Abstract
Over the years, technology has revolutionized our world. It has changed our lives from barter system to currency system, and now it has upgraded to Artificial Intelligence powered system. It has also changed the way we think, the way we communicate, the way we bank and transact. The technology is getting better and smarter day-by-day leading human life become easier, faster, and convenient. In this digitalized era, like all other industrial sectors, it has become imperative for banking sectors to embrace digital transformation and to adopt new technologies like artificial intelligence and machine learning. Banks that fail to make the leap to digital transformation will risk being overtaken by competition and deserted by their customers.This paper provides a detailed review about Artificial Intelligence and Machine learning in banking, covering key areas such as customer services, fraud detection, personalised banking services, credit scoring, operational efficiency, and sophisticated product development.
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