International Research Journal of Innovations in Engineering and Technology - IRJIET International Open Access, Monthly, Peer Reviewed, Reputed Journal ISSN (online): 2581-3048

Impact Factor (2025): 6.9

DOI Prefix: 10.47001/IRJIET

Transforming Banking Operations with Generative AI Innovations in Customer Experience, Fraud Detection, and Risk Management

Abstract

Generative AI is revolutionizing the banking industry by leveraging advanced machine learning to enhance operations, customer experience, and risk management. This study explores the transformative potential of generative AI in key banking functions, including personalized recommendations, real-time monitoring, credit risk prediction, market trend analysis, automated loan approvals, and pitchbook creation. It highlights global trends, challenges, and opportunities in adopting generative AI in banking. The findings reveal that strategic implementation of generative AI improves operational efficiency, fraud detection, customer satisfaction, and regulatory compliance. However, challenges like data governance, transparency, regulatory alignment, and cybersecurity remain critical to address. This paper concludes with actionable insights into overcoming these challenges and maximizing the value of generative AI in banking operations.

Country : USA

1 Rahul Kalva

  1. Principal Engineer, Dublin, CA, USA

IRJIET, Volume 8, Issue 12, December 2024 pp. 157-166

doi.org/10.47001/IRJIET/2024.812024

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