Role of Generative Artificial Intelligent In Indian Banking Sector: Challenges & Opportunities

Abstract

Generative Al offers a considerable improvement over the traditional Al models which are mostly employed for classification or prediction tasks. In addition to supporting data augmentation in situations where data is scarce, it exhibits creativity in producing original text, images, or music. It also enables personalization to produce tailored content, greatly improving user experience and opening up new avenues for increased productivity for business and technology teams. Gen AI is completely changing the banking industry by producing content, mimicking human behavior, enhancing client interactions, offering real-time support, and increasing operational efficiency. Through deep learning algorithms, it improves client experiences, expedites procedures, and strengthens risk management. By putting ethical standards into place, encouraging openness, and guaranteeing data security and privacy, the sector can realize this potential. Banks are using generative artificial intelligence (AI) to solve persistent problems like fraud detection, fraud prevention, customer targeting, data summarization, enhancing conversational bots, and product integration. This technology can supply digital items through digital channels, increase data summarization, and improve user experience.