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Social and Ethical Implications of AI in Finance for Sustainability: Convergence of Culture in the Banking Sector After Adaptation of Artificial Intelligence

Social and Ethical Implications of AI in Finance for Sustainability: Convergence of Culture in the Banking Sector After Adaptation of Artificial Intelligence

Reenu Kumari, Komal Sharma, Rajesh Kumar
Copyright: © 2024 |Pages: 15
ISBN13: 9798369328811|ISBN13 Softcover: 9798369352052|EISBN13: 9798369328828
DOI: 10.4018/979-8-3693-2881-1.ch005
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MLA

Kumari, Reenu, et al. "Social and Ethical Implications of AI in Finance for Sustainability: Convergence of Culture in the Banking Sector After Adaptation of Artificial Intelligence." Social and Ethical Implications of AI in Finance for Sustainability, edited by Abdelkader Mohamed Sghaier Derbali, IGI Global, 2024, pp. 141-155. https://doi.org/10.4018/979-8-3693-2881-1.ch005

APA

Kumari, R., Sharma, K., & Kumar, R. (2024). Social and Ethical Implications of AI in Finance for Sustainability: Convergence of Culture in the Banking Sector After Adaptation of Artificial Intelligence. In A. Derbali (Ed.), Social and Ethical Implications of AI in Finance for Sustainability (pp. 141-155). IGI Global. https://doi.org/10.4018/979-8-3693-2881-1.ch005

Chicago

Kumari, Reenu, Komal Sharma, and Rajesh Kumar. "Social and Ethical Implications of AI in Finance for Sustainability: Convergence of Culture in the Banking Sector After Adaptation of Artificial Intelligence." In Social and Ethical Implications of AI in Finance for Sustainability, edited by Abdelkader Mohamed Sghaier Derbali, 141-155. Hershey, PA: IGI Global, 2024. https://doi.org/10.4018/979-8-3693-2881-1.ch005

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Abstract

Artificial intelligence (AI) is becoming an inseparable part of our daily lives as it can solve tough problems in a competent way in manifold areas like bank, insurance, healthcare, education, operations, etc. This chapter explains how financial institutions are implementing AI, algorithm trading, and intelligence that is adaptive to their financial processes. The banking sector in India has gone through significant transformations with the infusion of technology. Technological innovation has played a crucial role in reshaping the landscape of banking operations, bringing about positive changes in various aspects such as cost effectiveness, productivity and efficiency, small value transactions, digital payment systems, mobile banking apps, and online transfers. Adoption of technology has given customers a wide range of choices in terms of banking services from online banking to mobile apps.

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