ISSN 2394-5125
 

Research Article 


EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR

Tejinder Singh, Dr. Nitin Pathak.

Abstract
For the understanding of a common man, Artificial Intelligence is nothing but the ability of
machines to think on their own and do a task without the help of human beings. There are a number of state of
the art technologies available in the arena of AI viz Machine Learning, interactive voice response (IVR),NLP
(Natural Language Processing), Deep Learning, Speech Recognition, Image Analysis amongst others for the
purpose collecting, cleansing and analyzing and disseminating massive amounts of data.
As per the reports of Indian Brand Equity Foundation, as on September,2019, there are 18 public sector banks,
22 private sector banks, 46 foreign banks, 53 regional rural banks, 1,542 urban cooperative banks and 94,384
rural cooperative banks in India. In the financial years starting 2007 to 2018, the compounded annual growth rate
of the total advances was 10.94 per cent and at the same time, the compounded annual growth rate of total
deposits 11.66 per cent. India’s retail credit market holds huge size of world markets and is the fourth largest in
the emerging countries. The size of the retail credit market in India grew to to US$ 281 billion as on December
2017 against US$ 181 billion as on December 2014. If we believe in Reserve Bank of India (RBI), there are
literally no worries in capitalization levels of the banks. India’s economic conditions are in a much better shape
than any other country in the world. RBI has always played a crucial role in bringing dynamic changes in
banking sector .The fact that India can boast of one the best digital payment systems at the international level can
be verified with the fact that Immediate Payment Service (IMPS) in India is the only level 5 system in the
Faster Payments Innovation Index. India has been able to adopt AI well by integrating majority of its functions
with customer centric view. Whether it is advances, cross sell avenues, AI technologies have helped to make the
processes better.

Key words: AI (Artificial Intelligence), NLP (Natural Language Processing), SIA (SBI Intelligent Assistant), ML (Machine Learning), Faster Payments Innovation Index (FPII), Immediate Payment Service (IMPS), Credit Information Bureau India Limited (CIBIL), Forex (Foreign Exchange).


 
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Pubmed Style

Tejinder Singh, Dr. Nitin Pathak. EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR. JCR. 2020; 7(16): 1370-1373. doi:10.31838/jcr.07.16.172


Web Style

Tejinder Singh, Dr. Nitin Pathak. EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR. http://www.jcreview.com/?mno=5224 [Access: April 17, 2021]. doi:10.31838/jcr.07.16.172


AMA (American Medical Association) Style

Tejinder Singh, Dr. Nitin Pathak. EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR. JCR. 2020; 7(16): 1370-1373. doi:10.31838/jcr.07.16.172



Vancouver/ICMJE Style

Tejinder Singh, Dr. Nitin Pathak. EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR. JCR. (2020), [cited April 17, 2021]; 7(16): 1370-1373. doi:10.31838/jcr.07.16.172



Harvard Style

Tejinder Singh, Dr. Nitin Pathak (2020) EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR. JCR, 7 (16), 1370-1373. doi:10.31838/jcr.07.16.172



Turabian Style

Tejinder Singh, Dr. Nitin Pathak. 2020. EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR. Journal of Critical Reviews, 7 (16), 1370-1373. doi:10.31838/jcr.07.16.172



Chicago Style

Tejinder Singh, Dr. Nitin Pathak. "EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR." Journal of Critical Reviews 7 (2020), 1370-1373. doi:10.31838/jcr.07.16.172



MLA (The Modern Language Association) Style

Tejinder Singh, Dr. Nitin Pathak. "EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR." Journal of Critical Reviews 7.16 (2020), 1370-1373. Print. doi:10.31838/jcr.07.16.172



APA (American Psychological Association) Style

Tejinder Singh, Dr. Nitin Pathak (2020) EMERGING ROLE OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING SECTOR. Journal of Critical Reviews, 7 (16), 1370-1373. doi:10.31838/jcr.07.16.172