Artificial Intelligence and Machine Learning in Banking Sector-An Overview

Authors: Dr. Vaishali Doshi

Abstract: The banking sector has been transformed from people centric to customer centric. By adopting a holistic approach bank are trying to meet customer demands and expectations. Here the Artificial intelligence and machine learning technologies are acting as savior. They are useful in processing large volume of data and anticipate the current market trends. These technologies are also useful for credit management, understanding behavior and pattern of customers, validating customers creditworthiness thus reducing the chances of any bank default, marketing, risk-management, process automation, providing information on banks solvency, trading activities, regulatory compliance etc. Therefore, these technologies are playing a very crucial role in banking sector. The paper analyzes role of AI and ML in banking sector by focusing on their advantages as well as challenges in implementing these technologies.