Factors Affecting Customer's Viewpoint of AI Enabled Services in India's Banking Sector

Abstract

The banking industry has undergone a significant transformation as a consequence of the increasing emphasis that has been placed on meeting the expectations of clients. Customers who have a solid grasp of technology and who routinely interact with cutting-edge developments assume that banks will provide experiences that are straightforward and easy. In order to facilitate activities such as the use of “digital currency, electronic banking, and the transfer of physical cash”, financial institutions have extended their scope of operations to include the retail, information technology & telecommunications industries. Users have profited from the ease of being able to access banking services around the clock as a consequence of these developments; nonetheless, the financial system has also been badly impacted as a result of these innovations. In addition to this, the research explores the positive & negative factors that are related with the use of artificial intelligence technology in the banking sector of India. The purpose of this research is to provide a descriptive analysis of the implementation of “Artificial Intelligence (AI)” in the financial services sector and the influence that it has on interactions with clients. A total of 197 customers from public & private banks in Gujarat participated in the research project by filling out a questionnaire and providing their data. This was done in order to understand their perspectives & experiences.