Future of Money: Cashless Societies and AI in Banking

Evelyn Alvarado

Co-Presenters: Melanie Huashuayo

College: College of Business and Public Management

Major: Criminal Justice

Faculty Research Mentor: Chen Meng

Abstract:

The future of American money is being redefined today by the intertwined forces of cashless payment technologies and the integration of intelligence artificial (AI) into banking. This research examines the socioeconomic and security issues arising from these trends, especially in the context of the rapid technological advancement we are witnessing. While cashless systems provide seamless transactions and financial inclusion through digital wallets and blockchain technology, they also threaten to exacerbate unbanked population gaps and multiply cybersecurity threats. Meanwhile, the development of generative AI for personalized banking, predictive fraud detection, and robo-financial advisors is accelerating under political agendas of technological dominance. With accelerated IA adoption comes research into the ethics of algorithmic bias, data monopolies, and regulatory blind spots. Through the analysis of recent bills, industry trends, and the push for investment, we will explore how technological advancement and investment momentum can promote the balance between innovation and equity. The study advocates for adaptive policies that force AI and cashless networks to prioritize transparency, consumer safety and equitable access, particularly for vulnerable groups.