AI in Banking Industry
Artificial Intelligence has played a disruptive role in traditional banking channels with exponential growth of technology. It has influenced the perception of people about banking and comfort of accomplishing banking activities. AI has emerged as an unavoidable and pioneering technology of the business world and AI applications are rigorously utilized in banking and financial services. This article discusses the transformation of banking system from traditional banking to modern digitized banking. It describes how financially excluded people are included into banking through AI-enabled operations. Lastly, the benefits of using AI in banking industry are outlined. Banking System Transformation Banking has evolved from traditional brick and mortar system to a completely transformed way of banking. The industry uses AI-enabled techniques like mobile banking, chatbots for customer service, robots for self-service in banking operations and customized services for customers. Banks use chatb...