The Role of Artificial Intelligence in Shaping the Future of Banking Services

Abstract

The banking sector in India has adopting cutting-edge technologies and changed dramatically over time. Indian banks have been incorporating AI solutions more and more recently in an effort to improve Profit growth, reduce expenses, and simplify labor-intensive processes. Machines are doing a lot of repetitive tasks, which boosts output and frees up human resources for more complex work. Furthermore, AI is crucial for improving transparency and security in systems that identify and stop payment fraud. However, despite these advancements, Indian banks are still facing major challenges when it comes to embracing and deploying AI technology. These challenges necessitate a thorough examination in order to accurately identify and treat the underlying issues. This study focuses on two well-known private banks in India to highlight key areas of AI that have the potential to be revolutionary but will face several obstacles to successful adoption. It also aims to provide light on the critical elements determining the maturity of AI. Among these include addressing data security concerns, following rules, and hiring skilled personnel. The study also highlights how important it is to have a strong AI strategy that meets the particular needs and goals of every bank. In conclusion, even though AI has the ability to complete transform the Indian banking industry, doing so will require overcoming a number of difficult obstacles. This study focuses on two well-known private banks in India to highlight key areas of AI that have the potential to be revolutionary but will face several obstacles to successful adoption. It also aims to provide light on the critical elements determining the maturity of AI. Among these include addressing data security concerns, following rules, and hiring skilled personnel. The study also highlights how important it is to have a strong AI strategy that meets the particular needs and goals of every bank.