Converging Artificial Intelligence in Indian Banking Business – An Overview

Abstract

The endeavour of scientists to infuse human intelligence into machine, created artificial intelligence, that enables machine to think and act like human. This technology of artificial intelligence which primarily works on machine learning and deep learning is an extension to the computer science technology and is widely adopted in various avenues and banking sector is no exception. In this paper attempt is made to analyze the extent of artificial intelligence adopted in the Indian banking sector. The study is based on content analysis of disclosure made in annual report regarding application of artificial intelligence by the 29 public and private sector commercial banks in their different business activities. The study reveals virtual interaction with customers and detection and prevention of fraud and cyber security threats are the areas where artificial intelligence is largely adopted by the banking sector.