An Emerging Tech Innovationin Indian Banking with Artificial Intelligence Application: Challenges and Opportunities
| Main Authors: | B A Drakshayani, S Archana, Nabilah Ruhi |
|---|---|
| Format: | Article Journal |
| Bahasa: | eng |
| Terbitan: |
, 2018
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| Subjects: | |
| Online Access: |
https://zenodo.org/record/1403561 |
Daftar Isi:
- Demis Hassabis CEO of google DeepMind calls AI as ‘the science of making machines smart’. Artificial Intelligence in banking and other financial sectors is showing signs of interest and adoption. AI will enable financial services companies to completely redefine how they work, create innovative products and services and transform customer experiences. AI is set to have a truly positive impact on people by removing monotonous repetitive task from day to day work. A bank can expect potential savings of between 20 to 25 percent across IT operations including infrastructure, maintenance and development cost. A digital boom is certainly taking place across all segments of banking thus making the operations more hassle free and impactful, creating a leaner system to work on but certainly with challenges. These are some of the areas of AI applications in banking sector: Block chain, digital payments, IOT, AI, Machine learning, BOTs, robotic process automation, smart wallets, underwriting This paper highlights the importance of technology, challenges, opportunities and new innovations in Indian banking sector with the use artificial intelligence.