Authors :
Anju Sonkhla; K D Shara
Volume/Issue :
Volume 9 - 2024, Issue 8 - August
Google Scholar :
https://shorturl.at/YPFbF
Scribd :
https://shorturl.at/S4Hwf
DOI :
https://doi.org/10.38124/ijisrt/IJISRT24AUG054
Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.
Abstract :
Generative Al offers a considerable
improvement over the traditional Al models which are
mostly employed for classification or prediction tasks. In
addition to supporting data augmentation in situations
where data is scarce, it exhibits creativity in producing
original text, images, or music. It also enables
personalization to produce tailored content, greatly
improving user experience and opening up new avenues
for increased productivity for business and technology
teams.
Gen AI is completely changing the banking industry
by producing content, mimicking human behavior,
enhancing client interactions, offering real-time support,
and increasing operational efficiency. Through deep
learning algorithms, it improves client experiences,
expedites procedures, and strengthens risk management.
By putting ethical standards into place, encouraging
openness, and guaranteeing data security and privacy,
the sector can realize this potential.
Banks are using generative artificial intelligence
(AI) to solve persistent problems like fraud detection,
fraud prevention, customer targeting, data
summarization, enhancing conversational bots, and
product integration. This technology can supply digital
items through digital channels, increase data
summarization, and improve user experience.
Keywords :
Generative AI, Banking Industry, Learning Algorithms.
References :
- IBM. (2021). "AI in Banking: Use Cases, Benefits, and Challenges." Retrieved from IBM AI Banking
- Accenture. (2020). "Banking on AI: A Path to Personalization." Retrieved from Accenture AI in Banking
- Business Standard. (2021). "AI in Indian Banking: Transforming the Sector Amid Challenges." Retrieved from Business Standard
- HDFC Bank. (2020). "How HDFC Bank is Using AI to Transform Customer Service."
- State Bank of India (SBI). (2019). "SBI’s Adoption of AI for Fraud Detection and Risk Management."
- Article: Enterprise AI Generative AI in Banking Industry- Dr.Jagreet Kaur Gill -14 December 2023
- https://www.xenonstack.com/blog/generative-ai-banking#:~:text=Generative%20AI% 20possesses%20the%20capability,significant%20costs%20if%20 implemented %20 correctly
- https://www.cnbctv18.com/finance/sbi-chairman-khara-says-gen-ai-to-shape-up-the-way-banks-will-be-run-18661121.htm
- https://www.business-standard.com/technology/tech-news/generative-ai-s-biggest-impact-could-be-felt-in-banking-and-technology-124020201743_1.html
- https://analyticsindiamag.com/kotak-mahindra-bank-is-gearing-up-for-a-generative-ai-powered-banking-future/
Generative Al offers a considerable
improvement over the traditional Al models which are
mostly employed for classification or prediction tasks. In
addition to supporting data augmentation in situations
where data is scarce, it exhibits creativity in producing
original text, images, or music. It also enables
personalization to produce tailored content, greatly
improving user experience and opening up new avenues
for increased productivity for business and technology
teams.
Gen AI is completely changing the banking industry
by producing content, mimicking human behavior,
enhancing client interactions, offering real-time support,
and increasing operational efficiency. Through deep
learning algorithms, it improves client experiences,
expedites procedures, and strengthens risk management.
By putting ethical standards into place, encouraging
openness, and guaranteeing data security and privacy,
the sector can realize this potential.
Banks are using generative artificial intelligence
(AI) to solve persistent problems like fraud detection,
fraud prevention, customer targeting, data
summarization, enhancing conversational bots, and
product integration. This technology can supply digital
items through digital channels, increase data
summarization, and improve user experience.
Keywords :
Generative AI, Banking Industry, Learning Algorithms.
