Efficiency and Advancement of Artificial Intelligence in Service Sector with Special Reference to Banking Industry

Priya Makhija () and Elizabeth Chacko ()
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Priya Makhija: Jain University
Elizabeth Chacko: Jain University

A chapter in Fourth Industrial Revolution and Business Dynamics, 2021, pp 21-35 from Springer

Abstract: Abstract Artificial Intelligence (AI) is indeed a technique that is increasingly evolving throughout the worldwide and banking industry has become one of its earliest users. From manufacturing to service industries, AI have been a part of the company, in this modern era, where everything is handled by means of computers or human computer interface (HCI’s). AI is not a new innovation, but it has grown exponentially in recent years, catering a lot for sustainable growth. US and China are important countries that contribute to different applications using AI. As per Forrester report the customised customer platform offers quantitative benefits in the form of reduced costs, highly efficient human resources and enhanced customer engagement outcomes. AI is growing, however there are barriers to support and maintain since it can deal with possible biases or accountability of senior executives and government legislations. Big data is a channel to AI’s service and Virtual reality cannot operate without data. In the Present research the development and success of AI have been analysed focussing on the banking industry. The study also finds different ways to minimise costs and provide reliable data based on Site intelligence. AI’s a machine blessing, but also a threat. This report discusses the vulnerabilities and diverse prospects for growth in this particular service sector.

Keywords: Artificial intelligence; Banking Industry; Machine learning; Fintech; AI Application; Chatbot (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-981-16-3250-1_2

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