Alavalapati Saroj Mithra, Venkata Charan Duddukuru, Manu K S
{"title":"How Artificial Intelligence is Revolutionizing the Banking Sector: The Applications and Challenges","authors":"Alavalapati Saroj Mithra, Venkata Charan Duddukuru, Manu K S","doi":"10.52711/2321-5763.2023.00028","DOIUrl":null,"url":null,"abstract":"Artificial Intelligence (AI) has emerged as a transformative technology with the potential to revolutionize various industries, including banking. The study provides an overview of the applications and challenges of AI in the banking sector. It highlights the significant impact of AI on improving operational efficiency, enhancing customer experience, and enabling more accurate risk assessment and fraud detection. The study also explores the growth of machine learning algorithms and overview of Application Programming Interface (API)-driven banking ecosystems. However, the adoption of AI in the banking sector also presents certain challenges, such as data privacy and security concerns, ethical considerations, and the need for effective regulation.","PeriodicalId":41247,"journal":{"name":"Asian Journal of Management Cases","volume":"37 1","pages":"0"},"PeriodicalIF":0.1000,"publicationDate":"2023-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Journal of Management Cases","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.52711/2321-5763.2023.00028","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 1
Abstract
Artificial Intelligence (AI) has emerged as a transformative technology with the potential to revolutionize various industries, including banking. The study provides an overview of the applications and challenges of AI in the banking sector. It highlights the significant impact of AI on improving operational efficiency, enhancing customer experience, and enabling more accurate risk assessment and fraud detection. The study also explores the growth of machine learning algorithms and overview of Application Programming Interface (API)-driven banking ecosystems. However, the adoption of AI in the banking sector also presents certain challenges, such as data privacy and security concerns, ethical considerations, and the need for effective regulation.
期刊介绍：
Asian Journal of Management Cases is a peer-reviewed journal that aims at providing high-quality teaching material to academics, consultants, and management developers, through cases on management practices in the socioeconomic context of developing Asian countries. The journal covers all administrative disciplines including accounting and finance, business ethics, production and operations management, entrepreneurship, human resource management, management information systems, marketing, organizational behaviour, strategic management, and managerial economics. Each issue of Asian Journal of Management Cases comprises four to five original case studies. Teaching cases should be accompanied with a Teaching Note (TN). Even though the TN will not be published, it is necessary for the review process and can be obtained by contacting the authors directly. Please refer to the online submission guidelines for details on writing a teaching note. AJMC does not publish pure research or applied research based on field studies (not case studies). The journal is published in March and September every year with thematically focused issues occasionally.
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