How Will Artificial Intelligence Change The Banking Industry?

"AI is probably the most important thing humanity has ever worked on." This statement from Google CEO has become quite relevant in the Indian banking industry, especially after demonetisation. With an average Indian consumer getting at ease with online banking, making internal operations efficient and the customer experience more effective has certainly become a challenge. Poor data quality and customer segmentation are one among the many challenges banks face today. Further, with the rise of technology-oriented payments banks like Airtel Payments Bank, Paytm Payments Bank, etc; entry of neo banks and neo banking platforms, as well as rise of NBFCs, has also made it impossible for banks to survive with the traditional mode on. As they say, 'necessity is the mother of invention', banks are now finding solace in new-age technologies such as artificial intelligence (AI), blockchain and more.