Applications of Artificial Intelligence Techniques in Modern Banking Sectors

Abstract

AI-powered decision-making instruments are cutting-edge technology that has the potential to displace conventional banking procedures. This chapter emphasizes the critical role artificial intelligence (AI) has played in guiding the banking industry toward expansion. AI techniques including robotics, deep learning, facial recognition, natural language processing, and more are used to achieve this goal. This chapter provides an overview of the use of AI approaches in several banking functional domains, such as loan approval, customer lifecycle management, customer services, alarm systems, and so on. It also highlights the benefits and difficulties that AI-driven financial apps provide. In summary, artificial intelligence (AI) has enormous promise in banking, but it also confronts several obstacles that, if correctly recognized and overcome, might broaden its use. This chapter is an invaluable tool for researchers, lawmakers, and bank officials who want to learn more about the unrealized potential of artificial intelligence in banking.