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Informative Article | Finance | United States of America | Volume 13 Issue 5, May 2024 | Popularity: 6.1 / 10
Harnessing the Power of AI in Banking
Kinil Doshi
Abstract: Modern banking, accompanied by rapid technological development, is evolving towards the comprehensive implementation of Artificial Intelligence. Throughout this article, the ongoing integration of AI into most banking procedures will be discussed, concentrating on the implementation of AI to enhance the optimal customer experience, affordable data privacy, effective bank performance, and adherence to all existing rules and restrictions. Contrary to widespread belief, AI is no longer limited to the automation of routine activities: it has the potential to conduct cybersecurity, risk evaluation, and real-time transaction oversight. Not only do testing methodologies evolve through automated test creation and automation of intelligent data integrity, but even security measures and regulation are bolstered, minimizing human negligence and overheads. Developments in the work of banks imply a further utilization of AI in the creation of smart systems that enhance risk assessment, customer relationships, and court proceedings, according to the survey. This research examines current banking trends and provides recommendations for utilizing AI to improve cost savings and protection. It argues that shortly, AI will be a key focus of banking industry innovation and advancement.
Keywords: Artificial Intelligence, Banking Operations, Fraud Detection, Risk Management
Edition: Volume 13 Issue 5, May 2024
Pages: 362 - 366
DOI: https://www.doi.org/10.21275/SR24506091158
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