Machine Learning for Business Analytics

Chapter 12 Application of Artificial Intelligence in Banking: A Review

Syed Hasan Jafar, Viplav Dhandhukia, and Bijay Kumar G.

DOI: 10.4324/9781003206316-12

Contents

12.1 Introduction

12.2 Literature Review

12.3 Conclusion

References

12.1 Introduction

The use of artificial intelligence (AI) in banking improves efficiency of banks, saves a lot of time, contributes to cost saving and finally enhances customer experience and gives them a better value proposition in terms of better service, accessibility of various products, and related financial information.

There has been a rise in the use of AI-based tools in banking industry in recent years. AI enables banks to automate some of its activities and also helps them in better decision-making ...