Traditional to Convenience Banking: Artificial Intelligence a Catalyst

Then the computers and now the artificial intelligence is the present day replacement to the human brains. Artificial Intelligence in contrast to the natural intelligence is going to rule the world in the near future. AI and artificial beings are no more seen as fiction characters. In almost all circumstances they mimic the human minds and provide possible solutions in almost all the dimensions of the business. A majority of the decision makers either completely depend on AI or partially at least for taking a decision and this clearly shows that AI is something invariable which humans rely on and is order of the day. The present world is heading towards a digital transformation like AI to harness the best possible solution to drive the business growths. AI has become the new oxygen in the world. AI has turned out to be a key to success in the emerging world. It`s been used by the people and especially the incumbents to grow, sustain and help multiply the business opportunity. No business is exempt from adopting AI and so the banking sector. Though AI is in it`s nascency, the banks are heading towards a revolutionary change from traditional banking to convenience banking. Banking services in India are deemed to be traditional yet are enthusiastic enough to embrace the AI technology for their daily operations. To keep up with the competition and in order to stand as an innovative company AI has become crucial tool in the banking sector. In this research paper, I have tried to shed some light on AI of banking sector in India, its needs & importance. The data has been accumulated from various sources which include books, journals, websites. The paper explains the overall scenario of AI in banking sector, the challenges faced by the banks in adopting AI and growing opportunities to the banks in adopting it