An analysis of the transformative impact of AI and ML on the finance sector

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Published: Aug 1, 2024
DOI: https://doi.org/10.29070/qh70yg96
Keywords:
Banking, technology, Artificial Intelligence, Machine learning

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Authors

Dr. Deval G. Vyas

M.com., M.Phil., Ph.D, Associate Professor, Swami Vivekanand University, Sagar, Madhya Pradesh

Abstract

Banks are undergoing a technological transformation as a result of AI and ML, which are boosting operational efficiency, improving the customer experience, and bolstering security measures. Automating procedures, analysing massive volumes of data, and making data-driven decisions has never been easier than with these tools. Banking in the modern day is increasingly dependent on chatbots driven by artificial intelligence, fraud detection systems, risk assessment tools, and individualised financial services. This research explores the possibilities, challenges, and outcomes of the banking industry's transformation brought about by AI & ML. In order to improve banking efficiency, save costs, and decrease risks while addressing regulatory and ethical concerns, the report highlights the increasing dependence on AI-driven solutions.

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Article Details

Issue

Vol. 19 No. 2 (2024): International Journal of Information Technology and Management (IJITM)

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Articles

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