THE EVOLVING ROLE OF AI IN BANKING SECTIOR – AN INDIAN PERSPECTIVE
Artificial intelligence (AI) is the ability of a computer or a robot controlled by a computer to do tasks that normally require human intelligence and discernment. It is a simulation of human intelligence in machine that think and act like humans. Artificial Intelligence used in different industries like finance, health care, etc. 60 AI is also implemented in banking sector that is implemented to detect the fraud, solve the customer query, tracking customer behavior and recommending personalized service to them. Artificial intelligence (AI) is one technology that will alter the banking industry; banks are becoming more popular among customers. Traditional banks have begun to offer more online services as well. Artificial intelligence helps them automate procedures, make better judgments, and handle customer support requests with fewer resources. Also helps with risk management by detecting and combating fraud and money laundering in real time. Artificial intelligence can be applied in a variety of ways to improve the banking business. Banks can utilize AI to improve the customer experience by providing frictionless, 24/7 interactions; however, AI in banking apps isn't confined to retail banking. Investment banking's back and middle offices, as well as all other financial services, could benefit from AI. After India's independence, the government intended to nationalize the banks because all of the main banks were privately owned; this was a source of concern because people in rural areas still relied on money lenders for help. Reserve Bank of India was nationalized in 1949. Nationalization of the banking system improves the economy's overall health, creates more job opportunities, and boosts the country's rural and agricultural sectors.