ARTIFICIAL INTELLIGENCE IS BOON OR BANE FOR FINANCE SECTOR- A STUDY
Author(s):
Dr.V.MASULAMANI
Keywords:
AI, ML, ATMs. FS
Abstract
In the evolution of modern society's financial life, banks are crucial. Due to its handling of cash, credit, and other financial transactions, it is regarded as the lifeblood of the modern global economy. Banks encourage consumers to save money and earn interest for a secure future by assisting them in keeping track of their spending relative to their savings. Large enterprises are able to thrive financially thanks in part to this support, which benefits the banks. Artificial Intelligence is a Machine Intelligence . Human intelligence that is processed by machines through a computer system. The financial services sector is one of the most important economic sectors. Banks and non-bank lending institutions are both a part of the financial services sector. Companies that offer asset management and insurance are also included. A robust and tightly regulated financial services industry may be crucial for an economy to expand. The banking industry has historically been at the forefront of technological innovation, as evidenced by the creation of ATMs, electronic card payments, and online banking, to name just a few. The financial sector is evolving as a result of the ability to collect vast amounts of data from the environment and process it using machine learning and artificial intelligence . Artificial intelligence and machine learning enable improved risk management and compliance as well as increased capacity to predict economic, financial, and risk events. AI in the banking sector has increased recently, in part due to increased competition from FinTech lenders and other financial technology companies, but also as a result of the technology's ability to enhance customer relations through chatbots and AI-powered mobile banking, product placement through behavioral and personalized insights analytics, back- office support, risk management, credit underwriting, and, most importantly, cost savings. This article Highlights the AI is boon or bane for Financial sector in India- A Study.
Article Details
Unique Paper ID: 162112

Publication Volume & Issue: Volume 10, Issue 7

Page(s): 464 - 467
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