Challenges and Opportunity of Artificial Intelligence in Banking Sectors

Artificial Intelligence is making a machine behave in a way that would be intelligent if a human were so behaving. Many industrial sectors have adopted artificial intelligence for the development and customer satisfaction. Banking sectors were lagging back in adopting this intelligence as this sector requires dependence of human workforce to think and decide. Banks are now implementing Artificial intelligence for managing risk, financial analytics and portfolio/investment management. It helps to make decision based on the various data the banks have supplied to the Artificial intelligence device. This is useful for the banks internally and for the clients externally. Most of the work will become digitalized in future. It will decrease the work load and it will save various processing cost. There is lot of advantages with the adaption of Artificial intelligence. At the same time, Technology may replace human intelligence where machine may overtake human being. They will also face some problem regarding unemployment; responsibility of The transaction, decision taken by the artificial intelligence won’t be fully trusted, and many more. This paper discusses about the various opportunities and challenges a anking sectors may face due to artificial intelligence