Page 26 - Banking Finance April 2022

ARTICLE

ROLE OF

ARTIFICIAL

INTELLIGENCE

AND ANALYTICS

IN BANKING

A I and Data Analytics have evolved with the surge value for the world market for AI in the banking industry is

of the digital revolution, due to which there has
predicted to increase by manifold in the coming years. It
will increase from $50 Billion in 2018 to $300 billion in 2030
been huge growth in the dynamics of how these
are used today in banking. Analytics can be used
for expanding the client base and for optimizing the costs. (Source: IHS Markit).
Adoption of Artificial Intelligence (AI) and Analytics has
transformed every aspect of the banking process. These have
helped in making banking procedures faster, transfer
transactions safer and back-end functions more efficient. AI
and Analytics in banking are ready to transform how
organizations manage their revenue, converse with clients,
and scale their investments.

Artificial Intelligence in Banking
Strong and speedy process, advent of mobile technology,
data accessibility, and spread of open-source software offer
AI a huge opportunity in the banking sector. The business

About the author AI technologies can significantly enhance banks'
ability to attain the following key outcomes:
Rajeev Shankar
AGM (Research), 1. Personalization of services - On account of arrival of
State Bank Institute of Innovation new age digital tools such as Customer Data Platforms
and Technology, Hyderabad (CDPs), it has become easy to aggregate data from

26 | 2022 | APRIL | BANKING FINANCE