The Impact Of Artificial Intelligence On The Banking Sector

Artificial intelligence (AI) has become one of the most ground-breaking technological innovations in recent years.The field of artificial intelligence has expanded at a rate never seen before due to a greater acceptance of new technological developments, and its applications are currently being investigated in a wide range of commercial sectors.This expansion has been attributed to a greater utilization of recent technical advances.Artificial intelligence-based systems have the power to not only raise an organization's overall performance but also completely change the financial sector.Because they can make decisions and avoid mistakes in the same manner that humans do, they are referred to as artificial intelligence (AI), and a lot of people are excited about them.One of the few industries that has demonstrated a respectable level of artificial intelligence technology adoption and implementation is the financial services sector.Because of this, it is now leading other industries.This is true even if artificial intelligence has been used in a greater variety of industries and businesses than in others.This review of the literature will define artificial intelligence, describe how banks are currently using it, and outline how AI affects bank performance.Creating a description of artificial intelligence is the aim of this study.This study also sheds light on the advantages and disadvantages of artificial intelligence adoption for India's banking industries.Since this is a descriptive study, the necessary and pertinent data have been selected from a variety of publications.These publications include online resources like webpages as well as periodicals and magazines.