Using Artificial Intelligence to Improve Banking Services in India: A Review and Prospects for the Future

Abstract

Abstract: Across the globe, artificial intelligence (AI) is revolutionizing the financial industry, and India is no exception. Artificial intelligence (AI) technologies are transforming a number of banking services, including customer care, risk management, fraud detection, and personalized financial advice. These innovations are attributed to the development of sophisticated machine learning algorithms, natural language processing, and data analytics. This study offers a thorough analysis of how artificial intelligence (AI) is enhancing banking services in India, looking at the prospects, obstacles, and state of the industry now.We highlight the most important AI applications in Indian banking, including chatbots for customer service, predictive analytics for credit scoring, and algorithmic trading for investment management, through a review of recent research articles, industry reports, and case studies. We also go over the ethical issues, legal framework, and possible societal repercussions of AI use in the Indian banking industry. In conclusion, we provide perspectives on forthcoming patterns and avenues for investigation to fully leverage artificial intelligence in augmenting banking amenities and promoting financial inclusivity in India.