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A Study on Literature Review of Artificial Intelligence Implementation in India’s Banking Sectors

A.P. SURIYA

DEPARTMENT OF COMMERCE,

JAWAHARLAL NEHRU RAJKEEYA MAHAVIDYALAYA (JNRM)

PORT BLAIR

ANDAMAN AND NICOBAR ISLANDS

Abstract

Banks are already offering a wide range of products integrated with technology and automation, the most common being ATM machines around us. Now moving to the next phase in the current Industry 4.0 era, Banking segments is all set to increase its strategy execution by leveraging newest digital technology so that its customers may practice speedy and secure processing of transactions. This study reveals, the advancement, acceptance, execution and potential opportunities of focusing on Artificial Intelligence (AI) for successful strategy execution in India’s banking sector. In this study, authors reviewed broad literature, explore secondary data about the research effort done on AI in Banking Sector to find  the current status of research as well as realistic application of AI in various parts of banking strategies e.g. surveillance, scam detection, ensure compliances, credit assessment, customer tune, handling repetitive large tasks etc. in general and focus on current developments in India’s banking sector, inspire banking leaders to move their focus proactively towards leveraging Artificial Intelligence with an aim to bring in delight for customers.

Keywords: Artificial Intelligence (AI), Literature, Researchers, Banking.