Investigating the Utilization and Efficacy of Artificial Intelligence in the Indian Banking Industry

Abstract

Artificial Intelligence (AI) has emerged as a game-changer in the banking industry worldwide, including India. With the rise of digital banking and the growing need for personalized services, AI has become an essential tool for banks to enhance customer experience and improve operational efficiency. This paper explores the growing use of artificial intelligence (AI) in the Indian banking industry. With the advent of new technologies and the proliferation of data, AI is transforming the way banks operate, by improving efficiency, reducing costs, and enhancing the overall customer experience. The paper examines the AI based banking services, adoption in Indian banks, performance -comparison between HDFC bank and ICICI bank and, utilization and efficacy in Indian banking industry. The study concludes that AI has the potential to revolutionize the Indian banking industry, by enabling banks to leverage their data assets to provide more personalized services and deliver better customer experiences, while also improving their operational efficiency and reducing costs.