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Revolutionizing Banking Operations With AI and ML Technologies
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Author(s): D. Rajeswari (Department of Data Science and Business Systems, School of Computing, College of Engineering and Technology, SRM institute of Science and Technology, Kattankulathur, India), K. J. Amala (Department of Data Science and Business Systems, School of Computing, College of Engineering and Technology, SRM Institute of Science and Technology, Kattankulathur, India)and Athish Venkatachalam (Clemson University, USA)
Copyright: 2027
Pages: 22
Source title:
Determinants of FinTech Adoption and Banks' Financial Performance
Source Author(s)/Editor(s): Muhammad Naeem Shahid (School of Accounting and Finance, Faculty of Business and Law, Taylor’s University, Malaysia)and Muhammad Umar Islam (Asia Pacific University of Techology and Innovations, Malaysia)
DOI: 10.4018/979-8-3373-6244-1.ch009
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Abstract
Financial institutions can meet client demand for better, safer, and easier money management with AI and ML.AI helps the financial sector manage risk, trade with numbers, and make investment decisions more efficiently.Thus, automated solutions are predicted to transform financial services.Managers can spend less time on mundane tasks and more on strategic tasks with AI and ML.AI is taking over critical financial tasks like risk assessment, stock trading, and loan approvals.To elaborate, AI is a powerful tool for banking and insurance.The financial services business could benefit from ML and AI.It may improve internal procedures, cybersecurity, and risk management and create more personalized products and services.AI speeds responses, improving customer satisfaction.AI and ML are changing how banks and financial institutions collect and use data insights.This is driving firms to develop new operational strategies, changing competitive dynamics, work methods, and risk management, and creating new problems for businesses and governments.
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