The Impact of Artificial Intelligence on the Banking Industry

Author Details

Dr. Andreas Svoboda

Journal Details

Published

Published: 10 October 2023 | Article Type : Research Article

Abstract

In recent years, artificial intelligence (AI) has emerged as one of the most revolutionary breakthroughs in technology. As a result of a higher acceptance of new technical advancements, the field of artificial intelligence has grown at a rate that has never been seen before, and its applications are now being explored in a diverse selection of business sectors. The greater use of new technological breakthroughs has been credited with contributing to this expansion. Systems that make use of artificial intelligence have the ability to not only improve the overall performance of institutions but potentially entirely transform the financial industry. They are known as artificial intelligence (AI), and a lot of people are enthusiastic about them due to the fact that they are able to make judgments and avoid mistakes in the same way that humans do. The financial services sector is one of the few that has shown a decent degree of adoption and deployment of artificial intelligence technology. This has made it a front-runner among other industries. This is the case in spite of the fact that artificial intelligence has been implemented across a wider range of businesses in certain sectors than in others. This literature review will offer a definition of artificial intelligence, explain how it is presently being utilized in banks, and specify the effect that it has on the performance of banks. The goal of this research is to establish a description of artificial intelligence. This study also offers some insight into the positive and negative effects that the use of artificial intelligence has had on the banking sectors in India. Because this is a descriptive study, the information that is required and relevant has been culled from a wide range of publications. These publications include journals, magazines, and internet sources such as websites.

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Research Article

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Citation:

Dr. Andreas Svoboda. (2023-10-10). "The Impact of Artificial Intelligence on the Banking Industry." *Volume 4*, 1, 7-13