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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | Artificial Intelligence And its Integration with the banking industry |
| Authors Name: | Mr.Harshal Joshi , Prof.Dr. Pallavi Mittal |
| Unique Id: | IJSDR2402101 |
| Published In: | Volume 9 Issue 2, February-2024 |
| Abstract: | This systematic literature review's (SLR) main goal was to locate, evaluate, and compile the available data regarding the advantages and disadvantages of using artificial intelligence (AI) in the banking industry. It is clear from the SLR that AI presents the industry with a number of opportunities. Fintech startups are proliferating with banking AI solutions, and banking authorities are promoting AI usage with joint ventures and laws. Personalized services, smart wallets, decision-making and problem-solving, customer happiness and loyalty, process automation (particularly with regard to repetitive tasks), cybersecurity and transaction security enhancements, and the promotion of digital financial inclusion are some additional opportunities. As a result, strategy, process, and customer service are the three main areas where AI is incorporated. However, the major players in the banking sector must develop suitable plans to address current and future AI obstacles. The following are some of the AI challenges that need to be given top priority: loss of employment and user acceptance issues, privacy violations, loss of creativity and adaptability, stringent operational and implementation requirements, digital divide, access to a wealth of high-quality data, alignment between AI and business strategies, and emotional "human touch" The majority of current research, however, is descriptive in nature and is derived from secondary data sources. This calls for empirical research to increase the amount of focus in this area. |
| Keywords: | artificial intelligence, banking industry, advantages, disadvantages, fintech startups, personalized services, smart wallets, decision-making, problem-solving, customer happiness, loyalty, process automation, cyber security, transaction security, digital financial inclusion, strategy, |
| Cite Article: | "Artificial Intelligence And its Integration with the banking industry", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.9, Issue 2, page no.654 - 658, February-2024, Available :http://www.ijsdr.org/papers/IJSDR2402101.pdf |
| Downloads: | 000338720 |
| Publication Details: | Published Paper ID: IJSDR2402101 Registration ID:210206 Published In: Volume 9 Issue 2, February-2024 DOI (Digital Object Identifier): Page No: 654 - 658 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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