Generative Artificial Intelligence (GenAI) Use Cases for the Banks in India
Abstract: The advent of Generative Artificial Intelligence (GenAI) is poised to revolutionize the banking sector in India, presenting a myriad of opportunities and challenges. This research paper explores the transformative potential of GenAI in enhancing operational efficiency, customer service, and risk management within Indian banks. Through advanced data analytics, predictive modeling, and automation, GenAI offers unprecedented capabilities in personalized banking, fraud detection, and regulatory compliance. However, the integration of GenAI also poses significant challenges, including data privacy concerns, cybersecurity risks, and the need for substantial investment in technology infrastructure. Furthermore, the paper examines the regulatory landscape and the preparedness of Indian banks to adapt to these technological advancements. By analyzing case studies and industry trends, the research provides a comprehensive overview of the strategic implications of GenAI adoption for Indian banks. The findings suggest that while GenAI presents a transformative opportunity, it necessitates a balanced approach, addressing ethical considerations and ensuring robust governance frameworks. This paper aims to contribute to the discourse on the future of banking in India, offering insights for policymakers, banking professionals, and technology developers to navigate the evolving landscape of GenAI in banking.
Keywords: Generative Artificial Intelligence (GenAI), GenAI, Risk Management, Data Analytics, Fraud Detection, Regulatory Compliance, Data Privacy Cybersecurity, Ethical Considerations
How to Cite?: Srihari Subudhi, "Generative Artificial Intelligence (GenAI) Use Cases for the Banks in India", Volume 13 Issue 11, November 2024, International Journal of Science and Research (IJSR), Pages: 1086-1090, https://www.ijsr.net/getabstract.php?paperid=SR241118192525, DOI: https://dx.doi.org/10.21275/SR241118192525