A Study on Impact of Artificial Intelligence in Financial Services of Private Banks in Bangalore
DOI:
https://doi.org/10.48001/978-81-966500-8-7-9Keywords:
Artificial Intelligence, Banking industry, Financial Services, Technology and Private BanksAbstract
This study looks into how private banks in Bangalore are using artificial intelligence (AI) to transform their financial services. Due to the rapid advancement of AI technology, private banking firms are increasingly implementing AI solutions to ensure strong risk management, improve client service, and increase operational effectiveness. This research aims to identify the specific artificial intelligence (AI) applications—such as fraud detection, automated customer support, predictive analytics, and customized financial advice—that private banks have put into place. The study thoroughly examines secondary data, questionnaires, and conversations with banking professionals to examine the benefits and challenges of implementing AI in banking. According to the findings, banking operations have been significantly improved by artificial intelligence (AI), which has reduced operating expenses and raised customer satisfaction. However, the paper also highlights concerns about data privacy.
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