Impact On AI And Digitalization In Banking Sector

Authors

AL Ameen A, Dr. Ruchika Nayyar

Abstract

Technology has changed how businesses operate, and in recent years, it has been successfully riding the luck of the market to propel enterprises to rapid expansion. The Indian banking industry is steadily moving in that direction as the usage of artificial intelligence (AI) gains in importance. In contrast to other sectors, adoption in the banking industry has been slow. This might be the case because banking is still a labour- intensive sector with tasks that demand human involvement. The Indian banking industry is aware of the need to cut costs and spending on unnecessary jobs, nevertheless. The Indian banking industry is looking into methods to use AI to streamline processes and enhance customer service in the long run. The purpose of this paper is to investigate the areas where AI is being used in the banking sector and to identify the impact of AI and digitalization in banking sector.

Keywords

Efficiency, customer experience, cost reduction, Innovation, security, competitive advantages.

Impact On AI And Digitalization In Banking Sector. AL Ameen A, Dr. Ruchika Nayyar. 2024. IJIRCT, Volume 10, Issue 2. Pages 1-13. https://www.ijirct.org/viewPaper.php?paperId=2404054