With the progress of new know-how and technology, various cyber centers are utilized by illegal persons to augment cyber related crime. To alleviate this digital crime and cyber threats, artificial intelligence is being implemented by banks and financial institutions. A variety of avenues are offered by artificial intelligence techniques, which facilitate the banks to amplify affluence plus wealth. As per various literatures it has been observed that the expenses of cybercrime were around $ 450 million globally. Therefore, it becomes imperative to introduce certain security programs for guarding cyber threats in banking area. To battle and overcome hackers many banks are moving hands to employ artificial intelligence. Various kinds of cybercrimes are prohibited and recognized by AI-based fraud detection systems. However, execution and preservation of artificial intelligence consist of the high cost. After it, joblessness rate is also augmented by AI techniques. In this study various artificial intelligence techniques will be discussed along with their utilization and limitations.
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Computers, digitalization, as well as transformation in the internet technologies have mounted to the level of growth and also affected the societies in different manner. It is quite unrealistic to envision any person without laptops or any electronic devices (Kaya et al., 2019). As an outcome of this, crime on the other hand is also budding for digital users. Number of large organization whether in public sector or in private sector are witnessing this threat as all are practicing computers and internet for their tasks (Bamrara et al., 2013). As digital banking, digital transactions, e-commerce is gaining recognition in the recent times, cyber threat term is also getting famous side by side (Gunjan et al., 2013). According to a report by Global Findex Database 2017, approximately 1.2 billion people have their accounts in banks. As the concept of digital India is approaching, majority of people (51 percent) are switching towards digitization and even many (26 percent) prefer e-banking rather than physical banking facility. With this extraordinary growth of digitalization in banking industry, cyber threats have become major issue for distress. Indian banking sector alone witnessed 22 percent cyber-attacks in the recent times. In India, cyber threats were identified in the year 1998 after the introduction of privatization of banking segment. Mostly, virus attacks, webpage hackings, theft or phishing etc. were the kind of threats witnessed at that time. A popular incident of cyber-attack on Union Bank of India was observed in May 2017. India has around 42 millions of cases for cyber-attacks and the number is increasing day by day causing financial losses to the to the general public as well (Acharya & Joshi, 2020). Globally these numbers are around 114 billion which costs around US $ 274 billion financially (Raghavan and Partibhan, 2014).
However, Artificial Intelligence (AI) is speedily gripping as the worldwide body. It basically deals with the thinking progression of the customers along with it contract with showing those systems through machines (like computers, robots, etc.). Conceptually, Artificial intelligence has been in existence since a long time. However, now various hasty developments have taken place in the area of Artificial intelligence and due to these evolutions, business organizations have started taking interest in AI. Still there is bewilderment about actual meaning of AI as it actually includes various groups of technologies which include big data analytics, machine learning, effective agents and extrapolative/regulatory analytics. Therefore, AI seems to be a complicated concept (Singh & Agarwal, 2019). However, from various reviews it has been identified that artificial intelligence is a distinctive technique which ultimately results in various utilities which are allied with human minds. Reasoning, learning, practicing inventiveness, brain storming, finding solutions for the problems etc. are the functions which are basically associated with artificial intelligence and a high quantity of structured as well as unstructured data is maintained by combination of both. Various algorithms, principles, processes, and problem definitions are basically used as an actionable approach for controlling individual human behavior (Soni, 2019).