The Future Of Finance: Exploring The Role Of AI And Automation In Revolutionizing Indian Banking Processes

Abstract

The data from 15 distinct banks provides valuable insights into the diverse perspectives of participants, revealing a spectrum of views from overwhelmingly positive to cautious. While certain banks, like State Bank of India and Punjab National Bank, showcase higher positive impacts, others like Dhanlaxmi Bank appear more cautious. This highlights the contextual nature of AI adoption, influenced by organizational culture, technological infrastructure, and customer base. The Chi-Square Test results further emphasize this point, showcasing variations in how different banks perceive the impact of AI and automation. This underscores the need for tailored approaches that consider the unique characteristics of each financial institution. As banks navigate the transformative journey of adopting AI, understanding and addressing specific concerns within different sectors become paramount for achieving widespread success and acceptance. Furthermore, the data on the perspectives of banking personnel across various roles reflects a diverse range of views, underscoring the need for tailored approaches that consider the unique characteristics of each role within different financial institutions. The integration of AI and automation into banking processes is a complex endeavor that requires a nuanced understanding of each institution's unique context.