ROLE OF ARTIFICIAL INTELLIGENCE IN THE BANKING SECTOR

Banks are currently relying on outdated systems while engaging with a wide range of clients. However, with the advancement of technology, there is a pressing need for a revolution in traditional financial institutions. By not keeping up with current trends, banks are missing out on opportunities to transform their business models, reduce repetitive tasks, prevent fraud and make better decisions, ultimately leading to financial losses. To address this bank can implement new technologies such as Virtual Assistants and Artificial Intelligence (AI) systems, similar to how other industries have modernized their processes. This research paper will delve into the impact of AI implementation in banking procedures, highlighting its potential to enhance profitability performance and reduce reliance on human resources. In summary, AI - powered Virtual Assistants significantly improve the efficiency of business processes across all sectors, particularly in banking ,by making them faster ,reliable and less dependent on human intervention.