Ai Powered Banking: A Catalyst For Economic Growth In India

Abstract

The application of artificial intelligence (AI) in the banking sector has emerged as a potential catalyst for economic growth in India. This research intends to investigate how AI-powered banks affects the economy of the country. The objectives of the study are to investigate the various applications of AI technology in the banking sector and to analyse its contribution to economic growth. Through a comprehensive literature review and analysis of relevant data, the study examines the implementation of AI in areas including management of risks, identifying fraudulent activities, and relationship building, and process automation. Additionally, the study evaluates the potential benefits of AI-powered banking, including improved efficiency, enhanced customer experience, and increased financial inclusion. The findings highlight the transformative potential of AI in driving economic growth in the Indian banking sector.