Author(s): Birajit Mohanty, Aashima and Shweta Mishra
AI has changed the way we use to go about our business and certainly emerged as an undeniable and irresistible reality of our times. Technology has touched upon all the sectors and played a decisive role in service delivery. The financial and banking services are leveraging on various facets and tools available, owing to technological advancements, providing them with competitive advantages in the hyper competitive business landscape. There are many Artificial Intelligence based technologies and solutions like Teradata, Feedzai, Riskified, Clari5, Razorpay Third watch, AdvaRisk, Kount etc., that have played a decisive role not only in bringing down the instances of frauds but also scaling up the efficiency and effectiveness of the business operations. In the paper a sincere attempt is being made to analyse and evaluate various Artificial Intelligence based solutions and its impact on the betterment of the business landscape. It is found that Artificial Intelligence has been a game changer and has got wider ramifications than just bringing down the instances of financial frauds in the form of increased efficiency and cost savings. This proved to be instrumental in maintaining and enhancing the reputation of the banking entity.