Role of Artificial Intelligence in Banking Services

Abstract

The sector of Banking Industry has seen the effects of advanced technologies such as Artificial Intelligence and how it has changed and influenced the Banking Industry. The purpose of this paper is to discuss how AI is used and the history of Banking, the Applications, advantages and disadvantages of AI and of its future. AI has provided several benefits to the banking sector such as employees can work more efficiently, the organization can detect fraud and handle numerous accounts and customer requests more efficiently, and deliver personal experiences to customers, and the employees can devote most of their energies and time to more critical tasks of the organization. The authors discuss AI Banking with examples of HDFC, SBI, ICICI, JPMorgan, Bank of America, and the results achieved. Banking sectors can deliver instant services, manage the risks of an organization, and cut costs, however, the sector will suffer from the effect of privacy from the data the organization holds, the service the organization offers, the services will be biased, and the organization will suffer from regulatory compliance such as laws. With the knowledge that we have acquired, the effect of AI will be the most important aspect that is used to help the banking industry.