International Journal For Multidisciplinary Research

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The role of artificial intelligence in financial services and banking

Author(s) Ms. Utkarsha Rajkumar Chavan, Mr. Karthik P, Ms. Supriya S, Prof. Shriram Ragul T
Country India
Abstract Artificial intelligence (AI) has moved from being a peripheral experiment to a working part of everyday banking, shaping how customers are served, how risk is priced, and how fraud is caught. This study examines the shift from two perspectives. First, it draws together the conceptual and empirical literature on AI in banking and financial services to map out the technologies in use, chief among them machine learning, natural language processing, robotic process automation, and predictive analytics, and the functions they now support, including fraud detection, credit scoring, customer service, and algorithmic trading. Second, it reports the results of a primary survey of 30 respondents, examining their awareness of AI-enabled banking, the extent to which they actually use such services, the reasons behind their preferences, and their concerns about privacy, security, and job displacement. The findings indicate that awareness of AI in banking is high (86.7 per cent of respondents), yet actual usage lags behind at 63.3 per cent, and a substantial share of users engage with these services only occasionally. Mobile banking recommendations and chatbot-based support emerged as the most recognizable AI touchpoints, while data privacy and cybersecurity risks were flagged as the most pressing concerns. The paper concludes that AI adoption in banking is best pursued as a complement to human judgement rather than a wholesale replacement for it, and offers a set of practical suggestions for financial institutions seeking to convert awareness into sustained, trusted usage.
Keywords artificial intelligence, banking, financial services, fintech, customer perception, digital banking, machine learning.
Field Sociology > Banking / Finance
Published In Volume 8, Issue 4, July-August 2026
Published On 2026-07-26
DOI https://doi.org/10.36948/ijfmr.2026.v08i04.83699
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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