Artificial Intelligence in Indian Banking Sector
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Abstract
The advanced development and progress in computer hardware, software and Internet related technology have made irrevocable changes in our society. Computers, Internet and the mobile devices have become valuable and influential part of our lives. IT is evolving very rapidly, which offers excellent opportunities for expanding the client base, introducing new products, and improving the existing ones, also it is increasing the efficiency in shorter period of time.[7] Among the various IT advancements of recent years, the evolution or enhancement of Artificial Intelligence is mind blowing. In other words, AI is the technology, that refers to, computer having various skills like humans, that may increase the efficiency of the firms.[6] Particularly, Artificial Intelligence is used for the tasks that are impossible or difficult for humans to perform. In this paper, we have focused on the discussion about the role of Artificial Intelligence in Indian banking sector. No doubt, Artificial Intelligence have made the banking powerful and now it is becoming the most essential agent for banking industry.[4] Artificial Intelligence refers to the technology, when computer programs are capable to implement the knowledge without interruption and involvement of any human. So, in this paper we will discuss about the various applications and implementations of Artificial Intelligence in Indian banking industry.
Now-a-days Artificial Intelligence is being adopted by many people all around the world because people gradually shifted their mindset from cabled network to online network. We all know that, business houses and banks deals with enormous amount of data and artificial intelligence is capable of dealing with huge number of data patterns more efficiently than any human being. So, it is very useful and essential technology for such industries. Now, the question arises that, why should Indian banking use Artificial Intelligence enable technology? So, there are many reasons that, why should artificial intelligence be implemented in the banking industry and some of these reasons are listed below: Huge competition, High process driving services demand, Customized service at banks, Raising the efficiency of the employees, Profit growth increment, To reduce the safety risks, Handling huge amount of business data, To ensure efficient and effective decision-making.
Artificial intelligence implemented in the banking sector helps the banks to completely restructure their operations, establishing new and innovative products and services and it also affects the customer experiences. Some of the possible areas where artificial intelligence are/can be implemented in banking sector are listed below: Risk Assessment, Internet Banking Fraud Detection, Credit Card Fraud Detection, Financial Advisory Services, Trading, Managing Finance, Accurate Decision-Making, Automated Customer Support, Claims and Insurances Management, Automated Virtual Financial Assistants, Predictive Analysis in Financial Services, Wealth Management for Masses.
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Management, Sustainability, SDG, UN
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