Vertical Assimilation of Artificial Intelligence and Machine Learning in Safeguarding Financial Data

Abstract

The rapid evolution of technology has revolutionized the financial industry with digital banking and financial services becoming increasingly prevalent. The prevailing trend in the contemporary financial services sector centers around the transition to digital platforms, particularly mobile and online banking. In an age marked by unparalleled convenience and speed, consumers no longer prefer visiting physical bank branches for their transactions. As banks strive to introduce new features to attract and retain customers, disruptive banking technologies from startups and neo banks are emerging. The integration of artificial intelligence (AI) and machine learning (ML) in the banking sector holds the potential to transform operational processes and enhance services which leads to improved efficiency, productivity and customer experience. This chapter explores the role of AI and ML in addressing information privacy and security concerns in the arena of digital banking and financial services in digital age.