Strategy of Artificial Intelligence in Banking Sector

Abstract

Banks have already been providing a vast assortment of products and services, the majority of which are technology and automation-related. The most prevalent of these are the ATMs that may be found everywhere. Now that we've reached the next phase of the industry 4.0 era, the financial services industry is preparing to implement its strategies using the most advanced digital technology. This is being done in order to provide clients with transactions that are performed fast and securely. This study aimed to examine the development, adoption, and application of Artificial Intelligence (AI) for successful strategy implementation in India's banking sector, as well as the future potential of this field. For the purposes of this study, the authors conducted a comprehensive literature review and an examination of secondary data pertaining to research conducted on the subject of "Artificial Intelligence in the Banking Sector. Their objective was to assess the current state of research and practical application of artificial intelligence in various aspects of banking strategies, such as surveillance, fraud detection, ensuring compliances, credit assessment, customer service, and the management of monotonous voluminous tasks, and to focus on recent developments.