AI ethics in banking services: a systematic and bibliometric review of regulatory and consumer perspectives

Abstract The rapid integration of artificial intelligence (AI) in banking services has significantly reshaped financial operations, offering improved efficiency, tailored customer experiences, and advanced risk management. However, these technological advances have introduced critical ethical concerns, particularly around data privacy, algorithmic bias, transparency, fairness, and regulatory oversight. This study employs a multi-method approach comprising a systematic literature review (SLR), bibliometric mapping, and content analysis to examine the ethical implications of AI in banking, with a specific focus on customer impact and the role of regulation in mitigating associated risks. A total of 25 peer-reviewed articles published between 2018 and 2024 were analysed using structured selection criteria and thematic clustering. The findings reveal four dominant thematic domains: ethical governance, AI application areas, customer-centric AI technologies, and risk and ethical decision-making. These highlight a strong scholarly emphasis on responsible AI deployment and the urgent need for harmonized regulatory frameworks. Despite growing attention, research gaps remain regarding empirical validation, customer trust, and the practical enforcement of AI governance principles. The review underscores the necessity for interdisciplinary collaboration and the development of context-specific, forward-looking regulatory approaches such as the EU AI Act and Singapore’s AI Governance Framework. This paper contributes uniquely by integrating bibliometric insights with content-driven thematic analysis, offering a consolidated view of current knowledge and identifying directions for future research. Its findings offer actionable insights for policymakers, regulators, and banking institutions seeking to adopt ethical, inclusive, and transparent AI systems in financial services.