Artificial Intelligence
-Madhuri Adnal
Artificial
intelligence
(AI)
is
transforming
the
banking
sector
by
simplifying
processes
like
reading
complex
PDFs,
summarising
reports,
and
analysing
customer
sentiments.
This
technology
is
making
banking
more
efficient
and
user-friendly.
Seema
Sharma,
a
self-employed
professional
from
Delhi,
recently
experienced
the
benefits
of
AI
in
banking.
When
her
daughter
turned
18,
they
needed
to
upgrade
her
bank
account
from
minor
to
major.
Expecting
long
queues
and
paperwork,
they
were
pleasantly
surprised
by
the
swift
process.
AI’s
Role
in
Streamlining
Banking
The
bank
had
anticipated
the
account
transition
using
AI,
eliminating
the
need
for
physical
documents
like
Aadhaar,
PAN,
or
birth
certificates.
This
seamless
experience
left
Sharma
impressed
with
how
quickly
everything
was
handled.
AI’s
impact
didn’t
stop
there
for
Sharma.
When
she
decided
to
close
her
auto
loan
on
her
BMW,
the
process
was
equally
smooth
and
efficient.
The
integration
of
AI
in
banking
operations
is
clearly
enhancing
customer
satisfaction.
Enhancing
Customer
Experience
Banks
are
increasingly
relying
on
AI
to
improve
customer
interactions
and
streamline
services.
By
automating
routine
tasks
and
interpreting
data
efficiently,
banks
can
focus
more
on
personalised
customer
service.
This
shift
towards
AI-driven
processes
not
only
reduces
waiting
times
but
also
minimises
errors
associated
with
manual
handling
of
documents.
Customers
like
Sharma
are
experiencing
faster
service
without
compromising
accuracy.
The
Future
of
Banking
with
AI
The
use
of
AI
in
banking
is
expected
to
grow
as
institutions
seek
to
enhance
their
services
further.
By
leveraging
technology,
banks
aim
to
provide
a
more
seamless
experience
for
customers
while
maintaining
security
and
efficiency.
As
AI
continues
to
evolve,
its
role
in
banking
will
likely
expand
beyond
current
applications.
This
could
include
more
advanced
predictive
analytics
and
personalised
financial
advice
tailored
to
individual
needs.
Overall,
AI
is
reshaping
how
banks
operate
and
interact
with
customers.
The
technology
promises
a
future
where
banking
is
not
only
faster
but
also
more
intuitive
and
responsive
to
customer
needs.
