Role of Artificial Intelligence in Business: Banking and Finance

This paper studies the impact of Artificial Intelligence (AI) in modifying business practices in the banking and finance industry, mainly as it applies in India. It considers important AI tools like machine learning, natural language processing and robotic process automation to check their influence on service pleasure, customer happiness, accurate solutions and managing problems. With a quantitative study of 60 participants, the paper finds that and that AI-based financial services are highly appreciated, especially for fraud detection and customer support. At the same time, it reveals major issues about privacy, clear explanations of how algorithms work and threats to people’s jobs. AI in finance, according to these findings, boosts workflow and user service, but also asks for close monitoring, revised regulations and trainings for users. This paper takes part in the debate about good AI practices and gives useful advice to banks, policymakers and those working in fintech.