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

In: Proceedings of the International Conference on Digital Transformation in Business: Navigating the New Frontiers Beyond Boundaries (DTBNNF 2024)

Author

Listed:
  • G. Ashwardhini

    (Patrician College of Arts and Science, Research Scholar)

  • R. M. Duraiarasan

    (Patrician College of Arts and Science, Assistant Professor & Research Supervisor)

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.

Suggested Citation

  • G. Ashwardhini & R. M. Duraiarasan, 2024. "Customer Perception on role of Artificial Intelligence (AI) in the Banking Industry in Chennai," Advances in Economics, Business and Management Research, in: N. V. Suresh & P. S. Buvaneswari (ed.), Proceedings of the International Conference on Digital Transformation in Business: Navigating the New Frontiers Beyond Boundaries (DTBNNF 2024), pages 334-349, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-433-4_24
    DOI: 10.2991/978-94-6463-433-4_24
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