Authors: Ms. Trupti Patle Assistant Professor, Lucky Chouksey
Abstract: Artificial Intelligence (AI) is becoming an important part of the banking and financial sector. Many banks and financial institutions are using AI technology to improve their services and provide better customer support. AI helps banks in online banking, fraud detection, digital payments, customer service, and data management. The use of AI is increasing because it saves time, reduces human effort, and improves work efficiency. The main objective of this research paper is to study the role of Artificial Intelligence in banking and financial services. The paper also aims to understand the benefits, applications, challenges, and future scope of AI in the banking sector. This study is based on secondary data collected from journals, research papers, articles, websites, and online sources. Different information related to AI and banking has been studied and analyzed for this research paper. The findings of the study show that AI helps banks improve customer satisfaction, increase productivity, reduce fraud, and provide faster services. AI also supports better decision-making and improves overall banking operations. However, some challenges such as cyber security risks, data privacy concerns, high implementation cost, and lack of technical knowledge are also present. The study concludes that Artificial Intelligence has a strong future in banking and financial services. Proper use of AI can help banks achieve better growth and improved customer experience.
