The Future of Banking: How Artificial Intelligence is Reforming the Industry

The rapid advancements in technology and the inclusion of artificial intelligence in Banking and Finance adds a lot of advantages as well as challenges. Tech Driven Banking operations are perceived differently by customers. On one side, the inclusion of AI in Banking provides hassle free banking access but also on the contrary it raises issues of privacy, money laundering and data breaches. Multiple domains of AI are being used by banks to capitalize and gauge their operations for customers. The paper is an attempt to review the apprehension of seclusion issues and the further after results of using AI and its allied technologies such as Artificial Neural Networks (ANN) etc. in the Banking Sector. Moreover, it provides an insight into the risk posed to customers such as data breach, privacy concerns etc. along with the AI driven approaches of the banking industry from biometric verification to facial recognition.