Revolutionizing Financial Services: The Impact of Artificial Intelligence on Efficiency, Security, and Customer Experience

Revolutionizing Financial Services: The Impact of Artificial Intelligence on Efficiency, Security, and Customer Experience

N Mathan1

Associate Professor

School of Management Studies

Sathyabama Institute of Science and Technology

Chennai India

P Hameem Khan2

Assistant Professor

School of Management Studies

Sathyabama Institute of Science and Technology

Chennai India

Abstract

Artificial Intelligence (AI) is transforming the financial services industry by enhancing efficiency, security, and customer experience. This study explores the integration of AI in financial services, focusing on its impact on operational efficiency, fraud detection, risk management, and personalized customer interactions. The research employs a simple random sampling technique, selecting 78 respondents from financial institutions and fintech users in Chennai, India. Primary data is collected through structured questionnaires, while secondary data is sourced from financial reports and academic literature. The study aims to identify key AI applications, evaluate their effectiveness, and examine consumer perceptions of AI-driven financial solutions. Findings reveal that AI significantly improves service speed, accuracy, and fraud prevention, though concerns about data privacy and ethical considerations persist. The research provides insights for financial institutions and policymakers to optimize AI adoption while addressing security and regulatory challenges.

Keywords: Artificial Intelligence, Financial Services, Efficiency, Security, Customer Experience