IIS deemed to be UNIVERSITY

DEPARMENT OF ECONOMICS
PROJECT REPORT FOR THE PARTIAL
FULFILLMENT OF THE DEGREE OF
UNDERGRADUATION

"IMPACT OF ARTTIFICIAL
INTELLIGENCE (AI) ON
BANKING SECTOR IN INDIA"

SUBMITTED BY: SUBMITTED TO:

Swati Rana Ms. Tanu Vaidya
CLASS: B.Sc (H) Sem V
ICG No.: IISU/2021/ADM/32901

1
 INDEX
S.No. TITLE PAGE NO.

1 Acknowledgement 3

2 Introduction 4

3 Objectives 5

4 What is Artificial Intelligence? 6

5 How is AI used in Banking Sector? 7

6 Why is AI necessary? 8

7 Impact of AI in Banking Sector 9

Advantages and Disadvantages of AI in Banking

8 11
Sector

9 Application of AI in Indian banks 12

10 Growth of AI in Banking sector 14

11 Challenges for AI in banking sector 17

12 Conclusion 18

13 References 20

2
 ACKNOWLEDGEMENT

I would like to express my gratitude and appreciation to all those who

gave me the possibility to complete this report.
Special thanks to my supervisor Ms. Tanu Vaidya whose help,
stimulating suggestions and encouragement helped me in all time of
fabrication process and in writing this project. I also sincerely thanks for
the time spent proofreading and correcting my many mistakes.
I would also like to acknowledge with much appreciation the crucial role
of the Economics Departments in completion of this project.
Many thanks go to the all lecturer and supervisors who have given their
full effort in guiding me in achieving the goal as well as their
encouragement to maintain my progress in track.
My profound thanks go to all classmates, especially to my friends for
spending their time in helping and giving support whenever I need it in
fabricating my project.

3
 INTRODUCTION

In the year 1950, a query was posed by Alan Turing “Can a computer think?” since
then, applications of artificial intelligence (often referred to as AI) have had different
degrees are successful. However, recently there has been a resurgence of attention,
and AI has discovered cutting edge uses in the global financial services sector. The
most recent Artificial Intelligence outcome increase has been significantly affected by
big data accessibility, technologically advanced cloud computing, and speedier
specialized hardware. Artificial intelligence is a cutting edge technology that has
established itself as a game changing innovation. The artificial intelligence sector has
expanded at an unprecedented rate because of the greater adoption of new
technological developments, and it is currently being used in a wide range of
industries. Machine learning is a specific method of artificial intelligence that uses
data sets or gathered data and ML algorithms that applies to novel situations and
patterns without having to be explicitly programmed. Deep learning is a sub category
of machine learning. Deep Learning empowers systems with the algorithms, they
need to learn and understand the fundamentals of action and large amounts of data.

Source:https://www.springboard.com/blog/wpcontent/uploads/2021/10/shutterstock_1053717473-scaled.jpg

The knowledge and skills that are provided can then be combined so that they can
learn on their own and expand upon them. In the financial services sector, high speed
communications and computer programs are used for high frequency trading (HFT)
and algorithmic trading. Financial organizations are employing machine learning to
find online scams such as credit card defaulting. The expanding use of Technologies

4
such as AI in financial markets is willing to decrease entry barriers for many
consumers who may have not previously had access to financial markets, which will
promote financial inclusion. The most valuable big tech businesses in the world,
including Apple co., web services giant Amazon, and Alibaba, have been supporting
Artificial Intelligence research. Technological advancement in the current financial
market are no longer optional for banking organizations; Rather such digital
advancements now are essential for banking firms to handle a much more competitive
market and increase client expectations. Artificial intelligence (AI) has acted as the
main engine powering several new digital technologies in the period of banking
services, leading to creative shocks of financial scenarios such as ATM machines,
internet banking, Artificial intelligence (AI) is extensively used in banking, with
applications like voice assistants and biometrics in the front office, complicated legal,
anti fraud risk monitoring and compliance workflows in middle office.
Indeed, the development of AI has led to a wide range of opportunities and difficulties.
The uses of artificial intelligence in the finance industry has facilitated more
uninterrupted sales and aided in the creation of efficient customer relationship
management (CRM) systems. While automating credit scoring, analytics, and the
granting process used to be the main focus, capabilities have advanced to support
internal systems and operations as well.
AI is an area of computer science that emphasises on the creation of intelligent
machines that work and perform tasks like humans. These machines are able to teach
themselves, organise and interpret information to make predictions based on this
information. It has therefore become an essential part of technology in the Banking,
Financial Services and Insurance (BFSI) Industry, and is changing the way products
and services are offered.

OBJECTIVES

 To study about AI intelligence.

 To study the impact and growth of AI in banking sector in India.
 To study the present AI application used in banking sector in India.
 To study the challenges for AI in banking sector.

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 WHAT IS ARTIFICIAL INTELLIGENCE?
AI refers to a method which allow machines, especially computer networks, to carry
out intelligent activities. Speech, machine vision, natural language processing,
intelligent agents, and voice recognition seem to be some uses of Artificial
intelligence.

Source:https://cdnbcnka.nitrocdn.com/NVxbShrNzFVWhOlazgZRovbVgBDmvaQf/assets/images/optimized/revb
c6f41a/usmsystems.com/wp-content/uploads/2019/12/Use-Cases-of-AI-in-the-Banking-Sector.jpg

How Artificial Intelligence work?

Investors have also been working aggressively attempting to demonstrate connect
their products and services incorporate.The hype surrounding Artificial Intelligence
had already increased. To build and enhance algorithms for machine learning AI
requires a foundation of dedicated software and hardware components, as which
frequently just one element of what people mean when they refer to "AI." Although
there is no single language of programming that has been exclusively associated with
Artificial Intelligence, a number are, such as Python, R, as well as Java. In order to
anticipate future states, AI technologies typically ingest massive quantities of labeled
data, look for relationships but also trends, and then utilize this information. Likewise,
to how a Chatbot will learn to also have realistic conversations with others through
being given instances of written comments, a machine vision tool may be able to
distinguish and identify objects in photographs by studying millions of instances.
Artificial Intelligence has some main topics which are as follows: Learning,
Reasoning, and Self Correction.
Processes of Learning: The capacity of Artificial Intelligence software to compile
information and set a list of guidelines on how to extract meaningful information from

6
the data. These sets of guidelines are called algorithms and are fed into the computer
via a program and then follow the guidelines step by step to get the desired outcome.

Mechanisms of Reasoning: This Programming development skill deals with selecting

the ideal algorithms to accomplish the desired output.

Self Correcting Mechanisms: This capability of AI programming focuses on

repeatedly looping the algorithms times till they provide the most accurate output
possible.

HOW IS AI USED IN BANKING?

1. Detection of Fraud and Risk Assessment: Fraudulent activity is a severe threat to

the financial industry. Generative AI in Banking analyzes large volumes of financial
data to find trends and abnormalities connected with fraudulent transactions. By
learning from previous fraud cases, these algorithms can detect suspicious activities
and send alerts for further inquiry. This cutting-edge technology keeps banks one step
ahead of scammers and improves risk assessment.
2. Unique Customer Experience: Building great client relationships requires banks
to provide a tailored experience. AI drives virtual assistants and chatbots, which
deliver tailored client care. These AI-powered assistants can manage consumer
inquiries, account information, transaction assistance, and personalized financial
advice. Generative AI use cases in banking provide excellent customer service and
engagement by replicating genuine conversations and understanding client intent.
3. Data-Driven Financial Recommendations: Generative AI in Banking evaluates
massive volumes of client data, such as transaction history, spending trends, and
investment preferences, to develop tailored financial advice. These suggestions may
include customized investment strategies, debt management plans, and savings and
budgeting advice. Banks may use AI to provide their consumers with more relevant
and valuable financial advice, allowing them to make more informed financial
decisions.
4. Consolidate Risk Management: The stability and expansion of banks depend on
effective risk management. By evaluating large data sets and identifying potential
dangers, cutting-edge AI helps with risk assessment. Generalized AI algorithms give

7
banks a deeper understanding of risk profiles by considering various variables, such
as market developments, consumer behavior, and economic data. Generative AI
fintech can use this information to make well-informed decisions, improve risk
management techniques, and guarantee financial stability.
5. Investing Reasonable Analysis: To offer insights and forecasts, aggregate AI
algorithms examine market movements, historical data, and financial news. Based on
risk and return characteristics, these algorithms can develop investment strategies,
optimize portfolios, and locate possible investment opportunities. Generative AI in
financial services may maximize investment outcomes and improve client guidance
by utilizing AI to enhance investment analyses.
6. Regulatory Support and Compliance: For banks, following regulations is of
utmost importance. By analyzing vast amounts of transaction data and spotting
potential money laundering activity, cutting-edge AI plays a crucial part in anti-
money laundering (AML) compliance. Generative AI financial services can assist
banks in meeting regulatory requirements and preventing financial crime by
identifying suspicious patterns and relationships that may point to illicit transactions.

WHY IS ARTIFICIAL INTELLIGENCE(AI) NECESSARY?

By utilizing artificial intelligence to produce fresh data and content, generative AI in
banking is transforming the financial sector. Starting with its capacity to improve
fraud detection and prevention through the creation of synthetic data that mimics
actual transaction patterns, it is crucial to banking in many ways. As it enables
chatbots and virtual assistants to provide contextually relevant responses, this
technology also results in more individualized consumer experiences, deepening
engagement and boosting loyalty.
Additionally, by modeling numerous market scenarios, generative AI in banking
enhances risk management and enables banks to make wise decisions and safeguard
their portfolios. Additionally, it is essential to algorithmic trading and investment
techniques because it helps to improve algorithms and make better investment choices.
Moreover, generative AI helps credit risk assessment since it generates artificial data
for more accurate and data-driven credit decisions. Generative AI in banking provides
synthetic data for training, assuring regulatory compliance without compromising
customer privacy, and anticipating potential cyber risks. This addresses compliance

8
and security. Technology facilitates innovation by generating fresh thoughts and
opportunities, automating financial reporting, and improving customer analytics. By
increasing operations, customer experiences, and decision-making procedures,
generative AI is transforming the banking industry.

IMPACT OF AI IN BANKING SECTOR

Due to Artificial Intelligence (AI), the banking industry's quality of products and
services is changing. In addition to bettering user experience and developing better
data handling techniques, it has also accelerated, simplified, and redesigned
conventional processes to increase their effectiveness. Data has evolved into an
organization’s most valuable asset as a result of the availability of AI technologies.
More than ever, banks are familiar with cutting-edge and economical solutions. AI
offers and realizes that, despite its importance, asset size would no longer be
sufficient to create a very successful company on its own. Instead, how well BFSI
firms use technology to make the most of their data to create unique and creative
goods and services is increasingly used to measure their performance. The most
demanding and quick-paced industries today largely rely on artificial intelligence. In
the manufacturing sector, artificial intelligence (AI) and machine learning (ML) have
considerably increased productivity, among other impressive accomplishments. These
industries can effectively use artificial intelligence thanks to the quick-paced digital
environment we live in, which helps to promote organizational growth, profitability,
and sustainability.

Source:https://encryptedtbn0.gstatic.com/images?q=tbn:ANd9GcQdrNeZiInx6Z126XfygZZ7CsiW8qUzbDJQQ&
usqp=CAU

9
There has been a dramatic impact of artificial intelligence on the banking and
financial industries, completely altering the way in which banks operate, develop
goods and services, and modify the way in which clients interact with them. The
banking sector is changing as a result of AI in the following ways:

AI minimizes operating costs: The banking industry will obviously have to deal with
a number of issues, including the paperwork. Bank employees must manage lots of
paperwork every day. Such laborious, repetitive processes might increase operating
costs and are more prone to involve mistakes made by humans. Artificial Intelligence
could be used to overcome this. These time-consuming and error-prone human
activities can be eliminated.

Improvement in customer services through AI: Financial firms have been able to
change how their clients view them as a result of artificial intelligence's influence on
banking, notably in the sector of customer service. An institution's success and bottom
line are directly impacted by customer happiness, and the banking sector is no
exception. Thanks to Ai - powered chatbots and voice assistants, banks can provide
customer care around the clock regardless of the time zone or region.

AI improves risk management: Risk management in the financial sector has been
significantly impacted by artificial intelligence. Financial organizations like banks are
in danger because of the sort of data they handle on a daily basis. Banks, for example,
deploy AI-powered solutions that can quickly discover trends from several sources
and analyze massive amounts of data. This might assist foresee and minimize credit
hazards by detecting persons or businesses that might be unable to repay their loans.

AI provides better central complaisance: This is one of the underutilized uses of

machine learning in banking. The banking sector is the one that is most strictly and
rigorously regulated globally. For the purpose of preventing, identifying, and
correcting any operational deviations, illegalities, or non-conformities, banks must
adhere to stringent rules, regulations, and standards. Furthermore, because compliance
requirements change regularly, banks must continually adapt their procedures and
operations to ensure compliance. As a result, banks may be able to overcome today's
massive regulatory compliance difficulties by selectively using AIpowered central
complaisance solutions.

10
 ADVANTAGES AND DISADVANTAGES OF AI IN BANKING
SECTOR

Aspect Advantages Disadvantages

1. Automation Efficient task automation
Faster transaction
processing
Reduced operational
errors
2. Risk Management Enhanced risk assessment
Potential job displacement
Technical issues and errors
High initial setup and
maintenance costs
Model bias and errors

Real time fraud detection Lack of interpretability

Improved security Data security and privacy

measures
3. Customer Service Personalized customer
experiences
24/7 availability of Misinterpretation of complex
services
Chatbots for quick query
resolution
4. Investment Decisions Datadriven investment
strategies
Portfolio optimization
Timely trade execution
5. Cost Efficiency Lower operational costs High implementation and
Reduced manual labor
Improved resource
allocation
6. Data Analytics Advanced data analysis
Predictive analytics for
market trends
Tailored product
recommendations
concerns
Loss of human touch
queries
Customer mistrust
Overreliance on AI
recommendations
Market volatility and
unforeseen events
Regulatory compliance
challenges
maintenance costs
Technical glitches
Data quality issues
Ethical concerns

11
 AI APPLICATIONS USED IN INDIAN BANKS
Though in its nascence, the Indian banking sector is beginning to adopt artificial
intelligence (AI). Generally defined as a machine’s ability to exhibit human-like
intelligence, AI helps machines perform complex and intricate tasks that until very
recently were considered impossible without human cognition.
This includes recognizing complex patterns, understanding unstructured data and
forecasting. AI covers a wide range of technologies and application, such as natural
language processing (NLP), or the interaction between human language and
computers, which is used in virtual agents or chat-bots; and machine learning (ML),
which involves algorithms 'learning' without rules-based programming.

Source: https://www.thebanker.com/AI-the-next-frontier-for-Indian-banks-1535961614

Source:https://www.financialexpress.com/business/blockchain-indian-banks-support-mass-adoption-of-ai-and-
blockchain-3109371

SBI
SBI is currently using an AI-based solution developed by Chapdex.
The solution essentially scans cameras installed in the branch and
captures the facial expressions of the customers and immediately
reports whether the customer is happy or sad, this is real-time or
near real-time feedback. This is a fair, transparent and unbiased
system to track the customer and employee feedback. From a
customer chatbot perspective, SBI has launched SIA, an AI-
powered chat assistant that addresses customer enquiries instantly
and helps them with everyday banking tasks just like a bank
representative. It addresses customer enquiries instantly and helps
them with everyday banking tasks like a human does. Developed
by an AI banking platform Payjo, this smart chat assistant is
equipped to handle nearly 10,000 enquiries per second or 864
million in a day, which is almost 25% of the queries are processed
by Google each day, reports noted.

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HDFC BANK
HDFC Bank has developed an AI-based chatbot, “Eva”,
built by Bengaluru-based Senseforth AI Research.
Since its launch in March this year, Eva (which stands
Electronic Virtual Assistant) has addressed over 2.7
million customer queries, interacted with over 530,000
unique users, and held 1.2 million conversations. HDFC
also has an AI-enabled chatbot, OnChat, which
launched on Facebook Messenger in 2016. And it is
also experimenting with in-store robotic applications.
Source:https://bfsi.eletsonline.com/wp-
content/uploads/2017/05/Rajnish-
Khare-HDFC-Bank.jpg

ICICI
ICICI Bank, a leading private sector bank in India, has applied
software robotics in over 200 business processes across diverse
functions of the company. Through this, the bank became the first
in the country to deploy an AI system at a large scale in various
processes. ICIC seems to be referring to what is often referred to
as “robotic software” – a kind of software generally focused on
automating office work According to the report, ICICI bank has
scaled its RPA initiative to over 750 software robotics handling
nearly 2 million transactions daily, which is 20% of the
transaction volumes.
Source:https://www.hrkatha.com/wp-
content/uploads/2016/11/38bf6e198
d6986054cbf57dc3edbd491.jpg

Axis Bank
Axis Bank, India’s third-largest private sector bank, launched an
innovation lab called “Thought Factory” last year to accelerate the
development of innovative AI technology solutions for the banking
sector. Recently, Axis Bank launched an AI & NLP (Natural Language
Processing) enabled app, Conversational Banking, to help consumers
with financial and non-financial transactions, answer FAQs and get in
touch with the bank for loan other products.
Source:https://iotnextbigidea.com/wp-
content/uploads/sites/13/2016/10/acce
lerator-thought-factory-sq.png

13
Bank of Baroda
Bank of Baroda is another public sector lender advancing
banking services and reducing the cost of managing
accounts while focusing on improving customer service
through AI. The bank uses advanced gadgets like an
artificial intelligence robot named Baroda Brainy and
Digital Lab with free Wi-Fi services. It also has a chatbot
named ADI (Assisted Digital Interaction). In 2018, Bank
of Baroda partnered with IBM and Accenture to power a
state-of-the-art IT Center of Excellence (ITCoE) and
Analytics Center of Excellence (ACoE).
Source:https://pbs.twimg.com/media/DWjsChUW4AEHGRA.jpg:large

Chatbots at Indian Banks

The leading commercial banks in India, in collaboration with
fintech startups, are using AI to improve the customer
experience, reduce costs and improve efficiency.
Chatbots seems to be the primary AI use-case at Indian
banks today, with all banks investing in conversational apps
– mostly focused on customer service. The banks seem to be
competing with each other to launch their AI solutions and
stay ahead in the technology adoption curve. While none of
the banks quantified an investment figure, it’s evident that a
large percentage of the digital transformation budget is being
geared toward AI and related technologies and the spend is
only going to increase in the future.

Source:https://i0.wp.com/onlineaccountopen.
in/wp-content/uploads/2019/07/chatbot.jpg?

Source: https://www.ameyo.com/wp-content/uploads/2022/02/Chatbot-for-Banking-Use-Cases-1024x538.png

14
 GROWTH OF AI IN BANKING SECTOR
A study by the Journal of Internet Banking and Commerce states that robots will
likely perform 45% of manufacturing tasks by 2025 (v/s 10% today). Merrill Lynch
estimated the robots and AI solution market at US$153b by 2020. Machine learning
and customer interfaces such as voice and facial recognition will bring a huge change
in the banking and financial industry.
The newspaper headlines are attached here to show the growth of AI:

Source: https://www.businesstoday.in/amp/magazine/deep-dive/story/ai-in-banking-industry-the-relentless-rise-of-
machine-bankers-381060-2023-05-12

Source: https://indiaai.gov.in/article/recent-ai-developments-bringing-novel-transformations-to-indian-banks

Source:https://business.outlookindia.com/news/83-indian-financial-organisations-say-ai-enhances-customer-
experience-finds-study-news-184589

Survey (done by NVIDIA) showed that: fintechs and investment firms highlighted
portfolio optimization and algorithmic trading as the top AI use cases their companies
currently invest in. This data can be understood in the context of maximizing client

15
returns on investment. Respondents from commercial and retail banks, on the other
hand, noted that their companies are mainly investing in AI for fraud detection
through payments, transactions and anti-money laundering. These survey results
reflect a primary focus on protecting sensitive financial data for their customers.

Source:https://blogs.nvidia.com/wp-content/uploads/2021/03/10-ai-fsi-impacts.jpg.png

The given below statistic shows a forecast of the business value that could be gained
through the use of artificial intelligence in the banking industry from 2018 to 2030.
Forecasts suggest that by the year 2030 the use of AI in the banking industry will
generate around 99 billion U.S. dollars in value in the Asia Pacific region alone.

Source:https://community.thriveglobal.com/wp-content/uploads/2019/10/the-banking-sector-is-
forecasted-to-generate-around-99-billion-U.S.-dollars-by-the-year-2030.jpg?w=876

16
The global AI in the banking market is usually based on component, enterprise size,
application technology and region. According to the study, In 2020, 32% of the banks
already used AI applications such as predictive analysis, voice recognition and many
more. The market size was valued at 3.88 billion in 2020 and it is expected to increase
by 64 billion by 2030 in the coming ten years. It is a great achievement for retailers
and businessmen in the coming years to make their systems stronger and get over
through day-to-day challenges.

Source: https://marketresearch.biz/wp-content/uploads/2023/06/Generative-AI-In-Banking-Market-1-3.jpg

CHALLENGES FOR AI IN BANKING INDUSTRY

A wide implementation of a high-end technology like AI in India is not going to be
without challenges. From the lack of a credible and quality data to India’s diverse
language set, experts believe a number of challenges exist for the Indian banking
sector using AI.
According to Accenture’s Rishi Aurora, “A key challenge is the availability of the
right data. Data is the lifeblood of AI, and any vulnerability arising from unverified
information is a serious concern for businesses. Imagine for example, the risks that
could arise from KYC compliance AI systems if the data sources are incorrect. Or
consider the efficacy of a fraud detection AI system without the right kind of data.
Structured mechanisms for collecting, validating, standardizing, correlating, archiving
and distributing AI relevant data is crucial."
Abhay Pendse echoes the sentiment, stating, “India has 150+ languages with sizable
spoken population. Applications which use speech to text or text to speech rely on

17
natural language processing (NLP) libraries and techniques. Banks can use the
existing technologies to start with to support some major Indian languages, but in
order to effectively reach out to wider population in India, much more progress is
required on NLP front." Data access and data privacy is a central aspect of any AI
work banks do. These aspects will be of paramount importance with introduction of
regulations in Europe such as GDPR (General Data Protection Regulation). GDPR
regulation is currently applicable to European citizens, but India and other countries
have their own data privacy regulations. Banks in India will have to build AI systems
with GDPR and similar privacy regulations in mind.
“The biggest challenge is the scarcity of trained human resources; the existing
workforce is not familiar with latest tools and applications. Secondly, the AI
technology is a big threat to redundant employees in the banking sector. The mass
adoption of AI may cause a grave unemployment problem in the sector," said Rachit
Chawla , CEO of Finway Capital, a Delhi-based non-banking financial company.
One of the important challenges that is faced by Industry and not just banks in India is
unavailability of people with right data science skills. With only small number of
good data scientists available to do AI work, the industry needs to work with
universities in India to develop skilled data scientists as well as develop in-house
training programs to train employees on data science skills. Also identification of
right use cases for AI implementation with the help of domain experts and data
scientists can help banks in successful implementation of AI technologies for banking
functions

18
 CONCLUSION

The adoption and integration of AI in Indian banking are set to transform the financial
services industry in India. It offers many opportunities to enhance customer
experience, improve operational efficiency, manage risks, and drive innovation.
However, addressing challenges related to data privacy, skill gaps, ethics, regulations,
system integration, and change management.
AI’s usage is not limited to banks and other financial institutions alone. You, too, can
use AI-powered features for managing your personal finances. Make sense of your
personal finance instantly with Fi Money.
With Fi Money, you can open a zero-balance savings bank account. Next, get all your
money questions answered by Ask Fi, an intuitive personal finance assistant.
Regularly use the app, as it encourages you to build better monetary habits, meet all
your money goals & reward you for making significant financial choices. Fi and its
licensed banking partner help categorise your daily, weekly & monthly expenses to
manage your money online easily. Although there are challenges and limitations to its
implementation, the future of AI in banking looks promising, with increased adoption
and integration, advancements in machine learning and deep learning, and new
applications and use cases. As AI continues to shape the banking industry, it is
essential to balance the benefits with ethical considerations and ensure that it benefits
both customers and employees. Ultimately, AI is revolutionizing the banking industry
and paving the way for a more advanced, secure, and personalized banking experience
for customers.

19
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