Customer Perception on role of Artificial Intelligence (AI) in the Banking Industry in Chennai

DOI

10.2991/978-94-6463-433-4_24How to use a DOI?

Keywords

Artificial Intelligence (AI); Banking Sector; Security Optimization; Customer Perceptions

Abstract

Artificial Intelligence (AI) has become a transformative force, driving advancements in automation, data analysis, and decision-making across various industries. Its integration plays a pivotal role in shaping the technological landscape and addressing complex challenges in the modern era. This study focuses on the transformative impact of AI in the banking industry, specifically focusing on customer perceptions in Chennai city. Analyzing data from 120 respondents through a structured questionnaire, the research reveals that more than fifty percent customers in the region are aware of AI in banking. The study categorizes 33 variables into three factors, emphasizing Efficiency and Security Optimization, Enhanced Customer Interaction and Transactions, and Advanced Customer Services and Risk Management. Findings indicate a moderate awareness level, suggesting the need for customer education on AI implementation. Targeted awareness campaigns, especially across all age groups, are crucial for fostering positive perceptions. The study underscores the importance of banks embracing adaptability, prioritizing data access and privacy, and collaborating with regulatory bodies to establish ethical guidelines for responsible AI implementation, addressing concerns such as potential job displacement. As AI in banking continues to evolve, this research highlights its growing significance in enhancing efficiency, security, and overall customer experience.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - G. Ashwardhini
AU  - R. M. Duraiarasan
PY  - 2024
DA  - 2024/06/03
TI  - Customer Perception on role of Artificial Intelligence (AI) in the Banking Industry in Chennai
BT  - Proceedings of the International Conference on Digital Transformation in Business: Navigating the New Frontiers Beyond Boundaries (DTBNNF 2024)
PB  - Atlantis Press
SP  - 334
EP  - 349
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-433-4_24
DO  - 10.2991/978-94-6463-433-4_24
ID  - Ashwardhini2024
ER  -