Artificial Intelligence and Personalized Banking

Jaiwant, Sunanda Vincent

doi:10.4018/978-1-7998-8497-2.ch005

Cited by 13 publications

(6 citation statements)

References 4 publications

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“…Artificial Intelligence and machine learning have reshaped financial services by bolstering risk assessment and decision-making processes Truby et al [12]. AI-driven credit assessment algorithms analyze vast datasets to provide more accurate and timely credit decisions Jaiwant [13], identifying nuanced patterns in financial behavior and thus improving risk management Ahmad et al [14]. The convergence of blockchain and AI technologies presents a compelling opportunity to address the shortcomings of traditional credit card systems.…”

Section: Related Workmentioning

confidence: 99%

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Designing an Intelligent Scoring System for Crediting Manufacturers and Importers of Goods in Industry 4.0

Ali,

Razaque,

Yoo

et al. 2024

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Background: The modern credit card system is critical, but it has not been fully examined to meet the unique financial needs of a constantly changing number of manufacturers and importers. Methods: An intelligent credit card system integrates the features of artificial intelligence and blockchain technology. The decentralized and unchangeable ledger of the Blockchain technology significantly reduces the risk of fraud while maintaining real-time transaction recording. On the other hand, the capabilities of AI-driven credit assessment algorithms enable more precise, effective, and customized credit choices that are specifically tailored to meet the unique financial profiles of manufacturers and importers. Results: Several metrics, including predictive credit risk, fraud detection, credit assessment accuracy, default rate comparison, loan approval rate comparison, and other important metrics affecting the credit card system, have been investigated to determine the effectiveness of modern credit card systems when using Blockchain technology and AI. Conclusion: The study of developing an intelligent scoring system for crediting manufacturers and importers of goods in Industry 4.0 can be enhanced by incorporating user adoption. The changing legislation and increasing security threats necessitate ongoing monitoring. Scalability difficulties can be handled by detailed planning that focuses on integration, data migration, and change management. The research may potentially increase operational efficiency in the manufacturing and importing industries.

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Section: Related Workmentioning

confidence: 99%

“…Jaiwant [13] Designed with AI in banks to improve client support and customers with a tailored experience.…”

Section: Approaches Proposed Solutions Features/characteristics Limit...mentioning

confidence: 99%

Designing an Intelligent Scoring System for Crediting Manufacturers and Importers of Goods in Industry 4.0

Ali,

Razaque,

Yoo

et al. 2024

Logistics

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“…AI is expected to enable banks to offer highly customized services by leveraging customer data to tailor products and services to individual needs. This personalization extends to customer support, where AI-powered tools like chatbots and virtual assistants will become more interactive and intelligent, providing customers with a more engaging and efficient service experience (Jaiwant, 2022).…”

Section: Future Of Ai In Bankingmentioning

confidence: 99%

The Landscape of AI in Indian Banking Sector: A Theoretical Perspective

2024

Journal of Informatics Education and Research

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This paper presents an in-depth study of the evolving role of Artificial Intelligence (AI) in the Indian banking sector, emphasizing its transformative impact on service delivery, operational efficiency, and customer engagement.Highlighting key advancements and integration of AI, the paper emphasizes on AI's crucial role in modernizing traditional banking practices and addressing contemporary challenges. It offers a balanced view by discussing both the opportunities AI presents for enhancing banking services and the challenges, including technical complexities and regulatory considerations. The future outlook section anticipates the continued growth of AI in banking, focusing on its potential to further personalize banking experiences and improve risk management. The study aims to provide a holistic view of AI's integration in Indian banking, serving as a resource for understanding the dynamic interplay between technological innovation and financial services.

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“…AI's integration into banking is not just about automating routine tasks but about redefining the customer experience and enhancing the security of financial transactions. Jaiwant (2022) highlights how AI has revolutionized personalized banking, making financial services more customer-centric by delivering seamless financial offerings. This evolution towards AI-driven banking is part of the broader movement towards Industry 5.0, which seeks to integrate automation with human intelligence, thereby facilitating a highly personalized customer journey.…”

Section: Current Applications Of Ai In Bankingmentioning

confidence: 99%

Implementing AI in banking customer service: A review of current trends and future applications

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Int. J. Sci. Res. Arch.

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In the dynamic realm of banking, the advent of Artificial Intelligence (AI) has catalyzed a transformative shift, redefining the paradigms of customer service and operational efficiency. This scholarly paper delves into the intricate interplay between AI and banking, aiming to elucidate the multifarious impacts of AI integration within this sector. Anchored in a robust thematic analysis and an exhaustive literature review, the study meticulously navigates through the evolution, current applications and prospective future of AI in banking, with a particular focus on enhancing customer experience and addressing the operational challenges. The methodology adopted herein, comprising both qualitative and quantitative analyses, facilitates a comprehensive exploration of AI's role in banking, unveiling its potential to revolutionize service delivery, risk management and customer engagement. The findings from this investigation underscore the significant enhancements in customer service metrics attributed to AI, alongside the emergence of personalized banking experiences. Furthermore, the study illuminates the strategic implications for banks adopting AI technologies, highlighting the necessity of navigating ethical and privacy concerns meticulously. The conclusions drawn advocate for a balanced approach towards AI adoption, emphasizing the imperative of ongoing research and development, coupled with ethical considerations, to harness AI's full potential responsibly. In essence, this paper offers a scholarly synthesis of AI's transformative impact on banking, providing a roadmap for future explorations in this domain. It lays down the gauntlet for banks to leverage AI's potential judiciously, guiding the banking sector towards a future where technology and human ingenuity converge to redefine banking's essence. The recommendations proffered herein underscore the importance of ethical governance and continuous innovation in navigating the AI-driven future of banking.

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Artificial Intelligence and Personalized Banking

Cited by 13 publications

References 4 publications

Designing an Intelligent Scoring System for Crediting Manufacturers and Importers of Goods in Industry 4.0

Designing an Intelligent Scoring System for Crediting Manufacturers and Importers of Goods in Industry 4.0

The Landscape of AI in Indian Banking Sector: A Theoretical Perspective

Implementing AI in banking customer service: A review of current trends and future applications

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