Imperative Role of Artificial Intelligence and Big Data in Finance and Banking Sector

Abstract

In contrast to human intelligence, which comes from innate knowledge, artificial intelligence (AI) and big data refers to the mental capacity demonstrated by robots. AI has been revolutionized banking and the financial sector and affected on human labor as well as other stakeholders. The concept of “industry 4.0” dramatically altered how organizations operate today. The five maturity levels of the model are initial, managed, defined, established, and digitally oriented. Requirement to secure, improve the quality, and meet the interests of both clients and financial institutions is increasing day by day. Technology become base of the financial institute. This paper examines various technology models used in the financial and banking industries. The study focusses on digital technology in the banking and finance industries for gaining understanding of the topic and identifying new areas. Study examines futuristic challenges of technology in banking sectors.