Redefining Banking in the Digital Age: An Analytical Study on AI-Driven Transformation in India
DOI:
https://doi.org/10.55829/8t69ed71Keywords:
Digital transformation, Banking, Artificial Intelligence, Machine learning, Chatbots, UPIAbstract
Since 2010, there has been a shift in Indian banking practices – from traditional brick-and-mortar banking to a digital transformation. The existing research suggests that banking is now more cost-effective thanks to digitalization, which has saved time, money, and labour. This paper examines the transformation of the Indian banking system since 2010, focusing on technology, Artificial Intelligence, and Machine learning, and on how customer experience has been improved through payment modes such as UPI and through chatbots. With a focus on digitalization and the effects of regulations, consumer adoption, and technological disruption, this paper presents the evolution that occurred and discusses the challenges that require policy actions, innovations, and ethical governance. A number of suggestions are given to policymakers, regulators, and institutions so that growth continues to be sustainable, inclusive, and secure.
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