Adoption of Artificial Intelligence in Digital Banking 2.0

Abstract

The Indian banking sector has been at the face of accepting innovative technologies and has been changing over time. Indian banks make use of AI-powered technologies to automate labor-intensive operations so that both the operational costs and the potential of growth in revenue are reduced. Already it is machines which manage a large percentage of routine tasks. To increase security and transparency in payment fraud detection and prevention systems, financial institutions are also applying artificial intelligence. However, in the last couple of days, Indian banks are fighting significant concerns regarding AI adoption and deployment, which need further investigation. The present research is a case study that incorporates two leading private banks in India. The research found that the ultimate driving factor of AI maturity and the important concern areas that need to be appropriately addressed to ensure long-term success in the context of AI adoption in the Indian banking sector are formulated below.