THE ROLE OF TRANSFORMATIVE ARTIFICIAL INTELLIGENCE APPLICATIONS IN REVOLUTIONISINGTHE INDIAN BANKING SECTOR
DOI:
https://doi.org/10.29121/shodhkosh.v5.i1.2024.3819Keywords:
Artificial Intelligence, Banking Sector, Operational Efficiency, Customer Satisfaction, Financial Inclusion.Abstract [English]
Artificial intelligence (AI) has emerged as a transformative force in the banking sector, particularly in India, where rapid technological advancements are reshaping financial services. The relevance of AI in the current context lies in its ability to enhance operational efficiency, improve customer satisfaction, and promote financial inclusion, addressing the evolving needs of a digital-first economy. This study aims to examine the role of AI in revolutionizing Indian banking firms by analyzing its impact on key performance indicators such as operational efficiency, customer satisfaction, and financial inclusion. A descriptive research methodology was employed, with primary data collected through a structured questionnaire using a 5-point Likert scale and secondary data from reliable sources. The study focused on ten leading Indian banks with high AI adoption, with 25 respondents from each bank. Statistical tools such as descriptive analysis, correlation, and ANOVA were used to analyze the data. The findings reveal a strong positive correlation between AI adoption and improved performance metrics, with significant differences observed among banks in their AI implementation effectiveness. Banks like HDFC and Kotak Mahindra demonstrate superior outcomes, highlighting the importance of strategic AI integration. The study concludes that AI adoption is pivotal for future-ready banking, offering actionable insights for enhancing efficiency and inclusivity.
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