Artificial Intelligence for Risk Mitigation in the Financial Industry

4Artificial Intelligence Adoption in the Indian Banking and Financial Industry: Current Status and Future Opportunities

Deepthi B. and Vikram Bansal*

Atal Bihari Vajpayee School of Management and Entrepreneurship, Jawaharlal Nehru University, New Delhi, India

Abstract

In the current era of digitization and fast technological development, the manner in which money is managed is experiencing rapid change. As a direct consequence of this, the use of technologies such as artificial intelligence (AI) and machine learning (ML) has developed into an absolute need for the banking and financial sector all over the world. In line with the global trends, the Indian banking and finance sector is increasingly embracing AI and ML-based solutions for its day-to-day operations. The purpose of this research is to give a complete overview of the recent advancements and upcoming trends in the adoption of AI and ML in the Indian banking and financial industry. In addition, the study also looked into the various challenges faced by management to implement these latest developments. The goals of this research are accomplished by the use of secondary data obtained from a variety of sources, including journal papers, books, interviews, blog posts, and newspaper stories, among others. In addition, primary data were gathered from industry professionals by means of in-depth interviews about the difficulties inherent in the implementation of AI technology. According to the findings, banks are increasingly ...