Application of Artificial Intelligence in Indian Banking Opportunities and Challenges

Banking is the most important sector of any economy because it connects the most with government and public at large and also it protects the economy from any crises. Technology has brought tremendous change, it has made both positive and negative impact on every sector and banking sector is the most dynamic in technological transformation. Among the various technological transformations of recent, the birth of Artificial intelligence is particularly remarkable. AI is fast evolving as the go to technology for banking sectors across the world to personalise experience for individuals. With data analytics, block chain and machine learning, banks are advancing their services and offerings. The technology itself is getting better and smarter day by day, allowing more and newer banks to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways. AI refers to computers having cognitive skills similar to humans, which could result in immense efficiency gains for banks and their clients alike. It is important to understand how AI can influence the Banking sector hence this paper is an attempt to understand the opportunities and challenges of Artificial intelligence for Indian banking sector. Prof. Mohammed Nawaz | Prof. Triveni. K | Prof. Bharathi. G. R "Application of Artificial Intelligence in Indian Banking-Opportunities and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37964.pdf Paper URL : https://www.ijtsrd.com/computer-science/artificial-intelligence/37964/application-of-artificial-intelligence-in-indian-bankingopportunities-and-challenges/prof-mohammed-nawaz