AI has begun making its presence felt in every industry and now across the financial services industry as well. This chapter examines and presents the use of AI in banks for better customer service giving them a personalized experience. This chapter explains how banks are getting future-ready for their financial services by means of AI and are delivering financial offerings seamlessly. This research primarily focuses on the concept of AI in the field of banking, how AI has revolutionized personalized banking and made banking operations more efficient and successful. AI innovations are an integral part of Industry 5.0 which aims at integrating automation and human intelligence. This chapter aims to study and describe the current applications of AI in the banking industry and its impact on the banking sector. The study also gives a description of the banks employing AI to facilitate an exceedingly personalized customer journey with the banks.
TopLiterature Review
(Navleen Kaur, Supriya Lamba Sahdev, Monika Sharma, Laraibe Siddiqui, 2020) This research study examines and explains the conceptual theory and usage of AI in the banking industry. The paper also describes the radical transformation brought about by AI in banking services and its outcome on bank employees and customers. The study explores the present AI technology and its applications in the banking industry.
This paper is a quantitative study and hence has used concise and informative analysis for quantitative data collection. The research design of the paper is exploratory and descriptive. The research type of the study is exploratory in nature and it conducted in-depth surveys.
(Meghnani, 2020) The aim of the research study was to examine the importance of using AI and Blockchain technology in Scheduled Banks in removing the manpower dependency in doing the various banking operations. IT also studied the impact of these technologies on bank manpower and the efficiency of the banks.
(Vijai, 2019) The objective of the paper was to examine the areas where the artificial intelligence is being used by the banks in India and to examine the application of Artificial intelligence in Indian banking industry. The research paper is a descriptive study and secondary data was used for the study. The secondary data collection was done from various bank reports, newspaper articles, research papers, bank websites and RBI portal.
(Salunkhe, 2019) This research paper examined the role and usage of AI in Indian banks with special reference to SBI and HDFC bank to provide customer services. The research revealed that AI assists banks in improving their customer services. It was an explorative study using primary and secondary sources of data of both the banks. The paper concludes that banks require enormous capital investments for implementing AI. There are many challenges with respect to customer and employee accepting the new technology and Data security and privacy. Researchers recommended that banks should do lot of promotion for the usage of AI in their branches by the customers and bring strict regulations and policies in to facilitate more practice of AI in their operations.