Leveraging the Power of Artificial Intelligence: A Study on the Indian Banking Sector

Abstract

At some point in our lives, we have all wished for a robot that could do our work just like us. However, the human brain differentiates us from machines. Artificial Intelligence (AI), in simple words, is an ingenious technology that allows machines to replicate human tasks so as to make life easier for everyone. Be it repetitive processes done manually, analyzing high volume of data within minutes, or finding anomalies and trends, artificial intelligence can do them all. The scope of this technology is huge and can be utilized by all industries globally.

Now the obvious question that pops up in our minds is; if machines will do our tasks then what will the humans do? The purpose of this study is to understand the benefits that this technology will accrue and weigh it against the difficulties it may propose. Every sector can apply AI to reap some advantages. Thus, to narrow our scope of research, we shall study the effects that AI has already had on the banking industry and its future scope therein.

Both private and public sector banks are showing interest in this upcoming technology and have also began using it. While simplifying routine tasks by the bank, there is some resistance to this technology as it poses a threat to the millions of individuals who are employed by this sector.