AI Innovation and Implementation in Financial Services – Understanding Management and Gaining Perspective
Rahul Berry, Neha Tomer, Sakshi Tyagi · 2024
The most recent disruption caused by computer science is artificial intelligence. The dynamics of the banking and financial services business is likewise being significantly altered by AI. Combining, reconstituting and re-forming the proven and developing capabilities of AI in unanticipated ways is creating new opportunities and challenges while also bringing new risks. It is critical to consider how long technology will last since people and related individuals touch the focal point of the financial services industry, which lives on the specialty of personalisation and client fulfilment and will quite often be replaced by it. In addition to this, technology also poses ethically neutral hazards, like cybercrimes and macro-financial concerns. The current study examines the under-examined likelihood that artificial intelligence will eventually replace people in the banking and financial services industry, finishing the individualised attention and service customisation that serve as the cornerstones of customer loyalty and enhance the experience of businesses like financial and banking services, which are renowned for their trustworthy and capable nature.