Indian Journal of Marketing

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Adoption of AI in the Banking Industry : A Case Study on Indian Banks


Affiliations
1 Assistant Professor, Symbiosis Centre for Management Studies, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India
2 Assistant Professor, Symbiosis Institute of Business Management, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India
3 Associate Professor, Symbiosis Institute of Business Management, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India
     

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The Indian banking sector has been at the forefront of accepting innovative technologies and has been changing over time. Indian banks are utilizing AI-powered technologies to automate labor-intensive operations, reduce operational costs, and increase revenue growth potential. Already, machines handle a large portion of mundane tasks. In order to increase security and transparency in payment fraud detection and prevention systems, financial institutions are also utilizing artificial intelligence (AI). But in recent days, Indian banks are facing huge issues with regard to AI adoption and implementation, which needs further investigation. The present work is a case study considering two leading private banks in India. The study revealed the critical driving force of AI maturity and the key concern areas that need to be adequately addressed to ensure long-term success regarding AI adoption in the Indian banking sector.

Keywords

: Banking Sector, AI Adoption, AI Challenges, AI Maturity
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  • Adoption of AI in the Banking Industry : A Case Study on Indian Banks

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Authors

Subhajit Pahari
Assistant Professor, Symbiosis Centre for Management Studies, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India
Aruna Polisetty
Assistant Professor, Symbiosis Centre for Management Studies, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India
Soma Sharma
Assistant Professor, Symbiosis Institute of Business Management, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India
Rimjhim Jha
Assistant Professor, Symbiosis Institute of Business Management, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India
Debarun Chakraborty
Associate Professor, Symbiosis Institute of Business Management, Nagpur, Constituent of Symbiosis International (Deemed University), Pune, Nagpur - 440 008, Maharashtra., India

Abstract


The Indian banking sector has been at the forefront of accepting innovative technologies and has been changing over time. Indian banks are utilizing AI-powered technologies to automate labor-intensive operations, reduce operational costs, and increase revenue growth potential. Already, machines handle a large portion of mundane tasks. In order to increase security and transparency in payment fraud detection and prevention systems, financial institutions are also utilizing artificial intelligence (AI). But in recent days, Indian banks are facing huge issues with regard to AI adoption and implementation, which needs further investigation. The present work is a case study considering two leading private banks in India. The study revealed the critical driving force of AI maturity and the key concern areas that need to be adequately addressed to ensure long-term success regarding AI adoption in the Indian banking sector.

Keywords


: Banking Sector, AI Adoption, AI Challenges, AI Maturity

References





DOI: https://doi.org/10.17010/ijom%2F2023%2Fv53%2Fi3%2F172654