Role of Artificial Intelligence in Providing Customer Services with Special Reference to SBI and HDFC Bank
March 1, 2022
Technology is the cornerstone of India's banking sector. Indian banks may have embarked on their technological journey only in the mid-to late 1990s, they have more than made up for this relatively late start. The banking sector has deployed the latest technologies from core banking and payment systems to risk management and, more recently, digital strategies.Artificial Intelligence (AI) has been around for decades, ever since John McCarthy defined it as “the science and engineering of making intelligent machines”. Due to its high potential, its adoption is being treated as the fourth industrial revolution. As with any major advancement in technology, it brings with it a spectrum of opportunities as well as challenges. Several applications have been developed or under development with potential to improve the quality of life significantly. But it is only lately that AI technology has undergone rapid evolution and raised significant interest among the banking sector. Artificial Intelligence is the theory and development of computer systems which can perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.The Indian banking sector is adopting AI quite aggressively. According to Fintech India report by PwC in 2017, the global spending in AI applications touched $5.1 billion, up from $4 billion in 2015. There is a keen interest in the Indian banking sector as well. Natural Language Processing, Natural Language Generation, Machine Learning (such as Neural networks/deep learning), and Computer Vision have been adopted by the sector. The banking industry has found the use of AI in the area of
