Artificial Intelligence and Machine Learning: Redefining Banking in India

Abstract

India is experiencing unprecedented growth in all aspects.  The country is on its path to realizing its potential.  The banking sector has always been a strong pillar of the Indian economy in its growth story.  Technology has greatly influenced the functioning of the banking sector.  There is little doubt that artificial intelligence and machine learning are about to bring about yet another change in the globe.  Artificial Intelligence and Machine Learning have changed to a great extent the way the banking sector is functioning.   The article highlights different areas where AI & ML can be very vital in banking operations such as Customer service, Loan Processing & Credit Risk, Fraud detection, Investment & Wealth Management, and Marketing and Engagement.  It also examines the challenges in integrating implementation challenges like Data Security and Privacy Concerns, Lack of High-Quality Data, and Explainability issues.