In the era of technological developments, Artificial Intelligence has managed to take the center stage.
From startups to MNC’s all the organizations are incorporating AI as an integral part of their business at a large scale.
According to a report published by Adobe, the share of jobs requiring AI has increased by 450% since 2013.
In the digital era, with every industry getting disrupted by technological advancement it becomes more and more crucial that consumers get a seamless experience for their banking process.
Since the growth in the working population and increase in disposable income are acting as catalysts for boosting the demand for digital banking. In this blog, you will learn about how the role of Artificial Intelligence is helping the banking sector.
- The growth in the working population and increase in disposable income is acting as a catalyst for boosting the demand for digital banking.
- 54% of financial services organizations with over 5000+ employees have adopted AI.
- Some of the advantages of adopting AI in the Banking sector includes Risk Management, Fraud Detection, enhanced Customer Service Experience, Quick Resolution Time and Digitization.
Adoption of AI in the Banking sector
Artificial Intelligence has taken the banking industry by storm with its offerings and services. Not long ago your nearest vegetable vendor was accepting only cash as a mode of payment. Now you will notice QR scanners for online transactions at almost every shop you visit, which tells us that technology adoption is taking place at a rapid pace due to high internet penetration.
India recorded an internet penetration of 41% this year. According to a report from 2016, a lot of Banks have collaborated with Fintech Startups to provide innovative solutions and a seamless banking experience to their customers.
According to a report published by the Economist Intelligence Unit, 54% of financial services organizations with over 5000+ employees have adopted AI. Even though AI presents a huge opportunity for the banking sector to step up its game, we are still in the stage of taking baby steps.
How is AI Revolutionizing the Banking industry of India?
Artificial intelligence is changing the face of the Indian Banking sector with Top Banking firms of India such as Bank of Baroda, State Bank of India, Axis, HDFC and others adopting AI into different domains of their financial infrastructure. The Indian Banking sector is one of…
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