USAGE OF ARTIFICIAL INTELLIGENCE-BASED DATA-DRIVEN DECISIONMAKING IN THE INDIAN BANKING SECTOR

Abstract

While many Indian banks have adopted artificial intelligence in the workplace early, others are trying to adopt a fruit-hanging approach to adopting AI, understanding how banks maintain their data to make decisions based on artificial intelligence. The primary goal of this study was to explore why banks need to rely on Artificial Intelligence-based data-driven decision-making and how artificial intelligence-based data helps make decisions. Recently, many banks have adopted artificial intelligence (AI) for data-driven decision-making in India. A literaturebased approach was chosen to synthesize existing knowledge, identify key themes, and evaluate the findings of AI adoption in banking decision-making. The findings revealed that Data-driven decisionmaking helps bankers work more efficiently and effectively. The traditional method takes too long to recognize fraud and make decisions, but now, AI-based algorithms work smartly and quickly. The most crucial element for AI to succeed and derive results is data. Rather than looking at AI from that perspective, banks first need to ask themselves what area they want to apply machine learning to. Banks should be aware of data and employee training.