Artificial Intelligence in Banking Industry
GarimaKaneria · 2022
The most impacted industry by artificial intelligence (AI) is none other than the banking industry. Banks are adopting new technologies for higher boon potentialities and to provide services to the young customers of the society. For each and every operations performed by the bank from sales to accounting to contracts and cyber security, AI is helping in transforming banking day by day. The present chapter defines the role of AI in shaping the banking industry, why these new technologies are highly adaptable by the banking sector, what is its impact on Indian banking, and pros and cons of adopting these techniques by the various bank. AI has made life of the people easier not only of the customer but also of the employees who are working for the banks. The old traditional manual banking has been now transformed into the new technology-based automatic banking with easy access to all the services 24*7 and 365 days. Almost all the banks are using their AI-based chatbots such as Sia [5], Baroda Brainy, Digital Lab, EVA, and emPower.