Artıfıcıal Intellıgence: Opportunities and Challenges in the Banking and Financial Sector

Kanchan Negi; Akriti Thapa

doi:10.55938/wlp.v1i3.125

Authors

Kanchan Negi Uttaranchal University https://orcid.org/0009-0001-7752-5409
Akriti Thapa Uttaranchal University https://orcid.org/0009-0007-2089-8427

DOI:

https://doi.org/10.55938/wlp.v1i3.125

Keywords:

Artificial Intelligence, Banking, Financial Sector, Chatbots, Cloud Computing

Abstract

The financial and banking industries have been particularly affected by artificial intelligence (AI), which has had a major impact on global growth. With its ability to automate repetitive tasks, recognize patterns, and forecast outcomes, AI helps investors manage risk and track investment development. Its incorporation into credit card application processing and other financial decision-making represents a major advancement for the public and commercial sectors. AI can lessen the likelihood of fraud and money laundering by assisting banks in upholding moral standards. The swift progress of technology has revolutionized the way we engage with AI in daily life, establishing it as a crucial component of financial and banking decision-making procedures. AI, however, poses difficulties for conventional and tiny banking systems. By 2025–2030, the worldwide financial services industry is projected to increase at a compound annual growth rate of 6% to reach USD 28.529 trillion.

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