Role of Artificial Intelligence (AI) in the Indian Banking Scenario

The main intend of having AI (Artificial Intelligence) in the banking sector is to get insight into the customers preferences, to make sure that the customers are happy with the services provided by the banks and help the customers understand their expectations from the banks. The study has highligh...

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Bibliographic Details
Published in:Journal of information technology and economic development 2020-10, Vol.11 (2), p.1-11
Main Authors: Suresh, Anli, Rani, N Jannifer
Format: Article
Language:English
Subjects:
Artificial intelligence
Bank fraud
Bank technology
Banking
Banking industry
Customers
Decision making
Factor analysis
Fraud
Management decisions
Modernization
Regression analysis
Technical support
Trends
Underwriting
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Summary:The main intend of having AI (Artificial Intelligence) in the banking sector is to get insight into the customers preferences, to make sure that the customers are happy with the services provided by the banks and help the customers understand their expectations from the banks. The study has highlighted the basic modernism through the AI technology in the banking sector which helps the customers and the banking industry. The study has identified the new trends of AI technology in the banking sector like customer support, past interactions, anti-money laundering pattern, voice assisted banking, underwriting, management decision making and reducing frauds. The study was conducted with 100 respondents and the tools used were factor analysis and regression analysis. The concluding observation of the study is that there is no noteworthy relationship between educational qualification and reducing fraud. The results of the factor analysis were the two factor namely personal factors and societal factors which constitute the new trends of AI in the banking sector.
ISSN:2153-974X
2153-9731