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Dr. M.Venkatraman

Mrs. R. Ragapriya

CA Manikandan Muthiah

Abstract

The banking industry has evolved from traditional methods (Banking 1.0) to a technology-driven environment (Banking 4.0), with AI playing a pivotal role. AI technologies like Machine Learning, Natural Language Processing, and Robotic Process Automation have significantly enhanced fraud detection, credit scoring, process automation, and personalized banking services. Real-world examples from leading banks demonstrate AI's potential to increase efficiency and generate higher revenues. However, integrating AI presents challenges such as data privacy, security concerns, ethical considerations, and evaluating cost versus ROI. This paper provides a balanced view of AI's transformative potential in banking, highlighting both the advancements and the hurdles to overcome for future innovation and growth.

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