Artificial Intelligence Indulgence in Banking and Financial Sectors

Abstract

Banking and financial institution are evolving more rapidly than other industries; artificial intelligence plays a virtual role. It offers applications such as cyber security and fraud detection, chat bots, aids in loan and decision making, and protects customer information in a proactive manner. This study suggested that artificial intelligence be thoroughly incorporated into the financial industry in order to enhance service quality and accessibility and to create novel roles that encourage healthy competition among the competitors. This study has recommended that AI be fully integrated into the financial sector to improve service quality and accessibility, as well as to develop unique roles that promote healthy rivalry among rivals, this paper aims to discuss the significance of technologies in the zone of banking industry. Based upon the analysis it has been concluded that these technologies assist to cyber security and fraud detection, chat bots’ loan and credit decision, tracking market trends, data collection and analysis, customer experiences, risk management, regulatory compliance, predictive analytics, process automation.

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