Artificial Intelligence Transforming Indian Banking Sector

Abstract

Artificial intelligence (AI) refers to a technology that makes inference and decisions, and mimic human intelligence, which otherwise require human involvement. The application of AI is across all industries. Regarding the financial sector it is rapidly transforming the global financial services industry into a smart system. AI applications are also overwhelming due to the use of cutting-edge technologies such as natural language processing, machine learning and deep learning. The implementation of these technologies is largely facilitated by the services companies, start-ups, banking and financial institutions. It has the potential to disrupt and refine the existing banking service industry. Objective of this research is to understand AI applications and their scope of implementation in financial sector including SME banking services. This research seeks to map the AI implementation and its present state in the banking and financial sectors in India.