INTERNATIONAL JOURNAL OF ENGINEERING MANAGEMENT AND
SOCIAL SCIENCES

IMPACT OF ARTIFICIAL INTELLIGENCE ON BANKING AND FINANCIAL SERIVES

Artificial Intelligence (AI) has emerged as one of the most transformative technologies in the banking and financial services industry. The rapid advancement of digital technologies has encouraged banks and financial institutions to adopt AI-driven solutions to improve operational efficiency, customer service, security, and decision-making processes. This study examines the impact of Artificial Intelligence on banking and financial services, focusing on its role in enhancing customer satisfaction, fraud detection, risk management, and overall organizational performance. The research is based on both primary and secondary data. Primary data were collected through a structured questionnaire administered to 100 respondents, while secondary data were gathered from journals, books, reports, websites, and other relevant sources. The study employs descriptive research methodology and percentage analysis to evaluate customer perceptions regarding AI adoption in banking services. The findings reveal that AI has significantly improved banking operations by automating routine tasks, reducing transaction processing time, enhancing customer experiences through chatbots and virtual assistants, and strengthening fraud detection mechanisms. The majority of respondents expressed positive opinions regarding AI-enabled banking services, indicating increased trust and satisfaction with digital banking platforms. The study also highlights challenges associated with AI implementation, including cybersecurity risks, data privacy concerns, and the need for continuous technological upgrades.