Role of Artificial Intelligence in Bank Payment Applications

Abstract : The banking industry has become the major adopter of artificial intelligence (AI) technology. The penetration of AI technology in this industry has especially increased with the advent of Internet or online banking and self-service branch networks. Natural language processing (NLP) and machine learning systems are being used to automatically and reliably respond to customer queries, monitor saving and spending trends, and make disbursements on behalf of customers among other use cases. Automation of repetitive processes and tasks could save costs, minimize human error, and allow staff to focus their energy on more value- adding operations. Objective: The main aim of the study is to find the role of Artificial Intelligence in the bank payment applications. Methodology: The descriptive research study is carried out with a well-structured questionnaire containing 5-point Likert scale. The sampling technique used is simple random sampling in Chennai city with 110 respondents. The statistical tools used are Factor analysis and cluster analysis. Key findings: The three main components show the integrity in performing the Payment process through the AI based applications that help in the Processing of transactions and further the results are given in descriptive form Implication/Significance: The major implication is that the use of all these technologies should be more precisely available for the digital users in their regional languages in order to avail the full benefit out of it. The increase in the technology and all these services will drive away the usage of the digital payment in an drastic manner.