AI and Machine Learning are Redefining Banking Industry

In the given unprecedented times, digital transformation is vital. One of the significant challenges is modernizing banks and legacy business systems without disrupting the existing system. However, artificial intelligence (AI) and machine learning (ML) have played a pivotal role in conducting hassle-and risk-free digital transformation. An artificial intelligence and machine learning-led approach to system modernization will enable businesses to associate with other fintech services into embracing modern demands and regulations while ensuring safety and enabling security. In the banking industry, with the growing pressure in managing risk along with increasing governance and regulatory requirements, banks must improve their services towards more unique and better customer service.