac is mo e p onounced
o mo e inconspicuous o ganiza ions as well as i ms in well-de eloped ini ia i es.
Du ing de elopmen , he pay awa eness o ixed hypo hesis also dec eases, esul ing
in mo e impo an R&D heo y, pa icula ly o small businesses.
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One o he ea lies s udies o go down his pa h, his one looks a how a change in
banking p ac ices can a ec a company's bo om line. Since a ious specula i e
channels ha e di e gen isions o he o ganiza ion and unce ain es ima es emain
open h ough each exp ess channel (e.g., challenge), he pape po ays he inqui y
as a limi obse a ional issue and e eals explici insigh in o mo e unassuming
businesses ha a e mo e elian on neighbo hood money and will undoub edly bene i
om banking de elopmen . This s udy looks a how he deg ee o banking headway
a ies among loca ions and how ha a ec s headway. The c ea o s disco e ha
local inancial imp o emen has a signi ican impac on i m-le el u n o e en s,
pa icula ly o p ocess headway, by displaying he possibili y o in oducing
enhancemen s as a componen o b anch hickness. They also no ice ha he impac
is s onge o small businesses and en e p ises ope a ing in he s a e-o - he-a a ea.
To o e come indigenei y p oblems, he esea che s employ he ex en o banking
p og ess in 1936, du ing he which was be o e pe iod o banking s ill nascen , as a ool
in he analysis and come up wi h compa able abs ac conclusions. Finally, he
designe s assess he immedia e impac o banking upg ade on p og ess da a sou ces
such as esea ch and de elopmen (R&D) and capi al expendi u es, which is also
mo e ele an o small businesses. O e all, his esea ch indica es ha banking
p og ess has a undamen al bene icial in luence on bo h da a and he a e e ec s o
le el o i m e en s, wi h a s onge esul on cou se imp o emen , lesse businesses,
and i ms in s a e-o - he-a loca ions. The end esul is a business o he mone a y
egion's inancing si ua ion ha wo ks wi h companies' inancial ambi ions in aking an
in e es in in en i e ac i i ies.
Imp o emen o he Banking Sec o
Wo ldwide P oo
C oss-coun y compa isons o he impac o inancial in e media ion a e summa ized
below on p og ess in his sec ion. Model con i ma ion (making s made coun ies),
app aisal le el ( i m e sus indus y le el), and obse a ional plans ( ela ionship a he
han pe cei ing e idence) di e ac oss he wo pape s, ac i a ing isola ing shu s on
he in luence o banking imp o emen .
Ayyaga i, Demi güç-Kun , and Maksimo ic in 2011
Acco ding o his s udy, accep ance o unknown money is linked o mo e essen ial
business p og ess in u al a eas. Bank lending, in pa icula , unds inno a i e ac i i ies
like p oduc launches, leaps in echnology, and new de elopmen p ocedu es. While
he exposes do no sugges a di ec link, hey do emphasize he signi ican in luence
o banking imp o emen o ad ancemen h ough a subsidized channel. Among he
huge con en on he essen ial componen s o assis ing new g ow h, li le is unde s ood
abou how economic condi ions, such as consen o back, e ec p og ess, a i al
channel o mo ing de elopmen , pa icula ly in de eloping na ions. This a icle ills
he gap by examining he impac on p i a e en e p ises' c ea i e ac i i ies in 47
de eloping economies. The p oduce s wan p ecise da a om he Wo ld Bank
En e p ise Su eys o o e 19,000 businesses. They assess c ea i e me hods om a
a ie y o pe spec i es, including ocused imp o emen ac i i ies such as he
p esen a ion o new i ems and ad ancemen , as well as addi ional o ms o
p omo ional ac ions imp o emen , such as in o ma ion ini ia i es ia endo semen
and ee alua ion (Ayyaga i and Maksimo ic., 2011)
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AI in Mode n Banking in Finance
Comme cial and e ail banks, as well as in ech companies and in es men i ms,
a e ans o ming hei business models wi h a i icial in elligence. Banking can bene i
om AI by be e p o ec ing hei cus ome s' accoun s, ensu ing paymen s, imp o ing
e u ns on in es men s, and pe sonalizing con en and in es men ecommenda ions.
F aud de ec ion, po olio op imiza ion, sales and ma ke ing enablemen we e also
among he op AI-enabled bene i s obse ed by execu i es in he global inancial
sec o "AI S a e o he Indus y". Fu he , one ou o h ee p o essionals in inancial
se ices belie es AI could boos hei company's e enue by a leas 20 pe cen . Using
a i icial in elligence educes ope a ing cos s because i au oma es insu ance claims
p ocessing, adding speech ecogni ion echnology o call cen e s o call
ansc ip ions, and o he p ocesses ha a e cu en ly done manually.
Hsu, Tian, and Xu in 2014:
Fo a long ime, he undeniable e ec s o cash- ela ed ma ke mo emen on he
economy we e sepa a ed. This s udy adds o he exis ing heo y by in es iga i e o he
a ious hings o signi ican wo h o ganiza ion egions and on he inancial amewo k
on mechanical de elopmen , which is a majo basis o cash- ela ed e en s, and
iden i ying 2 inancial s a ions h ough which he impac happens. F om 1976 o 2006,
32 de eloped and u al coun ies a e ep esen ed in he essay. A boa d assessing he
causal e ec o mone a y ma ke de elopmen on p og ess uses a ixed-impac s
me hod. The designe s employ USPTO pa en da a o ack pa en , ci a ion, o iginali y,
dis o ion, and R&D. When looking a a model a he coun y-business-yea le el, he
designe s no ice ha he ad ancemen o he alue ma ke has a posi i e in luence
on he ad ancemen o associa ions, howe e he ad ancemen o he I 's a di e en
s o y in he banking sys em. The un a o able esul o he c edi indus y is mo e
dependen on expe iences wi h mo e e iden ou side cash ela ed dependency and
a signi ican ly ad anced speed ise. As a esul , he loan ma ke is clea ly no an
app op ia e subsidizing op ion o c ea i e businesses ha depend on ou side capi al.
The esul s lend c edence o he claims ha :
1) In a banking-based economic sys em, angible e idence o alue a e equi ed
(Rajan & Zingales, 2001), which could es ic he use ulness o bank unding o majo
c ea i e endea o s (Beck Le ine, 2002)
2) accoun abili y Deb inancing isn' a good i o c ea i e ini ia i es because i
en ails mo e isk, less ce ain y in e ms o p o i and esul s, and mo e usage o
esou ces ha a en' necessa y o he p ojec 's success. By educing he amoun o
c edi a ailable o und inno a i e endea o s his s udy con i ms, ac oss coun ies,
ha expansion o he c edi /bank ma ke e a ds he ad ancemen o mechanical
echnology. (Hsu and Xu, 2014).
