Banking is the most important sector of any economy because it connects the most with government and public at large and also it protects the economy from any crises. Technology has brought tremendous change, it has made both positive and negative impact on every sector and banking sector is the most dynamic in technological transformation. Among the various technological transformations of recent, the birth of Artificial intelligence is particularly remarkable. AI is fast evolving as the go to technology for banking sectors across the world to personalise experience for individuals. With data analytics, block chain and machine learning, banks are advancing their services and offerings. The technology itself is getting better and smarter day by day, allowing more and newer banks to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways. AI refers to computers having cognitive skills similar to humans, which could result in immense efficiency gains for banks and their clients alike. It is important to understand how AI can influence the Banking sector hence this paper is an attempt to understand the opportunities and challenges of Artificial intelligence for Indian banking sector. Prof. Mohammed Nawaz | Prof. Triveni. K | Prof. Bharathi. G. R "Application of Artificial Intelligence in Indian Banking-Opportunities and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37964.pdf Paper URL : https://www.ijtsrd.com/computer-science/artificial-intelligence/37964/application-of-artificial-intelligence-in-indian-bankingopportunities-and-challenges/prof-mohammed-nawaz
This document discusses various uses of AI in banking, including:
1) Know Your Customer/Client (KYC) and fraud detection using machine learning to analyze transactions and communications.
2) Anomaly detection using time series analysis to flag suspicious transaction patterns in real-time.
3) Customer churn prediction analyzing complex customer behavior data to identify at-risk customers.
FINTECH companies have seen rapid growth and taken significant market share from traditional banks globally since 2014. They focus on profitable products, grow market share quickly, and operate below regulatory radar. While FINTECH investments are concentrated in the US, the internet has no borders, so all banks must transform digitally to compete. Traditional banks have weaknesses like over-regulated processes and legacy systems compared to FINTECH strengths like interconnected data and technology. Banks need to create win-win partnerships with FINTECH and customers to survive the disruption.
- The stock market refers to the collection of exchanges where public trading of company stocks and shares takes place. It allows companies to raise capital and investors to share in ownership.
- Most trading in India occurs on the two main exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Common stock types are shares in a company's equity, while preferred stock and bonds are other fixed income securities.
- Individual investors can purchase stocks through a brokerage account linked to a trading account and demat account to hold shares electronically. Stock prices fluctuate daily based on demand and supply in the market.
FinTech refers to financial technology and involves the integration of technology in the finance industry to provide fast, efficient, and accurate solutions for consumers and businesses. Some key FinTech trends for 2021 and beyond include increasing financial inclusion through mobile technologies, use of robotic process automation to automate tasks, leveraging big data and analytics to gain insights and make strategic decisions, enabling digital-first collaboration through secure file sharing as more people work remotely, integrating voice search capabilities, and utilizing regulatory technologies to simplify compliance procedures.
Artificial intelligence has many applications in banking and financial sectors. In banking, AI helps reduce costs, improve customer support through chatbots, and automate processes. It also enhances customer experience with personalized mobile apps. In finance, AI enables financial advisory services through combining machine calculations with human insights. It assists with trading through predicting market patterns from large amounts of data. AI also helps manage personal finances by tracking spending and recommending portfolio solutions. Overall, AI is transforming the banking and financial industries by automating tasks and improving customer experiences.
Banks can leverage machine learning models to increase value through stronger customer acquisition, higher customer lifetime value, and lower operating costs. AI-powered decision making allows for personalized experiences, continuous customer engagement, automated document processing, and early risk detection. Advanced analytical models can be organized around significant elements like the customer lifecycle to benefit banks.
The document discusses the evolution of digital banking driven by the Internet of Everything (IoE). It outlines the progression from early dial-up e-banking experiences and multichannel integration to modern digital banks that leverage full-function smartphone apps, big data analytics, 360-degree customer views, and omnichannel experiences personalized for individual customers through intercloud technologies and both structured and unstructured data.
This document discusses various uses of AI in banking, including:
1) Know Your Customer/Client (KYC) and fraud detection using machine learning to analyze transactions and communications.
2) Anomaly detection using time series analysis to flag suspicious transaction patterns in real-time.
3) Customer churn prediction analyzing complex customer behavior data to identify at-risk customers.
FINTECH companies have seen rapid growth and taken significant market share from traditional banks globally since 2014. They focus on profitable products, grow market share quickly, and operate below regulatory radar. While FINTECH investments are concentrated in the US, the internet has no borders, so all banks must transform digitally to compete. Traditional banks have weaknesses like over-regulated processes and legacy systems compared to FINTECH strengths like interconnected data and technology. Banks need to create win-win partnerships with FINTECH and customers to survive the disruption.
- The stock market refers to the collection of exchanges where public trading of company stocks and shares takes place. It allows companies to raise capital and investors to share in ownership.
- Most trading in India occurs on the two main exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Common stock types are shares in a company's equity, while preferred stock and bonds are other fixed income securities.
- Individual investors can purchase stocks through a brokerage account linked to a trading account and demat account to hold shares electronically. Stock prices fluctuate daily based on demand and supply in the market.
FinTech refers to financial technology and involves the integration of technology in the finance industry to provide fast, efficient, and accurate solutions for consumers and businesses. Some key FinTech trends for 2021 and beyond include increasing financial inclusion through mobile technologies, use of robotic process automation to automate tasks, leveraging big data and analytics to gain insights and make strategic decisions, enabling digital-first collaboration through secure file sharing as more people work remotely, integrating voice search capabilities, and utilizing regulatory technologies to simplify compliance procedures.
Artificial intelligence has many applications in banking and financial sectors. In banking, AI helps reduce costs, improve customer support through chatbots, and automate processes. It also enhances customer experience with personalized mobile apps. In finance, AI enables financial advisory services through combining machine calculations with human insights. It assists with trading through predicting market patterns from large amounts of data. AI also helps manage personal finances by tracking spending and recommending portfolio solutions. Overall, AI is transforming the banking and financial industries by automating tasks and improving customer experiences.
Banks can leverage machine learning models to increase value through stronger customer acquisition, higher customer lifetime value, and lower operating costs. AI-powered decision making allows for personalized experiences, continuous customer engagement, automated document processing, and early risk detection. Advanced analytical models can be organized around significant elements like the customer lifecycle to benefit banks.
The document discusses the evolution of digital banking driven by the Internet of Everything (IoE). It outlines the progression from early dial-up e-banking experiences and multichannel integration to modern digital banks that leverage full-function smartphone apps, big data analytics, 360-degree customer views, and omnichannel experiences personalized for individual customers through intercloud technologies and both structured and unstructured data.
FinTech refers to the use of technology to deliver financial services in a more efficient and accessible manner. Some key areas of FinTech include payments, digital banking, investments, crowdfunding, peer-to-peer lending, blockchain/cryptocurrency, insurance technology, and regulatory technology. Technologies like cloud computing, artificial intelligence, mobile computing, the Internet of Things, and blockchain have enabled the development of new FinTech business models and services that are disrupting traditional financial industries.
This document summarizes developments in financial technology (FinTech) and Stockholm's position as a leading FinTech hub. It notes that Stockholm has over 97 FinTech companies, generating over 14 billion SEK in revenue and employing over 5,800 people. Major FinTech segments in Stockholm include payments, lending, wealth management, and cryptocurrency. Emerging technologies like blockchain, peer-to-peer lending, and crowdfunding are disrupting traditional banking models. Stockholm is well-positioned to become a global FinTech leader due to its supportive environment, entrepreneurial talent, and enabling regulatory framework.
The document provides an overview of the banking industry in India. It discusses that banks accept deposits and channel those deposits into lending activities. It then outlines the major functions of banks which include accepting deposits, lending money, remittances, locker facilities, and foreign exchange business. The document notes that the first bank started in India in 1786 and discusses some key milestones in the development of the banking industry in India such as the nationalization of banks in 1969 and liberalization in 1991. It categorizes the banking industry into public sector banks, private sector banks, and cooperative sector and provides details about each. The document also discusses challenges faced by the banking industry such as deregulation and new rules, and future outlooks around risk management
Digital lending is quickly growing among the 'thin file' borrowers i.e. the borrowers with no or negligible credit history. These borrowers can be both consumers or businesses.
But, in recent months the digital lenders are struggling with liquidity crises due to the pandemic. As RBI extended loan moratorium to borrowers, the Digital Lenders are in a catch-22 situation. While their borrowers expect them to extend the moratorium, financial institutions they borrow from (Banks and large NBFCs) are either refusing to or delaying to extend the moratorium to the digital lenders. digital lenders Association of India (DLAI) has already approached the RBI to get the moratorium benefits.
It is quite expected that many digital lenders (especially ones with weaker balance sheets) will not survive not only because of the liquidity crisis but also exposure to less creditworthy borrowers who are often small businesses and less creditworthy individuals. The economic repercussions of the lockdown may leave many of the borrowers unable to repay as small businesses shut down and people lose employment.
Although, the lockdowns have caused rapid digital adoption which is beneficial for the industry in the long-term. This indicates that the industry is expected to go through a lot of consolidation as cash strapped players look to be acquired to get some exit.
Let us understand this industry.
This document discusses mobile banking and presents the results of a survey about public awareness and use of mobile banking in India. It defines mobile banking as allowing customers to access and manage their bank accounts through a mobile device. The document then provides details about typical mobile banking services, the benefits for both customers and banks, the security measures used, and an example of State Bank of India's mobile banking registration process. Survey results show that most respondents are aware of mobile banking but still prefer traditional banking methods due to security concerns. However, many feel mobile banking could benefit society by saving time and reducing dependency on bank branches.
The document discusses stock markets and shares. It defines a stock market as a market for trading company stock and derivatives. It explains that shares represent fractional ownership in a company and shareholders have rights like voting and sharing in company profits. A company issues new shares to raise capital for projects or expansion. Share prices are determined by supply and demand on the stock exchange. Investors can analyze companies through fundamental analysis of financials or technical analysis of price trends and patterns. The stock market plays an important role in economies by facilitating business growth and mobilizing savings.
Originally presented during the Arabnet Beirut Banking Innovation Day (21/2/2017).
This presentation provides an overview of the different drivers & stakeholders shaping the FinTech revolution.
The document summarizes the banking, financial services, and insurance (BFSI) sector in India. It discusses the history and growth of banking, financial services, and insurance in India. It also describes the structure and future prospects of the BFSI sector, which is an important industry in India and expected to experience continued growth.
Fintech refers to technology that seeks to improve access and delivery of financial services. It utilizes specialized software and algorithms to help companies, businesses, and consumers better manage their finances. Some key uses of fintech include mobile payments, crowdfunding, robo-advising, budgeting apps, and cryptocurrency exchanges. While fintech has expanded access to financial services and improved customer experience, it also faces challenges around security, lack of standards, and complex networks.
The document outlines the rules and structure for a banking sector quiz organized by Vijay Mohan Gahlot of MERI. It provides instructions that participants should raise their hands to answer, they will be given one minute to answer, and must get the question fully correct in one attempt. It also advises cooperation and no disturbances. The quiz will have 4 rounds covering logos/taglines, mutual funds, banking questions, and e-banking. Each round lists multiple choice questions within the given topic.
Fintech and Transformation of the Financial Services IndustryRobin Teigland
The document provides an agenda for a January 2016 event on financing innovation and FinTech industry transformation. The morning session focuses on financing startups, including lectures and group work. The afternoon session discusses FinTech and industry disruption, with lectures from digital economy experts and a discussion on disruptors versus industry incumbents. Guidelines are provided for a group presentation on funding a startup. The document also includes background information on industry transformation drivers, trajectories of change, and the impact of digital technologies on banking.
The document summarizes the evolution of the banking system in India. It describes the old banking system from 1786 to 1969 which involved manual documentation and few services. It then discusses the nationalization of banks from 1969 to 1991. Finally, it outlines the new banking system post-1991 reforms involving increased technology usage through tools like core banking solutions, ATMs, and online services that have improved customer experience but also introduced new risks like hacking and phishing.
IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
The document discusses the different products and services offered by banks. It identifies the main categories as retail banking, trade finance, and treasury operations. It then provides details on specific retail banking services like deposits, loans, remittances, and bookkeeping. It also outlines electronic banking services like ATMs, online and mobile banking, and their benefits of increasing convenience and customer access while reducing costs. Finally, it lists the top 30 banks in the Philippines.
Aguai Solutions Perspective on New Age Digital Lending. Leverage the power of Digital Infrastructures to offer a Convenient of Lending to the right consumers through right Digital 30 degree of Credit Risk scores
The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD. investor presentationmukeshbhatt39
This document provides an overview of Mahindra & Mahindra Financial Services Limited (MMFSL), a non-banking financial company in India. It discusses MMFSL's diversified product offerings across vehicle financing, SME financing, and other segments. It also outlines MMFSL's extensive branch network across India, diversified funding sources, robust risk management policies, and regulatory oversight as an NBFC. Being part of the larger Mahindra Group provides MMFSL access to its ecosystem and brand recognition. Key financial metrics like AUM, capital adequacy ratios, and NPAs are also presented.
The document discusses opportunities in the banking sector and describes a BFSI Club for students interested in careers in banking and finance. The BFSI Club, composed of 15-20 diverse students, aims to provide learning outside the classroom through connecting with industry experts. Students in the club would discuss daily job issues, conduct case studies, work on industry projects, and gain internship and placement opportunities, in order to integrate conceptual knowledge with skills development for BFSI careers.
This document is a research report submitted for a Master's degree in business administration. It discusses a study on investors' perception towards investment in the commodity market with a special focus on derivatives. The report includes a declaration by the student, a certificate from the supervisor, acknowledgements, a table of contents, and 8 chapters. It discusses the introduction, literature review, research methodology, data analysis, findings, recommendations, limitations, and conclusions of the study. The study was conducted through a questionnaire to analyze trading patterns and investment behavior of commodity traders and other investors. The report aims to provide insights into investors' perception of the commodity derivatives market in India.
In today’s digital age, our clients are surrounded by a digitally enabled world to engage in constant, collaborative interactions. There are fundamental forces in the wider landscape that serve as unstoppable digital tailwinds. This presentation by Tej Vakta, Wealth Management Practice Leader, Capgemini, was presented as a keynote at FIBA and it discusses why the Investment Management industry needs to think beyond the Digital Revolution and get influenced by the Digital Disruption happening around their customers to re-imagine the engagement model for driving loyalty and becoming their strategic partner as a primary financial service provider.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The entry of artificial intelligence into the banking sector was not recognized and slowed down until the era of Internet banking.
FinTech refers to the use of technology to deliver financial services in a more efficient and accessible manner. Some key areas of FinTech include payments, digital banking, investments, crowdfunding, peer-to-peer lending, blockchain/cryptocurrency, insurance technology, and regulatory technology. Technologies like cloud computing, artificial intelligence, mobile computing, the Internet of Things, and blockchain have enabled the development of new FinTech business models and services that are disrupting traditional financial industries.
This document summarizes developments in financial technology (FinTech) and Stockholm's position as a leading FinTech hub. It notes that Stockholm has over 97 FinTech companies, generating over 14 billion SEK in revenue and employing over 5,800 people. Major FinTech segments in Stockholm include payments, lending, wealth management, and cryptocurrency. Emerging technologies like blockchain, peer-to-peer lending, and crowdfunding are disrupting traditional banking models. Stockholm is well-positioned to become a global FinTech leader due to its supportive environment, entrepreneurial talent, and enabling regulatory framework.
The document provides an overview of the banking industry in India. It discusses that banks accept deposits and channel those deposits into lending activities. It then outlines the major functions of banks which include accepting deposits, lending money, remittances, locker facilities, and foreign exchange business. The document notes that the first bank started in India in 1786 and discusses some key milestones in the development of the banking industry in India such as the nationalization of banks in 1969 and liberalization in 1991. It categorizes the banking industry into public sector banks, private sector banks, and cooperative sector and provides details about each. The document also discusses challenges faced by the banking industry such as deregulation and new rules, and future outlooks around risk management
Digital lending is quickly growing among the 'thin file' borrowers i.e. the borrowers with no or negligible credit history. These borrowers can be both consumers or businesses.
But, in recent months the digital lenders are struggling with liquidity crises due to the pandemic. As RBI extended loan moratorium to borrowers, the Digital Lenders are in a catch-22 situation. While their borrowers expect them to extend the moratorium, financial institutions they borrow from (Banks and large NBFCs) are either refusing to or delaying to extend the moratorium to the digital lenders. digital lenders Association of India (DLAI) has already approached the RBI to get the moratorium benefits.
It is quite expected that many digital lenders (especially ones with weaker balance sheets) will not survive not only because of the liquidity crisis but also exposure to less creditworthy borrowers who are often small businesses and less creditworthy individuals. The economic repercussions of the lockdown may leave many of the borrowers unable to repay as small businesses shut down and people lose employment.
Although, the lockdowns have caused rapid digital adoption which is beneficial for the industry in the long-term. This indicates that the industry is expected to go through a lot of consolidation as cash strapped players look to be acquired to get some exit.
Let us understand this industry.
This document discusses mobile banking and presents the results of a survey about public awareness and use of mobile banking in India. It defines mobile banking as allowing customers to access and manage their bank accounts through a mobile device. The document then provides details about typical mobile banking services, the benefits for both customers and banks, the security measures used, and an example of State Bank of India's mobile banking registration process. Survey results show that most respondents are aware of mobile banking but still prefer traditional banking methods due to security concerns. However, many feel mobile banking could benefit society by saving time and reducing dependency on bank branches.
The document discusses stock markets and shares. It defines a stock market as a market for trading company stock and derivatives. It explains that shares represent fractional ownership in a company and shareholders have rights like voting and sharing in company profits. A company issues new shares to raise capital for projects or expansion. Share prices are determined by supply and demand on the stock exchange. Investors can analyze companies through fundamental analysis of financials or technical analysis of price trends and patterns. The stock market plays an important role in economies by facilitating business growth and mobilizing savings.
Originally presented during the Arabnet Beirut Banking Innovation Day (21/2/2017).
This presentation provides an overview of the different drivers & stakeholders shaping the FinTech revolution.
The document summarizes the banking, financial services, and insurance (BFSI) sector in India. It discusses the history and growth of banking, financial services, and insurance in India. It also describes the structure and future prospects of the BFSI sector, which is an important industry in India and expected to experience continued growth.
Fintech refers to technology that seeks to improve access and delivery of financial services. It utilizes specialized software and algorithms to help companies, businesses, and consumers better manage their finances. Some key uses of fintech include mobile payments, crowdfunding, robo-advising, budgeting apps, and cryptocurrency exchanges. While fintech has expanded access to financial services and improved customer experience, it also faces challenges around security, lack of standards, and complex networks.
The document outlines the rules and structure for a banking sector quiz organized by Vijay Mohan Gahlot of MERI. It provides instructions that participants should raise their hands to answer, they will be given one minute to answer, and must get the question fully correct in one attempt. It also advises cooperation and no disturbances. The quiz will have 4 rounds covering logos/taglines, mutual funds, banking questions, and e-banking. Each round lists multiple choice questions within the given topic.
Fintech and Transformation of the Financial Services IndustryRobin Teigland
The document provides an agenda for a January 2016 event on financing innovation and FinTech industry transformation. The morning session focuses on financing startups, including lectures and group work. The afternoon session discusses FinTech and industry disruption, with lectures from digital economy experts and a discussion on disruptors versus industry incumbents. Guidelines are provided for a group presentation on funding a startup. The document also includes background information on industry transformation drivers, trajectories of change, and the impact of digital technologies on banking.
The document summarizes the evolution of the banking system in India. It describes the old banking system from 1786 to 1969 which involved manual documentation and few services. It then discusses the nationalization of banks from 1969 to 1991. Finally, it outlines the new banking system post-1991 reforms involving increased technology usage through tools like core banking solutions, ATMs, and online services that have improved customer experience but also introduced new risks like hacking and phishing.
IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
The document discusses the different products and services offered by banks. It identifies the main categories as retail banking, trade finance, and treasury operations. It then provides details on specific retail banking services like deposits, loans, remittances, and bookkeeping. It also outlines electronic banking services like ATMs, online and mobile banking, and their benefits of increasing convenience and customer access while reducing costs. Finally, it lists the top 30 banks in the Philippines.
Aguai Solutions Perspective on New Age Digital Lending. Leverage the power of Digital Infrastructures to offer a Convenient of Lending to the right consumers through right Digital 30 degree of Credit Risk scores
The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD. investor presentationmukeshbhatt39
This document provides an overview of Mahindra & Mahindra Financial Services Limited (MMFSL), a non-banking financial company in India. It discusses MMFSL's diversified product offerings across vehicle financing, SME financing, and other segments. It also outlines MMFSL's extensive branch network across India, diversified funding sources, robust risk management policies, and regulatory oversight as an NBFC. Being part of the larger Mahindra Group provides MMFSL access to its ecosystem and brand recognition. Key financial metrics like AUM, capital adequacy ratios, and NPAs are also presented.
The document discusses opportunities in the banking sector and describes a BFSI Club for students interested in careers in banking and finance. The BFSI Club, composed of 15-20 diverse students, aims to provide learning outside the classroom through connecting with industry experts. Students in the club would discuss daily job issues, conduct case studies, work on industry projects, and gain internship and placement opportunities, in order to integrate conceptual knowledge with skills development for BFSI careers.
This document is a research report submitted for a Master's degree in business administration. It discusses a study on investors' perception towards investment in the commodity market with a special focus on derivatives. The report includes a declaration by the student, a certificate from the supervisor, acknowledgements, a table of contents, and 8 chapters. It discusses the introduction, literature review, research methodology, data analysis, findings, recommendations, limitations, and conclusions of the study. The study was conducted through a questionnaire to analyze trading patterns and investment behavior of commodity traders and other investors. The report aims to provide insights into investors' perception of the commodity derivatives market in India.
In today’s digital age, our clients are surrounded by a digitally enabled world to engage in constant, collaborative interactions. There are fundamental forces in the wider landscape that serve as unstoppable digital tailwinds. This presentation by Tej Vakta, Wealth Management Practice Leader, Capgemini, was presented as a keynote at FIBA and it discusses why the Investment Management industry needs to think beyond the Digital Revolution and get influenced by the Digital Disruption happening around their customers to re-imagine the engagement model for driving loyalty and becoming their strategic partner as a primary financial service provider.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The entry of artificial intelligence into the banking sector was not recognized and slowed down until the era of Internet banking.
Bank offered rate based on Artificial IntelligenceIJAEMSJORNAL
The rise of event streaming in financial services is growing like crazy. Continuous real-time data integration and AI processing are mandatory for many use cases. Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition and machine vision.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
Emerging Technologies in the Banking Sector.pptxMonsterBoy8
This presentation discusses emerging technologies reshaping the banking landscape, including blockchain, artificial intelligence, biometric authentication, robotic process automation, digital payments, the internet of things, big data analytics, cybersecurity, cloud computing, and regulatory technology. It also introduces the top six nationalized and private banks in India and explores how technological advancements will continue to transform the banking sector in the future.
Future of artificial intelligence in the banking sectorusmsystems
The banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.
How would digital technology change the landscape of retail branch banking? Will the physical network disappear? Will robots replace human financial advisers? Will augmented reality become everyday life? This presentation looks at the value chain of branch banking and the relevance of five innovative technologies: Open API, artificial intelligence, RPA, augmented reality and blockchain.
THE IMPACT OF ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING ON BANKING INNOVA...PARAMASIVANCHELLIAH
The document discusses the impact of artificial intelligence (AI) and machine learning (ML) on banking innovation in India. It notes that AI/ML have significantly improved banking processes like fraud detection, customer service, and risk assessment by analyzing large amounts of data. However, there are also challenges to consider regarding job displacement, training needs, and privacy concerns. Overall, the adoption of AI/ML has the potential to transform the banking industry by making services more efficient and customer-centric.
IRJET - Implementation of Artificial Intelligence and Machine Learning in Fin...IRJET Journal
This document discusses the implementation of artificial intelligence and machine learning in the financial services industry. It begins by defining artificial intelligence and discussing how AI is being used in various business functions like finance, healthcare, and human resources. It then focuses on how AI is being implemented in various finance functions like lending services, stock trading, and fraud detection to improve processes, reduce costs and risks, and provide more personalized services. The document presents research on the benefits of AI for finance professionals, businesses, and customers through faster, more accurate decision-making and greater access to credit. It aims to understand how AI is changing jobs in the finance industry.
Future of artificial intelligence in the banking sector (part 1) by venkat ...venkatvajradhar1
Of late, the banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.
The document discusses various banking innovations that have been adopted through new technologies. It covers topics such as online banking, mobile banking, APIs, real-time payments, cloud technologies, biometrics, chatbots, process automation using AI, optical character recognition (OCR), microservices architecture, the Internet of Things, big data analytics, enhancing the consumer experience through digital and mobile banking, human-focused technologies like digital human banking, and voice recognition technologies. Many banks are investing heavily in new technologies to improve services, increase efficiency, enhance security, and provide more personalized customer experiences.
Disruptive innovation in financial sector with special reference to banking s...Rossy Mathur
This document discusses disruptive innovation in the financial sector, with a focus on banking. It begins with an introduction to fintech and outlines the objectives and scope of the study. It then discusses the evolution from conventional to digital banking, highlighting innovations like mobile apps, smartwatches, and the use of big data, analytics, AI and robo-advisory. The document also examines opportunities in areas like open banking, blockchain, artificial intelligence, and cryptocurrencies. It concludes by noting that incumbent banks must embrace new technologies by collaborating with fintech startups in order to remain competitive in the future.
6 use cases of machine learning in Finance Swathi Young
The use of Artificial Intelligence and Machine learning is increasingly adopted in multiple industries. Question is, does a regulated industry like Finance adopt AI/ML? the answer is a huge YES! Here we take a look at 6 different use cases:
* Chatbots
* RoboAdvisors
* Risk scoring
* Fraud Detection
* Insurance claims
* Underwriting
* regulatory compliance
AI helps banks to predict future trends as well as outcomes. It has the power to predict future scenarios by analyzing past behaviors. Therefore, banks can easily identify fraud, detect anti-money laundering patterns, and make customer recommendations. AI is capable enough to detect suspicious data patterns among humungous volumes of data, which further helps in fraud management.
The document discusses how artificial intelligence (AI) and machine learning (ML) can help improve performance in the banking sector by automating tasks, improving risk management and fraud detection, and enhancing customer experience. It describes how ML can help with credit decisions, personalized experiences, and internal operations. The document also outlines several applications of AI in banking, including customer support, marketing, robo-advisors, and chatbots.
This document discusses the use of artificial intelligence in finance. It begins with an introduction to AI and how it can be valuable in finance by automating tasks, improving security, and helping businesses move in innovative directions. It then discusses how machine learning is used in finance to extract insights from data and solve complex problems. Specific uses of AI in finance mentioned include personalized banking, credit scoring, and fraud detection. The document also covers advantages like automating work and preventing fraud, and disadvantages such as cost and lack of regulatory scrutiny. It concludes that AI contributes significantly to the financial industry by helping it learn patterns from data and stay updated.
With enterprises putting digital at the core of their transformation, our annual Data Science & AI Trends Report explores the key strategic shifts enterprises will make to stay intelligent and agile going into 2019. The year was marked by a series of technological advances, including advances in AI, deep learning, machine learning, hybrid cloud architecture, edge computing (with data moving away to edge data centres), robotic process automation, a spurt of virtual assistants, advancements in autonomous tech and IoT.
Data Science & AI Trends 2019 By AIM & AnalytixLabsRicha Bhatia
This document discusses 10 data science and AI trends to watch for in India in 2019. It begins with an executive summary noting that enterprises are putting digital technologies like AI, machine learning, and analytics at the core of their transformations. It then discusses each of the 10 trends in more detail, with quotes from experts about how each trend will impact industries and businesses. The trends include more industries utilizing analytics and AI, deploying models for real-time use cases, using data analysis for informed customer engagement, increasing investment in data infrastructure, analytics becoming more pervasive, the need for greater collaboration, personalized products, making analytics more human-centric, replacing centralized data with a single customer view, and the growth of voice and AI assistants.
Artificial Intelligence is the buzzword. Everyone is speaking about it, irrespective of whether they are a scholar on the topic or not. But what must be considered is AI's deep-reaching implications and how it has the ability to transform the society for the better. In this article, we would look at how AI is currently being used in the banking industry to transform it for the better. It is important to note that while us commoners use the term Artificial Intelligence (AI) everywhere, in reality, it is a mixture of technologies like Machine Learning (ML), Robotic Process Automation (RPA), Predictive Analytics and not to mention, Artificial Intelligence (AI).
Similar to Application of Artificial Intelligence in Indian Banking Opportunities and Challenges (20)
‘Six Sigma Technique’ A Journey Through its Implementationijtsrd
The manufacturing industries all over the world are facing tough challenges for growth, development and sustainability in today’s competitive environment. They have to achieve apex position by adapting with the global competitive environment by delivering goods and services at low cost, prime quality and better price to increase wealth and consumer satisfaction. Cost Management ensures profit, growth and sustainability of the business with implementation of Continuous Improvement Technique like Six Sigma. This leads to optimize Business performance. The method drives for customer satisfaction, low variation, reduction in waste and cycle time resulting into a competitive advantage over other industries which did not implement it. The main objective of this paper ‘Six Sigma Technique A Journey Through Its Implementation’ is to conceptualize the effectiveness of Six Sigma Technique through the journey of its implementation. Aditi Sunilkumar Ghosalkar "‘Six Sigma Technique’: A Journey Through its Implementation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64546.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64546/‘six-sigma-technique’-a-journey-through-its-implementation/aditi-sunilkumar-ghosalkar
Edge Computing in Space Enhancing Data Processing and Communication for Space...ijtsrd
Edge computing, a paradigm that involves processing data closer to its source, has gained significant attention for its potential to revolutionize data processing and communication in space missions. With the increasing complexity and data volume generated by modern space missions, traditional centralized computing approaches face challenges related to latency, bandwidth, and security. Edge computing in space, involving on board processing and analysis of data, offers promising solutions to these challenges. This paper explores the concept of edge computing in space, its benefits, applications, and future prospects in enhancing space missions. Manish Verma "Edge Computing in Space: Enhancing Data Processing and Communication for Space Missions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64541.pdf Paper Url: https://www.ijtsrd.com/computer-science/artificial-intelligence/64541/edge-computing-in-space-enhancing-data-processing-and-communication-for-space-missions/manish-verma
Dynamics of Communal Politics in 21st Century India Challenges and Prospectsijtsrd
Communal politics in India has evolved through centuries, weaving a complex tapestry shaped by historical legacies, colonial influences, and contemporary socio political transformations. This research comprehensively examines the dynamics of communal politics in 21st century India, emphasizing its historical roots, socio political dynamics, economic implications, challenges, and prospects for mitigation. The historical perspective unravels the intricate interplay of religious identities and power dynamics from ancient civilizations to the impact of colonial rule, providing insights into the evolution of communalism. The socio political dynamics section delves into the contemporary manifestations, exploring the roles of identity politics, socio economic disparities, and globalization. The economic implications section highlights how communal politics intersects with economic issues, perpetuating disparities and influencing resource allocation. Challenges posed by communal politics are scrutinized, revealing multifaceted issues ranging from social fragmentation to threats against democratic values. The prospects for mitigation present a multifaceted approach, incorporating policy interventions, community engagement, and educational initiatives. The paper conducts a comparative analysis with international examples, identifying common patterns such as identity politics and economic disparities. It also examines unique challenges, emphasizing Indias diverse religious landscape, historical legacy, and secular framework. Lessons for effective strategies are drawn from international experiences, offering insights into inclusive policies, interfaith dialogue, media regulation, and global cooperation. By scrutinizing historical epochs, contemporary dynamics, economic implications, and international comparisons, this research provides a comprehensive understanding of communal politics in India. The proposed strategies for mitigation underscore the importance of a holistic approach to foster social harmony, inclusivity, and democratic values. Rose Hossain "Dynamics of Communal Politics in 21st Century India: Challenges and Prospects" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64528.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/history/64528/dynamics-of-communal-politics-in-21st-century-india-challenges-and-prospects/rose-hossain
Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in...ijtsrd
Background and Objective Telehealth has become a well known tool for the delivery of health care in Saudi Arabia, and the perspective and knowledge of healthcare providers are influential in the implementation, adoption and advancement of the method. This systematic review was conducted to examine the current literature base regarding telehealth and the related healthcare professional perspective and knowledge in the Kingdom of Saudi Arabia. Materials and Methods This systematic review was conducted by searching 7 databases including, MEDLINE, CINHAL, Web of Science, Scopus, PubMed, PsycINFO, and ProQuest Central. Studies on healthcare practitioners telehealth knowledge and perspectives published in English in Saudi Arabia from 2000 to 2023 were included. Boland directed this comprehensive review. The researchers examined each connected study using the AXIS tool, which evaluates cross sectional systematic reviews. Narrative synthesis was used to summarise and convey the data. Results Out of 1840 search results, 10 studies were included. Positive outlook and limited knowledge among providers were seen across trials. Healthcare professionals like telehealth for its ability to improve quality, access, and delivery, save time and money, and be successful. Age, gender, occupation, and work experience also affect health workers knowledge. In Saudi Arabia, healthcare professionals face inadequate expert assistance, patient privacy, internet connection concerns, lack of training courses, lack of telehealth understanding, and high costs while performing telemedicine. Conclusions Healthcare practitioners telehealth perceptions and knowledge were examined in this systematic study. Its collection of concerned experts different personal attitudes and expertise would help enhance telehealths implementation in Saudi Arabia, develop its healthcare delivery alternative, and eliminate frequent problems. Badriah Mousa I Mulayhi | Dr. Jomin George | Judy Jenkins "Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in Saudi Arabia: A Systematic Review" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64535.pdf Paper Url: https://www.ijtsrd.com/medicine/other/64535/assess-perspective-and-knowledge-of-healthcare-providers-towards-elehealth-in-saudi-arabia-a-systematic-review/badriah-mousa-i-mulayhi
The Impact of Digital Media on the Decentralization of Power and the Erosion ...ijtsrd
The impact of digital media on the distribution of power and the weakening of traditional gatekeepers has gained considerable attention in recent years. The adoption of digital technologies and the internet has resulted in declining influence and power for traditional gatekeepers such as publishing houses and news organizations. Simultaneously, digital media has facilitated the emergence of new voices and players in the media industry. Digital medias impact on power decentralization and gatekeeper erosion is visible in several ways. One significant aspect is the democratization of information, which enables anyone with an internet connection to publish and share content globally, leading to citizen journalism and bypassing traditional gatekeepers. Another aspect is the disruption of conventional media industry business models, as traditional organizations struggle to adjust to the decrease in advertising revenue and the rise of digital platforms. Alternative business models, such as subscription models and crowdfunding, have become more prevalent, leading to the emergence of new players. Overall, the impact of digital media on the distribution of power and the weakening of traditional gatekeepers has brought about significant changes in the media landscape and the way information is shared. Further research is required to fully comprehend the implications of these changes and their impact on society. Dr. Kusum Lata "The Impact of Digital Media on the Decentralization of Power and the Erosion of Traditional Gatekeepers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64544.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64544/the-impact-of-digital-media-on-the-decentralization-of-power-and-the-erosion-of-traditional-gatekeepers/dr-kusum-lata
Online Voices, Offline Impact Ambedkars Ideals and Socio Political Inclusion ...ijtsrd
This research investigates the nexus between online discussions on Dr. B.R. Ambedkars ideals and their impact on social inclusion among college students in Gurugram, Haryana. Surveying 240 students from 12 government colleges, findings indicate that 65 actively engage in online discussions, with 80 demonstrating moderate to high awareness of Ambedkars ideals. Statistically significant correlations reveal that higher online engagement correlates with increased awareness p 0.05 and perceived social inclusion. Variations across colleges and a notable effect of college type on perceived social inclusion highlight the influence of contextual factors. Furthermore, the intersectional analysis underscores nuanced differences based on gender, caste, and socio economic status. Dr. Kusum Lata "Online Voices, Offline Impact: Ambedkar's Ideals and Socio-Political Inclusion - A Study of Gurugram District" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64543.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64543/online-voices-offline-impact-ambedkars-ideals-and-sociopolitical-inclusion--a-study-of-gurugram-district/dr-kusum-lata
Problems and Challenges of Agro Entreprenurship A Studyijtsrd
Noting calls for contextualizing Agro entrepreneurs problems and challenges of the agro entrepreneurs and for greater attention to the Role of entrepreneurs in agro entrepreneurship research, we conduct a systematic literature review of extent research in agriculture entrepreneurship to overcome the study objectives of complications of agro entrepreneurs through various factors, Development of agriculture products is a key factor for the overall economic growth of agro entrepreneurs Agro Entrepreneurs produces firsthand large scale employment, utilizes the labor and natural resources, This research outlines the problems of Weather and Soil Erosions, Market price fluctuation, stimulates labor cost problems, reduces concentration of Price volatility, Dependency on Intermediaries, induces Limited Bargaining Power, and Storage and Transportation Costs. This paper mainly devoted to highlight Problems and challenges faced for the sustainable of Agro Entrepreneurs in India. Vinay Prasad B "Problems and Challenges of Agro Entreprenurship - A Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64540.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64540/problems-and-challenges-of-agro-entreprenurship--a-study/vinay-prasad-b
Comparative Analysis of Total Corporate Disclosure of Selected IT Companies o...ijtsrd
Disclosure is a process through which a business enterprise communicates with external parties. A corporate disclosure is communication of financial and non financial information of the activities of a business enterprise to the interested entities. Corporate disclosure is done through publishing annual reports. So corporate disclosure through annual reports plays a vital role in the life of all the companies and provides valuable information to investors. The basic objectives of corporate disclosure is to give a true and fair view of companies to the parties related either directly or indirectly like owner, government, creditors, shareholders etc. in the companies act, provisions have been made about mandatory and voluntary disclosure. The IT sector in India is rapidly growing, the trend to invest in the IT sector is rising and employment opportunities in IT sectors are also increasing. Therefore the IT sector is expected to have fair, full and adequate disclosure of all information. Unfair and incomplete disclosure may adversely affect the entire economy. A research study on disclosure practices of IT companies could play an important role in this regard. Hence, the present research study has been done to study and review comparative analysis of total corporate disclosure of selected IT companies of India and to put forward overall findings and suggestions with a view to increase disclosure score of these companies. The researcher hopes that the present research study will be helpful to all selected Companies for improving level of corporate disclosure through annual reports as well as the government, creditors, investors, all business organizations and upcoming researcher for comparative analyses of level of corporate disclosure with special reference to selected IT companies. Dr. Vaibhavi D. Thaker "Comparative Analysis of Total Corporate Disclosure of Selected IT Companies of India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64539.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64539/comparative-analysis-of-total-corporate-disclosure-of-selected-it-companies-of-india/dr-vaibhavi-d-thaker
The Impact of Educational Background and Professional Training on Human Right...ijtsrd
This study investigated the impact of educational background and professional training on human rights awareness among secondary school teachers in the Marathwada region of Maharashtra, India. The key findings reveal that higher levels of education, particularly a master’s degree, and fields of study related to education, humanities, or social sciences are associated with greater human rights awareness among teachers. Additionally, both pre service teacher training and in service professional development programs focused on human rights education significantly enhance teacher’s knowledge, skills, and competencies in promoting human rights principles in their classrooms. Baig Ameer Bee Mirza Abdul Aziz | Dr. Syed Azaz Ali Amjad Ali "The Impact of Educational Background and Professional Training on Human Rights Awareness among Secondary School Teachers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64529.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64529/the-impact-of-educational-background-and-professional-training-on-human-rights-awareness-among-secondary-school-teachers/baig-ameer-bee-mirza-abdul-aziz
A Study on the Effective Teaching Learning Process in English Curriculum at t...ijtsrd
“One Language sets you in a corridor for life. Two languages open every door along the way” Frank Smith English as a foreign language or as a second language has been ruling in India since the period of Lord Macaulay. But the question is how much we teach or learn English properly in our culture. Is there any scope to use English as a language rather than a subject How much we learn or teach English without any interference of mother language specially in the classroom teaching learning scenario in West Bengal By considering all these issues the researcher has attempted in this article to focus on the effective teaching learning process comparing to other traditional strategies in the field of English curriculum at the secondary level to investigate whether they fulfill the present teaching learning requirements or not by examining the validity of the present curriculum of English. The purpose of this study is to focus on the effectiveness of the systematic, scientific, sequential and logical transaction of the course between the teachers and the learners in the perspective of the 5Es programme that is engage, explore, explain, extend and evaluate. Sanchali Mondal | Santinath Sarkar "A Study on the Effective Teaching Learning Process in English Curriculum at the Secondary Level of West Bengal" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd62412.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/62412/a-study-on-the-effective-teaching-learning-process-in-english-curriculum-at-the-secondary-level-of-west-bengal/sanchali-mondal
The Role of Mentoring and Its Influence on the Effectiveness of the Teaching ...ijtsrd
This paper reports on a study which was conducted to investigate the role of mentoring and its influence on the effectiveness of the teaching of Physics in secondary schools in the South West Region of Cameroon. The study adopted the convergent parallel mixed methods design, focusing on respondents in secondary schools in the South West Region of Cameroon. Both quantitative and qualitative data were collected, analysed separately, and the results were compared to see if the findings confirm or disconfirm each other. The quantitative analysis found that majority of the respondents 72 of Physics teachers affirmed that they had more experienced colleagues as mentors to help build their confidence, improve their teaching, and help them improve their effectiveness and efficiency in guiding learners’ achievements. Only 28 of the respondents disagreed with these statements. With majority respondents 72 agreeing with the statements, it implies that in most secondary schools, experienced Physics teachers act as mentors to build teachers’ confidence in teaching and improving students’ learning. The interview qualitative data analysis summarized how secondary school Principals use meetings with mentors and mentees to promote mentorship in the school milieu. This has helped strengthen teachers’ classroom practices in secondary schools in the South West Region of Cameroon. With the results confirming each other, the study recommends that mentoring should focus on helping teachers employ social interactions and instructional practices feedback and clarity in teaching that have direct measurable impact on students’ learning achievements. Andrew Ngeim Sumba | Frederick Ebot Ashu | Peter Agborbechem Tambi "The Role of Mentoring and Its Influence on the Effectiveness of the Teaching of Physics in Secondary Schools in the South West Region of Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64524.pdf Paper Url: https://www.ijtsrd.com/management/management-development/64524/the-role-of-mentoring-and-its-influence-on-the-effectiveness-of-the-teaching-of-physics-in-secondary-schools-in-the-south-west-region-of-cameroon/andrew-ngeim-sumba
Design Simulation and Hardware Construction of an Arduino Microcontroller Bas...ijtsrd
This study primarily focuses on the design of a high side buck converter using an Arduino microcontroller. The converter is specifically intended for use in DC DC applications, particularly in standalone solar PV systems where the PV output voltage exceeds the load or battery voltage. To evaluate the performance of the converter, simulation experiments are conducted using Proteus Software. These simulations provide insights into the input and output voltages, currents, powers, and efficiency under different state of charge SoC conditions of a 12V,70Ah rechargeable lead acid battery. Additionally, the hardware design of the converter is implemented, and practical data is collected through operation, monitoring, and recording. By comparing the simulation results with the practical results, the efficiency and performance of the designed converter are assessed. The findings indicate that while the buck converter is suitable for practical use in standalone PV systems, its efficiency is compromised due to a lower output current. Chan Myae Aung | Dr. Ei Mon "Design Simulation and Hardware Construction of an Arduino-Microcontroller Based DC-DC High-Side Buck Converter for Standalone PV System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64518.pdf Paper Url: https://www.ijtsrd.com/engineering/mechanical-engineering/64518/design-simulation-and-hardware-construction-of-an-arduinomicrocontroller-based-dcdc-highside-buck-converter-for-standalone-pv-system/chan-myae-aung
Sustainable Energy by Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadikuijtsrd
Energy becomes sustainable if it meets the needs of the present without compromising the ability of future generations to meet their own needs. Some of the definitions of sustainable energy include the considerations of environmental aspects such as greenhouse gas emissions, social, and economic aspects such as energy poverty. Generally far more sustainable than fossil fuel are renewable energy sources such as wind, hydroelectric power, solar, and geothermal energy sources. Worthy of note is that some renewable energy projects, like the clearing of forests to produce biofuels, can cause severe environmental damage. The sustainability of nuclear power which is a low carbon source is highly debated because of concerns about radioactive waste, nuclear proliferation, and accidents. The switching from coal to natural gas has environmental benefits, including a lower climate impact, but could lead to delay in switching to more sustainable options. “Carbon capture and storage” can be built into power plants to remove the carbon dioxide CO2 emissions, but this technology is expensive and has rarely been implemented. Leading non renewable energy sources around the world is fossil fuels, coal, petroleum, and natural gas. Nuclear energy is usually considered another non renewable energy source, although nuclear energy itself is a renewable energy source, but the material used in nuclear power plants is not. The paper addresses the issue of sustainable energy, its attendant benefits to the future generation, and humanity in general. Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadiku "Sustainable Energy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64534.pdf Paper Url: https://www.ijtsrd.com/engineering/electrical-engineering/64534/sustainable-energy/paul-a-adekunte
Concepts for Sudan Survey Act Implementations Executive Regulations and Stand...ijtsrd
This paper aims to outline the executive regulations, survey standards, and specifications required for the implementation of the Sudan Survey Act, and for regulating and organizing all surveying work activities in Sudan. The act has been discussed for more than 5 years. The Land Survey Act was initiated by the Sudan Survey Authority and all official legislations were headed by the Sudan Ministry of Justice till it was issued in 2022. The paper presents conceptual guidelines to be used for the Survey Act implementation and to regulate the survey work practice, standardizing the field surveys, processing, quality control, procedures, and the processes related to survey work carried out by the stakeholders and relevant authorities in Sudan. The conceptual guidelines are meant to improve the quality and harmonization of geospatial data and to aid decision making processes as well as geospatial information systems. The established comprehensive executive regulations will govern and regulate the implementation of the Sudan Survey Geomatics Act in all surveying and mapping practices undertaken by the Sudan Survey Authority SSA and state local survey departments for public or private sector organizations. The targeted standards and specifications include the reference frame, projection, coordinate systems, and the guidelines and specifications that must be followed in the field of survey work, processes, and mapping products. In the last few decades, there has been a growing awareness of the importance of geomatics activities and measurements on the Earths surface in space and time, together with observing and mapping the changes. In such cases, data must be captured promptly, standardized, and obtained with more accuracy and specified in much detail. The paper will also highlight the current situation in Sudan, the degree to which survey standards are used, the problems encountered, and the errors that arise from not using the standards and survey specifications. Kamal A. A. Sami "Concepts for Sudan Survey Act Implementations - Executive Regulations and Standards" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63484.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63484/concepts-for-sudan-survey-act-implementations--executive-regulations-and-standards/kamal-a-a-sami
Towards the Implementation of the Sudan Interpolated Geoid Model Khartoum Sta...ijtsrd
The discussions between ellipsoid and geoid have invoked many researchers during the recent decades, especially during the GNSS technology era, which had witnessed a great deal of development but still geoid undulation requires more investigations. To figure out a solution for Sudans local geoid, this research has tried to intake the possibility of determining the geoid model by following two approaches, gravimetric and geometrical geoid model determination, by making use of GNSS leveling benchmarks at Khartoum state. The Benchmarks are well distributed in the study area, in which, the horizontal coordinates and the height above the ellipsoid have been observed by GNSS while orthometric heights were carried out using precise leveling. The Global Geopotential Model GGM represented in EGM2008 has been exploited to figure out the geoid undulation at the benchmarks in the study area. This is followed by a fitting process, that has been done to suit the geoid undulation data which has been computed using GNSS leveling data and geoid undulation inspired by the EGM2008. Two geoid surfaces were created after the fitting process to ensure that they are identical and both of them could be counted for getting the same geoid undulation with an acceptable accuracy. In this respect, statistical operation played an important role in ensuring the consistency and integrity of the model by applying cross validation techniques splitting the data into training and testing datasets for building the geoid model and testing its eligibility. The geometrical solution for geoid undulation computation has been utilized by applying straightforward equations that facilitate the calculation of the geoid undulation directly through applying statistical techniques for the GNSS leveling data of the study area to get the common equation parameters values that could be utilized to calculate geoid undulation of any position in the study area within the claimed accuracy. Both systems were checked and proved eligible to be used within the study area with acceptable accuracy which may contribute to solving the geoid undulation problem in the Khartoum area, and be further generalized to determine the geoid model over the entire country, and this could be considered in the future, for regional and continental geoid model. Ahmed M. A. Mohammed. | Kamal A. A. Sami "Towards the Implementation of the Sudan Interpolated Geoid Model (Khartoum State Case Study)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63483.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63483/towards-the-implementation-of-the-sudan-interpolated-geoid-model-khartoum-state-case-study/ahmed-m-a-mohammed
Activating Geospatial Information for Sudans Sustainable Investment Mapijtsrd
Sudan is witnessing an acceleration in the processes of development and transformation in the performance of government institutions to raise the productivity and investment efficiency of the government sector. The development plans and investment opportunities have focused on achieving national goals in various sectors. This paper aims to illuminate the path to the future and provide geospatial data and information to develop the investment climate and environment for all sized businesses, and to bridge the development gap between the Sudan states. The Sudan Survey Authority SSA is the main advisor to the Sudan Government in conducting surveying, mappings, designing, and developing systems related to geospatial data and information. In recent years, SSA made a strategic partnership with the Ministry of Investment to activate Geospatial Information for Sudans Sustainable Investment and in particular, for the preparation and implementation of the Sudan investment map, based on the directives and objectives of the Ministry of Investment MI in Sudan. This paper comes within the framework of activating the efforts of the Ministry of Investment to develop technical investment services by applying techniques adopted by the Ministry and its strategic partners for advancing investment processes in the country. Kamal A. A. Sami "Activating Geospatial Information for Sudan's Sustainable Investment Map" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63482.pdf Paper Url: https://www.ijtsrd.com/engineering/information-technology/63482/activating-geospatial-information-for-sudans-sustainable-investment-map/kamal-a-a-sami
Educational Unity Embracing Diversity for a Stronger Societyijtsrd
In a rapidly changing global landscape, the importance of education as a unifying force cannot be overstated. This paper explores the crucial role of educational unity in fostering a stronger and more inclusive society through the embrace of diversity. By examining the benefits of diverse learning environments, the paper aims to highlight the positive impact on societal strength. The discussion encompasses various dimensions, from curriculum design to classroom dynamics, and emphasizes the need for educational institutions to become catalysts for unity in diversity. It highlights the need for a paradigm shift in educational policies, curricula, and pedagogical approaches to ensure that they are reflective of the diverse fabric of society. This paper also addresses the challenges associated with implementing inclusive educational practices and offers practical strategies for overcoming barriers. It advocates for collaborative efforts between educational institutions, policymakers, and communities to create a supportive ecosystem that promotes diversity and unity. Mr. Amit Adhikari | Madhumita Teli | Gopal Adhikari "Educational Unity: Embracing Diversity for a Stronger Society" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64525.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64525/educational-unity-embracing-diversity-for-a-stronger-society/mr-amit-adhikari
Integration of Indian Indigenous Knowledge System in Management Prospects and...ijtsrd
The diversity of indigenous knowledge systems in India is vast and can vary significantly between different communities and regions. Preserving and respecting these knowledge systems is crucial for maintaining cultural heritage, promoting sustainable practices, and fostering cross cultural understanding. In this paper, an overview of the prospects and challenges associated with incorporating Indian indigenous knowledge into management is explored. It is found that IIKS helps in management in many areas like sustainable development, tourism, food security, natural resource management, cultural preservation and innovation, etc. However, IIKS integration with management faces some challenges in the form of a lack of documentation, cultural sensitivity, language barriers legal framework, etc. Savita Lathwal "Integration of Indian Indigenous Knowledge System in Management: Prospects and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63500.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/63500/integration-of-indian-indigenous-knowledge-system-in-management-prospects-and-challenges/savita-lathwal
DeepMask Transforming Face Mask Identification for Better Pandemic Control in...ijtsrd
The COVID 19 pandemic has highlighted the crucial need of preventive measures, with widespread use of face masks being a key method for slowing the viruss spread. This research investigates face mask identification using deep learning as a technological solution to be reducing the risk of coronavirus transmission. The proposed method uses state of the art convolutional neural networks CNNs and transfer learning to automatically recognize persons who are not wearing masks in a variety of circumstances. We discuss how this strategy improves public health and safety by providing an efficient manner of enforcing mask wearing standards. The report also discusses the obstacles, ethical concerns, and prospective applications of face mask detection systems in the ongoing fight against the pandemic. Dilip Kumar Sharma | Aaditya Yadav "DeepMask: Transforming Face Mask Identification for Better Pandemic Control in the COVID-19 Era" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64522.pdf Paper Url: https://www.ijtsrd.com/engineering/electronics-and-communication-engineering/64522/deepmask-transforming-face-mask-identification-for-better-pandemic-control-in-the-covid19-era/dilip-kumar-sharma
Streamlining Data Collection eCRF Design and Machine Learningijtsrd
Efficient and accurate data collection is paramount in clinical trials, and the design of Electronic Case Report Forms eCRFs plays a pivotal role in streamlining this process. This paper explores the integration of machine learning techniques in the design and implementation of eCRFs to enhance data collection efficiency. We delve into the synergies between eCRF design principles and machine learning algorithms, aiming to optimize data quality, reduce errors, and expedite the overall data collection process. The application of machine learning in eCRF design brings forth innovative approaches to data validation, anomaly detection, and real time adaptability. This paper discusses the benefits, challenges, and future prospects of leveraging machine learning in eCRF design for streamlined and advanced data collection in clinical trials. Dhanalakshmi D | Vijaya Lakshmi Kannareddy "Streamlining Data Collection: eCRF Design and Machine Learning" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63515.pdf Paper Url: https://www.ijtsrd.com/biological-science/biotechnology/63515/streamlining-data-collection-ecrf-design-and-machine-learning/dhanalakshmi-d
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
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Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
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In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
2. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD37964 | Volume – 5 | Issue – 1 | November-December 2020 Page 430
Need for application of AI in Banking Sector
Enhanced customer experience: Based on past
interactions, AI develops a better understanding of
customers and their behaviour. This enables banks to
customize financial products and services by adding
personalized features and intuitive interactions to
deliver meaningful customer engagement and build
strong relationships with its customers.
Prediction of future outcomes and trends: With its
power to predict future scenarios by analyzing past
behaviours, AI helps banks predict future outcomesand
trends. This helps banks to identify fraud, detect anti-
money laundering pattern and make customer
recommendations. Money launderers, through a series
of actions, portray that the source of their illegal money
is legal. With its power of Machine Learning and
Cognition, AI identifies these hidden actions and helps
save millions for banks. Similarly, AI is able to detect
suspicious data patterns among humungous volumesof
data to carry out fraud management. Further, with its
key recommendation engines, AI studies past to predict
future behaviour of data points, which helps banks to
successfully up-sell and cross-sell.
Cognitive process automation: This feature enables
automation of a variety of information-intensive, costly
and error-prone banking services like claims
management. This secures ROI, reduces costs and
ensures accurate and quick processing of services at
each step. Cognitive process automation fundamentally
automates a set of tasks that improvises upon their
previous iterations through constant machine learning.
Realistic interactive interfaces: Chat bot identify the
context and emotions in the text chat and respond to it
in the most appropriate way. These cognitive machines
enable banks to save not only time and improve
efficiency, but also help banks to save millions of dollars
as a result of cumulative cost savings.
Effective decision-making: Cognitive systems that
think and respond like human experts, provide optimal
solutions based on available data in real-time. These
systems keep a repository of expert information in its
database called knowledge database. Bankers use these
cognitive systems to make strategic decisions.
Robotic automation of processes: AI reviews and
transforms processes by applying Robotic Process
Automation (RPA). This enables automation of about
80% of repetitive work processes, allowing knowledge
workers to dedicate their time in value-add operations
that require high level of human intervention.
Areas of application of AI in Banking
Accounting
Financing and Loans
Customer services
Fraud and cyber security
Risk management
Compliance
Wealth management
Business processing
Merchant services
Assets management
Internal Auditing
Sales
Marketing
Decision making
Customers relationship management
Banks which are using Artificial Intelligence
State Bank of India (SBI): SBIiscurrentlyusinganAI-based
solution developed by Chapdex, the winning team from its
first national hackathon, “Code for bank”. On the front desk,
it uses SIA chat bots, an AI-poweredchatassistantdeveloped
by Payjo, a startup based in Silicon Valley and Bangalore. It
addresses customer enquiries instantly andhelpsthemwith
everyday banking tasks just like a bank representative.
Bank of Baroda: Bank of Baroda has set up of hi-tech digital
branch equipped with advanced gadgets like artificial
intelligence robot named Baroda BrainyandDigital Labwith
free Wi-Fi services.
Allahabad Bank: In a media statement Allahabad bank said
that its app ’EmPower’ is scheduled to get major
enhancements like Chat botsandartificial intelligence-based
ecommerce payments.
Andhra Bank: Bangalore based AI start up, Floatbot has
launched AI Chat bot integrated with Core Banking Servers
of Andhra Bank, to digitally engage and automate customer
support for its 5 Cr customers. Floatbot will also develop a
chat bot for 20K+ internal employees of Andhra Bank to
automate on boarding and training.
YES Bank: It has partnered with Gupshup, a bot platform, to
launch ‘YES Power’ – a banking chat bot for its loan product.
Another AI product Yes Robot is equipped to answer
consumer’s banking related queries anytime, anywhere,
without the hassle of waiting for on-call or searching online.
Also, YES BANK was the 1st Bank in India to introduce chat
bot based banking with the launch of YES TAG in April 2016
which allows customers to perform banking transactionson
various social messengers.
HDFC Bank: It has developed an AI-based chat bot, “Eva”,
built by Bangalore-based Sense forth AI Research. Eva can
assimilate knowledge from thousands of sources and
provide simple answers in less than 0.4 seconds. Going
forward, Eva would be able to handle real banking
transactions as well. HDFC is also experimenting with in-
store robotic applications and launched a prototype robot
IRA (“Intelligent Robotic Assistant”).
ICICI Bank: It has deployed software robotics in 200+
business processes across various functionsofthecompany,
created mostly in-house using AI features such as facial and
voice recognition, natural language processing, machine
learning and bots among others.Thesoftware robotsatICICI
Bank are configured to capture and interpret information
from systems, recognize patterns and run business
processes across multiple applications to execute activities.
One such product is its AI-based chatbot, named iPal, which
helps in answering queries, helping in financial transactions
and discovering new features.
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Axis Bank: It launched an AI-enabled app that uses natural
language processing to enable conversational banking that
helps consumers with financial and non-financial
transactions, queries and product information.
Canara Bank: It launched Mitra, a humanoid robot
developed byBengaluru-basedInventoRoboticswhichhelps
customers navigate the bank. Another one Candi, which is
slightly smaller than Mitra is supplementing the human
resource.
Punjab National Bank: In 2018, the bank announced its
plan to implement AI in account reconciliation as well as
using analytics to improve its audit systems. The movecame
in after the infamous debilitatingfraudofapproximatelyINR
20K Cr, carried out by the pair of Nirav Modi and Mehul
Choksi in February 2018, which almost paralysedthebank’s
operation for a short time.
IndusInd Bank: It has launched Alexa Skill, ‘IndusAssist’,
using which bank account holders can conduct financial and
non-financial banking transactions with Alexa, Amazon’s
virtual assistant.
City Union Bank: It launched the banking robot, Lakshmi.
The robot can interact with customers on more than 125
subjects. Apart from answering generic questions, the robot
is also programmed to connect with the core banking
solution.
Literature Review
1. Ritu Tulisameer Salunkhe(2019)- In paper title“Role
of Artificial Intelligence in providing customer service
with special reference to SBI and HDFC” tried to study
the application of AI in banks and how it influence
customer service and also tried to understand how
government is influencing application of AI by investing
in it. Study also covered the challenges faced by two
banks in adopting the new technology. It was foundthat
banks are facing challenges in terms of awareness,
acceptance of new technology and strong policies
governing AI. The study was concluded that major
challenges are yet to be explored as we areinearlystage
of its application but banks are putting great efforts in
successful application.
2. Dr. Simran Jewandah(2019)- In the study title “How
Artificial Intelligence is changing the banking sector- A
case study of top four Indian commercial banks”triedto
study importance of technological adoption in banking
industry. It covers the usage of AI and its implicationsin
banking sector. Study found that AI is used to provide
personalised financial services, smart wallets, voice
assisted banking, application to assist in lending
decisions, customers support and digitalization. And AI
has assisted in detection of frauds, reduction of cost,
increase in revenue and made better customer
experience. The study concluded that banks have made
efforts in entering digital era throughchatbotandusage
of robotics software.
3. Dr. K. Suresh Kumar,AishwaryaLakshmi andAkalya
A- In their study title “ Impact and challenges of
Artificial Intelligence in Banking” tried to understand
the impact and challengesin implementationofArtificial
Intelligence and also benefits in Banking. They also
explored the possible areas where AI can be
implemented. Study alsocoveredtheinitiativestakenby
banks to overcome challenges and study was concluded
that future of banking sector is very bright as it enable
easy transaction processing and also ensures
personalised and high quality customers service for
better customer satisfaction.
4. Dr. Navleen Kaur and Dr. Monika Sharma (2020)- In
their study title “ Banking 4.0-The influence of Artificial
Intelligence on the banking industry and how AI is
changing the face of modern day banks” tried to
understand the possibilities ofwitnessingrevolutionary
changes in banking industry and also its impact on
human power. They tried to evaluate the challenges
faced by banks and also the benefits which customers
can obtain with the application of AI in banking sector.
The study concluded that effective use of AI has positive
effect on customer attraction which ensuresgrowthand
development of banks.
5. Dr. Munish Sabharwal- In their study title “The use of
Artificial Intelligencebased Technological applicationby
Indian Banks” tried to study reasons for application of
AI in select Indian Banks. Study was descriptive in
nature where structured interview of branch heads of
16 selected banks was done. Hypothesis was setwithan
assumption to prove that Indian banks do not use AI
based technological application. The study was
concluded that Yes Bank uses AI for employee
performance evaluation, credit evaluation and portfolio
analysis.
Statement of problem
Technological adoption and transformation is the need of
every sector for growth and long term survival and banking
sector is the most active sector in adopting the new
technological innovations. Artificial intelligence is the most
amazing thing which has evolvedintechnical worldofrecent
and banking industry is one of theearlyappliedsectors.Ever
technology bring greater benefitsandalsopossesthethreats
and same can be said about artificial intelligence, hence this
study is undertaken to understand the opportunities and
challenges of AI for banking sector.
Objectives
1. To understand the Artificial intelligence and its
application in Indian Banking.
2. To analyse the opportunities and challenges of Artificial
intelligence in Indian Banking.
Scope
The study covers only the aspects of understandingArtificial
intelligence and its application in Indian banking sector and
also analyses the opportunities and challenges of its
application.
Methodology
The study is descriptive in nature and based on secondary
data. The data is obtained from journals, articles, reports of
banks and news papers and internet sources.
4. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
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Opportunities
Enable self service at banks, smarter chat bot for
customer service and personalised service for
individuals.
Critical and automated decision making with greater
speed and accuracy and ensures error free decision
making unlike human minds.
Increases the accuracy of credit card frauds detection
and anti money laundering.
Humanoid chat bot interface can be used to increase
efficiency and reduce the cost for customer satisfaction.
Image and face recognition using real time camera
images and deep learning can be used at ATM’s to
prevent and detect frauds and crimes.
Capturing documents data usingOCR andusingmachine
learning to generate insight from text data greatly can
bring down back office processing time.
Suspicious behaviour, unknown calls, log analysis and
spurious emails can be traced to prevent and predict
security branches.
Personalised portfolios can be managed by advisors for
clients by taking in to account life style, expected return
and ability to take risk on investment.
Customized products can be offeredtoclientsbylooking
at historical data, doing risk analysis and eliminating
human efforts from human made models.
Solving complex problems requires time and difficult
calculation but AI performs this function without any
error.
Foundation for need of innovations in products and
services which banks offer.
Transforming customer experience and building new
banking models.
Repetitive jobs can be performed without any delayand
intermission.
Highly risky and sensitive task which humanmindsmay
not perform can be done.
Thinks and works faster than human minds and can
perform multiple task continuouslywithoutmucherror.
Can be a greater tool in managing data and deriving
proper output as AI does not possess any emotions like
human does.
AI machines can be deployed in hazardousenvironment
which reduced risk for human. And AI machines are
more reliable and consistent.
AI can save time in interacting with clients digitally.
Challenges
Availability of data is the life blood of any technology
and wrong data can be a serious concern in AI.
Unavailability of people with right data skillsisa biggest
challenge as we are short on having large number of
data scientist.
Training to the existing employees can be very time
consuming as they are new to AI technology and even
employing the skilled human resource can be a great
challenge.
Data privacy regulations are not of greater significance
in regulating Artificial intelligence.
Data access and data privacy is a central aspectofanyAI
work and responsibility is on management to ensure
privacy.
Application of ‘speech to text and text to speech’
depends on natural language processing.
Ensuring right process in collecting, validating,
standardising, correcting and distributingrelevantdata.
High cost of installation, repairs, up gradation, and
requires huge time for recovery from any error and
breakdown.
Massive data management andabilitytohandleitisvery
crucial.
Need of modelling techniques to estimate model
parameter withhighprevisionusinglimiteddata sample
is eminent.
Widespread use of AI can cause ethical, moral and legal
issues which can be a serious concern.
Can create a high negative impact on traditional skillsas
AI brings dynamic changes in processes.
Conclusion
Technology tends to bring greater opportunitiesandcreates
challenges as well and Artificial Intelligencehasbrought new
life in banking sector as it is creating automated processes
and enhancing customer satisfaction to a greater extent.The
authorities must ensure data privacy norms to protect
client’s credentials and also must collaborate with
universities to develop data scientist. And wide network
banks need to have artificial intelligence officers. AI has the
potential to ensure speedy growth of banking sector.
References:
[1] ‘Banking 4.0-The influence of Artificial Intelligenceon
the banking industry and how AI is changing the face
of modern day banks’ by Dr.Navleen Kaur and
Dr.Monika Sharma-International Journal of
Management (IJM), Volume 6, Issue 6, June 2020.
[2] ‘The use of Artificial Intelligence based technological
application by Indian banks’ by Dr.Munisha
Sabharwal, International Journal of Artificial
Intelligence and agent technology, Volume 2, issue 1,
February 2014.
[3] ‘Pros and Cons of Artificial Intelligence in banking
sector of India’ by Dr.Shivraj Singh and Dr.Lokesh
Agarwal, 14th biyaniinternational conference(BICON-
19), ISBN: 978-93-83462-96-4.
[4] ‘Application of Artificial Intelligence for successful
strategy implementation in Indian banking sector’ by
Ms Bhavana Agarwal, Dr. HimanshAgarwal,Dr.Parviz
Talib, International journal ofAdvanceresearch,ISSN:
2320-5407, Nov 2019.
[5] ‘Impact of Artificial Intelligence in chosen Indian
commercial Bank-A Cost benefit analysis’ by Sindhu J
and Renee Namratha, Asiam journal of Management,
ISSN 2321-5763, Volume 10, issue 4, 2019.
[6] ‘Role of Artificial Intelligence in providing customer
services with special reference SBI and HDFC Bank’
by Ritu Tulisameer Salunkhe, International journal of
recent technology and Engineering (IJRTE), ISSN-
2277-3878-Issue 4, November 2019.
[7] ‘Artificial Intelligence in Banking-Mini Review’ by
Aoron Smith and Haitham Nobanee, SSRN electronic
journal, Feb 2020.