Banking Industry's Transformation with Aid of AI Technology
Ashish Kumar, Meenakshi Sharma, Samta Kathuria, Nagendar Yamsani, Anita Gehlot, Abhinav Kathuria · 2023
The banking landscape is being significantly influenced by digitalization. AI becomes more deeply integrated into the industry, the banking industry must position itself to respond to the shifting business landscape. Traditional banking is transformed into digital banking when AI's distinctive characteristics are integrated into the banking industry. This article presents our viewpoint on the part artificial intelligence technology plays in assuring the transformation of the financial industry. As a result, we are able to draw the conclusion that the integration of AI into banking will result in growth, efficiency, and increased user convenience. Therefore, it will enable banks to innovate more quickly in the future, compete with digital natives in building deeper relationships with scaled customers, and achieve sustainable increases in valuations and profits in this new age. They will be better able to incorporate AI into their operations due to their increased focus on digital technologies and willingness to change.