TRANSFORMING THE LANDSCAPE OF INDIAN BANKING AND FINANCIAL INDUSTRY THROUGH ARTIFICIAL INTELLIGENCE

Abstract

Artificial Intelligence (AI) is a magic word that influences the various industries across the world by its magical transformations and it also offers lots of personalized benefits to the human race. The technology itself is growing faster and becoming smarter day by day, thus it persuades new startups and to implement the AI and its powered technologies for a variety of applications. The banking sector is flattering one of the first adopters of AI-powered technologies in its business operations.  The banking sector also understands, accepts and put into practice this technology in different possible ways just like other industries. The basic application of AI includes, fetching smarter chat-bots for customer service, customized services for individuals, and even introduce AI-powered robotics for self-service at the premises of the banks. Further than this fundamental application of AI, banks can also implement this technology for providing enhanced and efficient services to their back-office and even trim down deception and safety risks. Obviously, many research and development centers are doing research on this technology for enhancing this sector potentially. As per PwC report it is noted that global investments AI and its powered technologies has reached 5.1 billion USD in 2017 and it was 4 billion USD in 2015.  Thus it could understand from this the growing importance of AI-powered technologies in the business operations, especially in the Indian banking sector. With this backdrop the present paper made an attempt to present the insights related to AI in the Indian banking sector, its application, advantages and the future of this technology.