ADOPTION OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING INDUSTRY
DOI:
https://doi.org/10.36676/irt.v10.i4.1526Keywords:
ARTIFICIAL INTELLIGENCE IN INDIAN BANKING INDUSTRYAbstract
Businesses nowadays have access to an enormous amount of information. In this context, they put up much work to figure out how to use the data that is accessible. The amalgamation of Knowledge Management and Artificial Intelligence enables the development of technologies that respond to the expectations to extract implicit and explicit human and organizational knowledge to aggregate and amplify it. (Quinio et al., 2017). Organizations implementing AI are expected to attain added business value gains, such as increased revenue, cost reduction, and improved business efficiency (Sheibani et al., 2018). A recent MIT Sloan Management Review study found that more than 80% of businesses see AI as a calculated opportunity, and almost 85% see AI as a way to achieve comparative advantage (Ransbotham et al., 2017).
References
Araluze, G. K. B. d., & Plaza, N. C. (2022, October 3rd). Open banking: A bibliometric analysis-driven definition. https://doi.org/10.1371/journal.pone.0275496
Ates, M. (2017, August). Artificial intelligence in banking. Artificial intelligence in banking — A case study about the introduction of a virtual assistant into customer service. https://www.diva-portal.org/smash/get/diva2:1238882/FULLTEXT01.pdf
Bank Efficiency Ratio : How AI can Help Ease the Process? (2022, August 17).
AmyGB.ai. Retrieved October 23, 2023, from https://www.amygb.ai/blog/bank-efficiency-ratio
Biswas, S., Carson, B., Chung, V., & Thomas, R. (2020, September 19). AI in banking: Can banks meet the challenge? McKinsey. Retrieved October 22, 2023, from https://www.mckinsey.com/industries/financial-services/our-insights/ai-bank-of-the-future
-can-banks-meet-the-ai-challenge
Boustani, N. M. (2022, March 23). Artificial intelligence impact on banks clients and employees in an Asian developing country. Journal of Asia Business Studies, 16(2). https://doi.org/10.1108/JABS-09-2020-0376
Caixinha, M., & Nunes, S. (2016, April). Machine Learning Techniques in Clinical Vision Science. 10.1080/02713683.2016.1175019
Cristi, S., Birau, R., Shetty, S. K., & Filip, R. D. (2023, February). Impact of Artificial Intelligence in Banking Sector with Reference to Private Banks in India. https://www.researchgate.net/publication/368848498_Impact_of_Artificial_Intelligence_i n_Banking_Sector_with_Reference_to_Private_Banks_in_India
Das, R., & Sandhane, R. (2021). Artificial Intelligence in Cyber Security.
1088/1742-6596/1964/4/042072
Davis, F. D. (1989, September). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly 1989, 13(3). https://doi.org/10.2307/249008
Davis, F. D., Begozzi, R. P., & Warshaw, P. R. (1980). User Acceptance of Computer Technology: A Comparison of Two Theoretical Models. Management Science, 35(8). https://doi.org/10.1287/mnsc.35.8.982
Digalaki, E. (2019, December 18). The impact of artificial intelligence in the banking sector & how AI is being used in 2020. Business Insider India. Retrieved October 22, 2023, from
https://www.businessinsider.in/finance/news/the-impact-of-artificial-intelligence-in-the-ba nking-sector-how-ai-is-being-used-in-2020/articleshow/72860899.cms
Dosari, K. A., Fetais, N., & Kucukvar, M. (2022, August 23rd). Artificial Intelligence and Cyber Defense System for Banking Industry: A Qualitative Study of AI Applications and Challenges. https://doi.org/10.1080/01969722.2022.2112539
Eagly, A. H., & Chaiken, S. (1993). The psychology of attitudes. Harcourt Brace Jovanovich College Publishers.
Elette, S. F., Yaseen, S. G., & Elrefae, G. A. (2010, March 31). Neuro-Based Artificial Intelligence Model for Loan Decisions. https://doi.org/10.3844/ajebasp.2010.27.34
Fernandes, T., & Pinto, T. (2019, September). Relationship quality determinants and outcomes in retail banking services: The role of customer experience. Journal of Retailing and COnsumer Services, 50, 30-41. https://doi.org/10.1016/j.jretconser.2019.01.018
G., L. (2021). A Study on Impact of Lending Procedure on Credit Risk Analysis in Selected Private Sector Banks. https://www.hilarispublisher.com/open-access/a-study-on-impact-of-lending-procedure-on
-credit-risk-analysis-in-selected-private-sector-banks.pdf
arg, Y., & Sachdeva, K. (2022, August 05). ARTIFICIAL INTELLIGENCE IN INDIAN
BANKING SECTOR: A GAME CHANGER. Dogo Rangsang Research Journal, 12(08). https://www.researchgate.net/publication/362871286_ARTIFICIAL_INTELLIGENCE_I N_INDIAN_BANKING_SECTOR_A_GAME_CHANGER
Gavrikova, E., Volkova, I., & Burda, E. (2020, July). Strategic Aspects of Asset Management: An Overview of Current Resear. 10.3390/su12155955
Geetha, A. (2021, September 9th). A STUDY ON ARTIFICIAL INTELLIGENCE (AI) IN BANKING AND FINANCIAL SERVICES.
https://www.ijcrt.org/papers/IJCRTG020019.pdf
Grewal, D., Monroe, K. B., & Krishnan, R. (1998). The effects of pricecomparison advertising on buyers’ perceptions of acquisition value, transaction value and behavioral intentions. Journal of Marketing, 62(2). https://doi.org/10.2307/1252160
Han, J., Huang, Y., Liu, S., & Towey, K. (2020, January 12th). Artificial Intelligence for Anti-Money Laundering - A Review and Extensio. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3625415
Huang, S. Y.B., & Lee, C. J. (2022, April). Predicting continuance intention to fintech chatbot. 10.1016/j.chb.2021.107027
J, S., & Namratha, R. (2019). Impact of Artificial Intelligence in chosen Indian Commercial Bank –A Cost Benefit Analysis. Asian Journal of Management, 10(4),
-384. http://dx.doi.org/10.5958/2321-5763.2019.00057.X
Jayaram, P. (2021, October 28). India gets smart about Artificial Intelligence. INDIAai. https://indiaai.gov.in/article/india-gets-smart-about-artificial-intelligence
Jr., J. C., Brady, M. K., Brand, R. R., Hightower, R., & Shemwell, D. J. (1997). A cross-sectional test of the effect and conceptualization of service value. Journal of Services Marketing, 11(6). 10.1108/08876049710187482
Jullum, M., Loland, A., Huseby, R. B., Anonsen, G., & Lorentzen, J. (2020, January 27th).
Detecting money laundering transactions with machine learning. https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2019-0055/full/html
Kim, H. W., Chan, H. C., & Gupta, S. (2007). Value-based Adoption of Mobile Internet: An empirical investigation. Decision Support Systems, 43, 111-126. 10.1016/j.dss.2005.05.009 10.1016/
Kumar M, S., & Nagaraj, S. (2021, May). Applications of Artificial Intelligence on Customer Experience and Service Quality of the Banking Sector. https://www.researchgate.net/publication/351411351_Applications_of_Artificial_Intellige nce_on_Customer_Experience_and_Service_Quality_of_the_Banking_Sector
Lin, R.-R., & Lee, J. C. (2022, January 5th). The supports provided by artificial intelligence to continuous usage intention of mobile banking: evidence from China. https://www.emerald.com/insight/content/doi/10.1108/AJIM-07-2022-0337/full/pdf?casa_ token=ifN8a9E06_cAAAAA:x8vhb3CuFgegjm_rDhkXjmJqpqYPF-aNrkKLNy9WFRZH UwBOPkYIfuK7EzeZYPhuHIqOhek0YcZWS5iLk_R1qQ1F4XkQ6dLn1UJ3x1VGGgtQ GrkFegeC
Lindqvist, P., & Khailtash, D. (2022). The Impact of AI on Bank's Risk Management
Approach. A qualitative study on the effects of AI in the banking sector from a holistic perspective. https://kth.diva-portal.org/smash/get/diva2:1665977/FULLTEXT01.pdf
Malali, A. B., & Gopalakrishnan, S. (2020, April). Application of Artificial Intelligence and Its Powered Technologies in the Indian Banking and Financial Industry: An Overview. IOSR Journal Of Humanities And Social Science (IOSR-JHSS), 25(4), 55-60.
Marangunic, N., & Granic, A. (2015). . The technology acceptance model (TAM), introduced by Fred Davis more than a quarter century ago, became a dominant model in investigating factors affecting users’ acceptance of the technology. The TAM presumes a mediating role of two variables called per. Universal Access in the Information Society, 14(1), 81-95. Marangunić, N., & Granić, A. (2014). Technology acceptance model: a literature review from 1986 to 2013. Universal Access in the Information Society, 14(1), 81–95. doi:10.1007/s10209-014-0348-1
Mhlanga, D. (2022, July 28th). Industry 4.0 in Finance: The Impact of Artificial Intelligence (AI) on Digital Financial Inclusion. https://doi.org/10.3390/ijfs8030045
Mishewa, B. H., Osterrieder, J., Hirsa, A., Kulkarni, O., & Lin, S. F. (2021, March 2nd). https://doi.org/10.48550/arXiv.2103.00949
Mishra, S. (2023, May 10th). Exploring the Impact of AI-Based Cyber Security Financial Sector Management. https://www.mdpi.com/2076-3417/13/10/5875
Mogaji, E., Balakrishnan, J., & Nwoba, A. C. (2021, September). Emerging-Market Consumers’ Interactions with Banking Chatbots. 10.1016/j.tele.2021.101711
Noreen, U., Shafique, A., Ahmed, Z., & Ashfaq, M. (2023, February 16). Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s Perspective. Sustainability 2023, 15(4). https://doi.org/10.3390/su15043682
Payne, L. M., Peltier, J., & Barger, V. A. (2021, May). Enhancing the value co-creation process: artificial intelligence and mobile banking service platforms. Journal of Research in Interactive Marketing, 15(1), 68-85. https://doi.org/10.1108/JRIM-10-2020-0214
Quinio, B., Skandrani, S., Marciniak, R., & Harfouche, A. (2017, December). A Framework for Artificial Knowledge Creation in Organizations A Framework for Artificial Knowledge Creation in Organizations. International Conference on Information Systems 2017.
https://www.researchgate.net/publication/339081140_A_Framework_for_Artificial_Know ledge_Creation_in_Organizations_A_Framework_for_Artificial_Knowledge_Creation_in
_Organizations
Ransbotham, S., Kiron, D., Gerbert, P., & Reeves, M. (2017, September 6). Reshaping Business With Artificial Intelligence. MIT Sloan Management Review. https://sloanreview.mit.edu/projects/reshaping-business-with-artificial-intelligence/
Rogers, E. M. (1995). Diffusion of Innovations. Free Press.
Ross, S. (2021, September 30). What Percentage of the Global Economy Is the Financial ServicesSector? Investopedia. https://www.investopedia.com/ask/answers/030515/what-percentage-global-economy-co mprised-financial-services-sector.asp
Sadok, H., Sakka, F., & Maknouzi, M. E. H. E. (2022, january 10th). Artificial intelligence and bank credit analysis: Areview. https://doi.org/10.1080/23322039.2021.2023262
Schmelzer, R. (2023, January 24). The Top 5 Benefits of AI in Banking and Finance.
TechTarget. Retrieved October 23, 2023, from
https://www.techtarget.com/searchenterpriseai/feature/AI-in-banking-industry-brings-oper ational-improvements
Sheedy, E., & Lubojanski, M. (2018, April 16th). Risk management behaviour in banking. https://www.emerald.com/insight/content/doi/10.1108/MF-11-2017-0465/full/pdf?casa_to ken=tAdvN0lXxvEAAAAA:KsPxCvR_FI68IvR43A-x2bU7txzyrfSKb-4qxJQUnJJqEbw SaaFndxmvs3uo_hkvTXsHZGsslrareOKbMGZHERPwNOYnyJxgN-lIhjtq4-5KAysqcdG W
Sheibani, S. A., Cheung, Y., & Messom, C. (2018). Artificial Intelligence Adoption: AI-readiness at Firm-Level. Twenty-Second Pacific Asia Conference on Information Systems, Japan 2018.
Sheth, J. N., Jain, V., Roy, G., & Chakraborty, A. (2022, August). AI-driven banking services: the next frontier for a personalised experience in the emerging market. 10.1108/IJBM-09-2021-0449
Singh, T., & Pathak, N. (2020, June). JOURNAL OF CRITICAL REVIEWS EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR.
https://www.researchgate.net/journal/Journal-of-Critical-Reviews-2394-5125?_tp=eyJjb2 50ZXh0Ijp7ImZpcnN0UGFnZSI6Il9kaXJlY3QiLCJwYWdlIjoicHVibGljYXRpb24iLCJwb3 NpdGlvbiI6InBhZ2VIZWFkZXIifX0, 7(16).
Soni, V. D. (2019, January). ROLE OF ARTIFICIAL INTELLIGENCE IN COMBATING CYBER THREATS IN BANKING.
https://www.researchgate.net/publication/343017498_ROLE_OF_ARTIFICIAL_INTELL IGENCE_IN_COMBATING_CYBER_THREATS_IN_BANKING
Verma, J. (2022, July). Application of Machine Learning for Fraud Detection – A
Decision Support System in the Insurance Sector. 10.1108/978-1-80262-637-720221014
Wamba, S. F., Akter, S., Edward, A. J., Chopin, G., & Gnanzou, D. (2015). How ‘big data’ can make big impact: Findings from a systematic review and a longitudinal case study. International Journal of Production Economics, 165, 234-246. https://doi.org/10.1016/j.ijpe.2014.12.031.
Wohlner, R. (2023, July 27). What Is Wealth Management And Do You Need It? Bankrate.
Retrieved October 23, 2023, from https://www.bankrate.com/investing/financial-advisors/what-is-wealth-management/
Xu, L.D., Lu, Y., & Li, L. (2021, July 1). Embedding Blockchain Technology into IoT for Security: a Survey. IEEE Internet Things J Early Access, 8(13), 10452-10473. https://doi.org/10.1109/ JIOT.2021.3060508.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Innovative Research Thoughts
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.