Publication Date: 2024/02/26
Abstract: The use of Artificial Intelligence (AI) and Machine Learning (ML) within the Banking sector has dramatically transformed the industry in recent times. AI has catalyzed new advancements on both the back and front ends of financial operations. This article seeks to explore the significant impact of artificial intelligence within the banking industry. It will look at how these abilities further drive efficiency, allowing professionals in the industry to enhance the experience for their customer base. It will explore different use cases within the space and paint a picture for the future as computational intelligence continues to hold a key role in decision-making where accuracy is increasingly important. The banking industry has traditionally been an area conservative about the implementation of new technology due to security implications. However, this has begun to change as the banking industry begins to consolidate these technologies can provide an advantage in the market and catch the eye of a public who is using traditional banks less and opting to reside with tech and fin tech companies. Understanding what AI and ML are is key to getting what these technologies are about. This paper provides multiple real- world examples of how machine learning is likely to upend banking. By ingesting files and recognizing patterns, ML algorithms help banks predict behavior and make choices that will help redefine what banking is in the modern age.
Keywords: No Keywords Available
DOI: https://doi.org/10.5281/zenodo.10707332
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT24FEB1225.pdf
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