Abstract
Artificial Intelligence (AI) in the banking and financial sector refers to the implementation of rules and regulation applied in advanced computer and learning techniques to find out the information, spot the patterns, and make instant decisions in various aspects of financial services. AI systems are designed to mimic human intelligence by processing vast amounts of data, learning from it, and continuously improving their performance over time. In the banking and financial sector, AI is used to streamline operations, enhance customer experiences, and improve decision-making processes. This paper made an attempt to disclose the upcoming use of Artificial Intelligence in financial and the banking sector. The study is classified into a) Key applications in Artificial Intelligence b). Causes of Artificial Intelligence in financial and banking sector c) Consequences and its Impact of Artificial intelligence technologies in financial and banking sectors. This study emphasis an overview a continuous phase of basic and inter connected technologies around new techniques like machine learning and natural languages that is insurgent of Artificial Intelligence. These AI-powered solutions aim to increase efficiency, reduce costs, mitigate risks, and provide better services and experiences to customers.
Key words: Artificial Intelligence, Customer services
1. Bonnie G. Buchanan, P. F. (2019, April). Artificial intelligence in finance. Retrieved 5 22, 2020, from The Alan Turing Institute.
2. Latimore, D. (2018) Artificial Intelligence In Banking
3. Dr. NavleenKaur, Supriya Lamba Sahdev, Dr. Monika Sharma and Laraibe Siddiqui 2020 Banking 4.0: “The Influence Of Artificial Intelligence On The Banking Industry & How Ai Is Changing The Face Of Modern Day Banks”
4. IJSART - Volume 4 Issue 4 – APRIL 2018 Kinjal Patel- Artificial Intelligence In Finance 5. International Journal of Management, Technology And Engineering Volume 8, Issue VII, July 2018 ISSN NO : 2249-7455 - Dr.Simran Jewandah How Artificial Intelligence Is Changing The Banking Sector –A Case Study of top four Commercial Indian Banks.
5. M. Bhuvana, P. G. Thirumagal and S .Vasantha, Big Data Analytics - A Leveraging Technology for Indian Commercial Banks, Indian Journal of Science and Technology, Vol 9 (32), August 2016
6. “Banking in the age of disruption,” EY, February 2017
7. https://www.businesstoday.in/magazine/special/hdfc-bank-digital-transformation best- indian-largebank-2014/story/213957.html
8. https://www.goodworklabs.com/artificial-intelligence-in-banking-industry/ 9.https://www2.deloitte.com/content/dam/Deloitte/in/Documents/financial-
services/infs-deloitte-bankingcolloquium-thoughtpaper-cii.pdf 10.http://www.ey.com/Publication/vwLUAssets/ey-banking-of-the-future-
embracingtechnologies/FILE/ey-banking-of-the-future-embracing- technologies.pdf