Artificial Intelligence in Indian Banking Industries

Abstract

In the history of computer science, artificial intelligence has been just the latest disruption. Additionally, AI has transformed the dynamics of the banking and financial services industry. AI is combining, reassembling and re-formulating in unexpected ways, creating new opportunities and challenges, while at the same time causing new threats. The ethical neutrality of technology and its attendant threats such as cybercrime and macro-financial risks, as well as its sustainability, which tends to replace humans and the personal touch which is the essence of the financial services industry that thrives on customization and customer satisfaction, must also be addressed. In the banking sector, we are witnessing radical changes, with customer centricity at the forefront. Modern customers, exposed to advanced technologies on a daily basis, expect seamless banking experiences. As a result of these expectations, banks have expanded their industry landscape to retail, IT, and telecom to provide services such as mobile banking and real-time money transfers. Despite the fact that these advancements have allowed customers to obtain most banking services anytime and anywhere, they have also come at a cost to the banking system. As part of this study, we also explore the positive and negative effects of Artificial Intelligence within the Indian banking industry. Due to this study's descriptive nature, all the necessary and relevant data was gathered from various journals, magazines, and websites.