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

Authors

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

DOI:

https://doi.org/10.17010/ijom/2023/v53/i3/172654

Keywords:

Banking Sector

, AI Adoption, AI Challenges, AI Maturity

Paper Paper Submission Date

, November 10, 2022, Paper sent back for Revision, January 20, 2023, Acceptance Date, February 5, Paper Published Online, March 15, 2023

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.

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Published

2023-03-01

How to Cite

Pahari, S., Polisetty, A., Sharma, S., Jha, R., & Chakraborty, D. (2023). Adoption of AI in the Banking Industry : A Case Study on Indian Banks. Indian Journal of Marketing, 53(3), 26–41. https://doi.org/10.17010/ijom/2023/v53/i3/172654

Issue

Volume 53, Issue 3, March 2023

Section

Articles
Crossref
Scopus
Google Scholar
Europe PMC

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