The Development of Artificial Intelligence in the Path of Banks’ Financial Services: A Qualitative Study in Iraq
Keywords:
Banking Transformation, Financial Services , Artificial IntelligenceAbstract
Objective: This study aims to identify the key factors influencing the development and adoption of artificial intelligence in the financial services of Iraqi banks.
Methodology: This research is applied in nature and adopts a qualitative methodology. The study population consisted of experts from the Iraqi banking system in Baghdad, Erbil, and Basra, selected through purposive sampling. Data were collected via semi-structured interviews with 18 participants, including IT executives, AI project managers, cybersecurity analysts, fintech consultants, and academic researchers, until theoretical saturation was achieved. Data analysis was conducted using Strauss and Corbin’s grounded theory approach through open, axial, and selective coding.
Findings: The qualitative findings indicate that the development of artificial intelligence in Iraqi banks’ financial services is significantly influenced by five core dimensions: technological infrastructure, data quality, cybersecurity, organizational culture, and regulatory compliance. Inadequate processing infrastructure, fragmented and low-quality data, lack of real-time security monitoring systems, organizational resistance to change, and regulatory ambiguity were identified as the main barriers to effective AI implementation.
Conclusion: The results suggest that advancing AI-driven banking in Iraq requires an integrated, multi-layered approach that simultaneously addresses technological readiness, data governance, cybersecurity capacity, organizational culture, and the establishment of clear regulatory frameworks.
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Copyright (c) 2025 Karrar Hussein Mansor Magsoosi, Maryam Khalili Araghi, Hamidreza Vakili Fard (Author)
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