Artificial Intelligence for Risk Mitigation in the Financial Industry

11Real-Time Analysis of Banking Data with AI Technologies

S. C. Vetrivel¹*, T. Mohanasundaram², T. P. Saravanan¹ and R. Maheswari¹

¹Department of Management Studies, Kongu Engineering College, Perundurai, India

²Department of Management Studies, M. S. Ramaiah Institute of Technology, Bengaluru, India

Abstract

The real-time analysis of banking data with artificial intelligence (AI) technologies has the potential to revolutionize the banking industry. This chapter discovers the key aspects of real-time analysis of banking data with AI technologies. One of the key benefits of real-time analysis of banking data with AI technologies is its ability to detect fraudulent transactions quickly and thereby benefiting banks. However, there are also challenges associated with real-time analysis of banking data with AI technologies. One of the biggest challenges is the need for high-quality data. AI algorithms are only as good as the data they are trained on, and poor-quality data can lead to inaccurate insights and recommendations. This invites bankers to spend heavily on data management. Another challenge is the need for skilled AI professionals. Banks must hire or train professionals who have the expertise to develop and implement AI algorithms, interpret results, and integrate them into the bank’s operations. This can be challenging in a competitive job market, and banks must be prepared to offer attractive compensation packages and ongoing training to retain their AI talent. As AI algorithms ...