• Ms. KRITHI CHANDRASHEKAR

Security Pacific National Bank was the first bank in US to use Artificial Intelligence (AI) to prevent frauds and unauthorized use of debit cards. Since then its usage in the banking activities has assumed greater significance. Banks use AI system to organize operations, maintain book keeping, invest in stocks and manage properties.AI is considered as a future technology to deal with complicated financial trading and also to optimize banking activities. Fintech or financial technology therefore has become a buzz word in financial circles. Fintech players, world over are challenging the statuesque of financial services industry by bringing in afresh trade on problems faced by customers as seen through the lens of technology. Indian banks are therefore at the threshold of welcoming AI in a wide spread banking applications to reap the benefits of this new technology. With this background the proposed paper will focus on the existing level of AI technology in banking industry and will explore the future possibility of its application in diversified banking activities, its advantages and the major challenges in this regard. Methodology adopted in this paper is descriptive in nature and is mainly based on secondary data.

; Banks, Artificial Intelligence, Fintech, Financial trading and Automation

"Embracing Artificial Intelligence-An Inevitable Challenge for Banking Industry in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 10, page no.79-83, October-2018, Available :http://www.jetir.org/papers/JETIRG006010.pdf

"Embracing Artificial Intelligence-An Inevitable Challenge for Banking Industry in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 10, page no. pp79-83, October-2018, Available at : http://www.jetir.org/papers/JETIRG006010.pdf