Artificial Intelligence and Machine Learning Approaches to Document Digitization in the Banking Industry: An Analysis

Abstract

Technological advancements have led to a significant evolution in the business landscape, particularly within financial processes and the banking industry. Amidst this transformation, the concept of digitization, although frequently referenced in literature, remains ambiguously defined. This study aims to investigate the implications of digitization in the Indian banking sector and explore the various techniques employed in the process. By transitioning to digital platforms, firms anticipate enhancing their competitive advantage, streamlining financial and operational management, and impacting societal structures. This review examines scholarly articles from the past decade, focusing on the influence of digitization on the economy and the technological trends in document digitization. The review also recognizes the emergence of novel technologies such as automation, artificial intelligence, and machine learning, alongside deep learning algorithms, which are driving a new generation of intelligent business operations. These areas merit further exploration in future research endeavors.