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Manjari Sharma

Sharad Gupta

Dr.M.Sekar

Abstract

Artificial intelligence (AI) is rapidly transforming the banking sector by enhancing operational efficiency, customer experience, and risk management. This paper explores the broad scope of AI, from its definition as a computer science discipline focused on creating systems that replicate human intelligence to its applications in the banking industry. Key AI technologies such as machine learning, deep learning, and natural language processing (NLP) are driving innovations in fraud detection, real-time transaction monitoring, and automated credit checks. Moreover, AI is revolutionizing customer service through chatbots and virtual assistants, offering personalized recommendations, and analyzing customer behavior to predict trends and improve engagement. In banking, AI enhances decision-making processes, automates routine tasks like credit checks and financial report generation, and streamlines regulatory compliance. It plays a critical role in fraud prevention, competitor analysis, and risk management by processing vast amounts of data quickly and accurately. Additionally, AI-driven tools are reshaping debt management, customer segmentation, and portfolio management, offering financial institutions a competitive edge in a rapidly evolving market. As AI continues to evolve, it promises to further transform the banking industry by automating knowledge work, mitigating cyber threats, and enabling banks to offer more personalized services while achieving significant cost savings. AI plays an integral role in the future of banking by combining the capabilities of humans and machines to maximize performance and customer satisfaction.

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