Understanding AI's Role in the Banking Industry: A Conceptual Review
DOI:
https://doi.org/10.62486/latia2024119Keywords:
Financial Institutions, Artificial Intelligence, ChallengesAbstract
This study delves into the shifting role of Artificial Intelligence (AI) within the banking industry, with a focus on its transformative effects on service quality, operational effectiveness, and customer interaction. The research underscores significant developments in AI and its integration, highlighting its pivotal role in updating traditional banking practices and tackling modern-day challenges. It offers a comprehensive analysis of the potential of AI to enhance banking services, while also addressing obstacles such as technical difficulties and regulatory concerns. The outlook section predicts ongoing AI expansion in the banking sector, particularly its capacity to further tailor banking services and improve risk management. The goal of this research is to provide a comprehensive understanding of AI's integration into Indian banking, shedding light on the evolving relationship between technological innovation and the financial sector
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