Artificial Intelligence and Transformation to the Digital Age in Indian Banking Industry – A Case Study

Abstract

Today's banking goes well beyond the traditional brick-and-mortar branch banking that we were accustomed to until a decade ago. Customers queuing in branches, vouchers, piled-up documents, commotion, and confusion, all of which were once synonymous with any bank branch in India, have changed to a considerable part as a result of the use of technology in the banking sector. Beginning with computerization, the Indian banking landscape has changed dramatically over the last several decades, with the whole financial activities being packed into our pockets and we carrying and managing our banks on our own. With the addition of robotic process automation, natural and colloquial language processing, powerful data analytics, predictive analytics, and image analytics, the current AI mechanism is poised to become more dynamic, enhancing the customer experience in a variety of ways. Apart from providing information about banking activities, chatbots and virtual assistants will increasingly aid clients in making financial decisions on their behalf.