ABSTRACT
The purpose of this chapter is to highlight the significance of how artificial intelligence and its applications enhance the customer experience by elevating the quality of the service delivered by the banking industry. A systematic study on the literature with respect to the various emerging applications of artificial intelligence and its impact on the banking sector is presented. Artificial intelligence certainly enhances the banking experience of millions of customers as well as the employees in the banking sector. Serving tens of thousands of customers on a daily basis is a quite more challenging task for bank employees and also risk needs to be handled in various stages of the banking process. Artificial intelligence facilitates various process to diminish the workload of the employees by furnishing credit score checking, system failure prediction, emergency alarm system, fraud detection, phishing websites detection, liquidity risk assessment, customer loyalty evaluation, and intelligence systems. On the other hand, customer experience is upgraded through diverse applications, namely, mobile banking, chat bots, and augmented reality. With the help of artificial intelligence, a well-structured dimension of the banks will be established. This chapter presents a detailed view of different applications of artificial intelligence and its role in the banking sector from a variety of literature papers, which acts as a path towards the future state of the banking industry.
