Artificial intelligence (AI) has become ubiquitous in the transformation of all industries, from manufacturing to retail and service provision. AI employs algorithms to simulate intelligent behaviour with minimal human intervention. It is still the most impressive IT application today, and it has grown at an exponential rate in recent decades. With an annual growth rate of around 20% (International Federation of Robotics, 2017), automated technology has the potential to significantly reduce labour demand. According to Vijai (2019), technology is improving and becoming smarter by the day, allowing more and more industries to adopt AI for a variety of applications. According to International Data Corporation, AI services will be used in 75 percent of business operations by 2020. (Crews, 2019).

REQUIRED:

Explain the importance and challenges of implementing artificial intelligence (AI) in the Malaysian banking industry, as well as the factors that must be considered when investigating consumers' willingness to use AI in banking services.