International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 6 Issue 3 May-June 2024 Submit your research before last 3 days of June to publish your research paper in the issue of May-June.
Submit Research Paper Join as a Reviewer

Plagiarism is checked by the leading plagiarism checker TurnItIn

Call for Paper

Volume 6 Issue 3
May-June 2024

Submit your research paper

Indexing Partners
Academia Advanced Sciences Index Bielefeld Academic Search Engine CiteSeer DRJI Google Scholar Independent Search Engine & Directory Network ISI (International Scientific Indexing) Issuu Mendeley Research Networks
RefSeek ResearcherId - Thomson Reuters ResearchGate Scirus Scribd Semantic Scholar UTeM - Universiti Teknikal Malaysia Melaka Wiki for Call for Papers WorldCat Zenodo

Revolutionizing Banking: The Path to an AI-driven Future with a Special Reference to Union Bank

Author(s) Jabili.Kamurthy, Mustafa, Mohit, Suhail Shabeer, Jeevan, Anusha S. Nadiger
Country India
Abstract Banking stands at a transformative crossroads, propelled by technological disruption, shifting consumer dynamics, and the catalytic impact of the COVID-19 pandemic. This research charts the course for a new era in banking business models, introducing a paradigm shift known as 'the AI bank of the future.' Grounded in the advancement of artificial intelligence (AI) technologies, this model offers traditional banks the potential to elevate revenue while reducing costs, ushering in innovative customer engagement approaches. In response to multifaceted challenges, including market valuations, competitive threats from neobanks, and changing customer expectations, traditional banks are urged to become 'AI-first' in strategy and operations. This involves leveraging economies of scale through efficient AI deployment to enhance customer engagement with distinctive experiences and superior value propositions. The research meticulously explores the building blocks of an AI bank, delving into four critical layers: engagement, AI-powered decision-making, core technology, and data infrastructure, and a platform-based operating model. Through a series of articles, the study examines trends, challenges, and requirements for each layer, offering an end-to-end view of the capabilities essential for the AI bank of the future. The articles cover topics ranging from the challenges leading banks to adopt an AI-first approach, a day in the life of a consumer transacting with an AI bank, reimagining customer engagement, to AI-powered decision-making and the modernization of core technology. The final piece discusses the necessity of a platform operating model, emphasizing the deployment of AI and analytics capabilities at scale through cross-functional business-technology platforms. To embark on this transformative journey, bank leaders are advised to formulate strategic goals for the AI-enabled digital age, establish an AI-first vision, and strategically modernize enterprise technology. The research underscores the importance of assessing emerging technologies, prioritizing initiatives aligned with customer needs, and considering partnerships for non-differentiating capabilities while focusing on in-house development for distinct competitive advantages. In conclusion, building the AI bank of the future is envisioned as a pathway to innovation, competitive prowess against digital natives, and sustainable increases in profits and valuations. The research serves as a guiding compass, assisting banks in establishing their vision and crafting a strategic roadmap for this transformative journey into the AI-driven future of banking.
Keywords Artificial Intelligence (AI) in Banking, Technological Disruption, Customer Experience, Sales, AI-First Strategy, Digital Transformation, Future Banking Business Model, COVID-19 Impact on Banking, Platform-Based Operating Mode, Emerging Technologies, Strategic Modernization.
Field Sociology > Banking / Finance
Published In Volume 6, Issue 2, March-April 2024
Published On 2024-04-07
Cite This Revolutionizing Banking: The Path to an AI-driven Future with a Special Reference to Union Bank - Jabili.Kamurthy, Mustafa, Mohit, Suhail Shabeer, Jeevan, Anusha S. Nadiger - IJFMR Volume 6, Issue 2, March-April 2024. DOI 10.36948/ijfmr.2024.v06i02.15889
DOI https://doi.org/10.36948/ijfmr.2024.v06i02.15889
Short DOI https://doi.org/gtqx3f
View / Download PDF File

Share this



E-ISSN 2582-2160
CrossRef

CrossRef DOI is assigned to each research paper published in our journal.

IJFMR DOI prefix is
10.36948/ijfmr

Downloads
Copyright Permission Form and Undertaking Form Cover Page Vol 6 Isu 2 Cover Page Vol 6 Isu 1 Cover Page Vol 5 Isu 6 Research Paper Format

All research papers published on this website are licensed under Creative Commons Attribution-ShareAlike 4.0 International License, and all rights belong to their respective authors/researchers.

CC-BY-SA Open Access

About IJFMR
Fees & Payment
Current Issue
Publication Archive 		Submit Research Paper
Track Submission Status
Publication Guidelines
Publication Ethics
Peer Review & Plagiarism 		Join as a Reviewer
Editors & Reviewers
Reviewer Referral Program
Get Reviewer Membership Certi. 		Website/Journal Policies
Usage Policy
Content Policies
Privacy Policy
Contact Us +91-9898-5948-55 editor@ijfmr.com