Revolution of financial services: analysing the impact of ai on banking sector

Deepti  Taneja; Surbhi  Khanna; Mukul   Kumar Shrivastava; Vidya  Dayinee Sharan; Vandana   Madaan; Shweta  Singh

doi:10.56294/sctconf20251389

Authors

Deepti Taneja Professor of Economics and Joint Dean, Delhi College of Arts & Commerce, University of Delhi, India Translator https://orcid.org/0009-0008-6278-9509
Surbhi Khanna Associate Professor, Department of Computer Science, Rajdhani College, University of Delhi, India Author
Mukul Kumar Shrivastava Associate Professor, Galgotias University, India Author https://orcid.org/0009-0009-5922-9735
Vidya Dayinee Sharan Associate Professor, Galgotias University, India. Author https://orcid.org/0000-0002-9475-6401
Vandana Madaan Associate Professor, Department of Management MM Institute of Management, Maharishi Markandeshwar (Deemed to be university), Mullala-Ambala, Haryana, India Author https://orcid.org/0009-0007-0916-7324
Shweta Singh Visiting Faculty, Symbiosis Law School (SLS), Symbiosis International (Deemed University) (SIU), Vimannagar, Pune, Maharashtra, India Author https://orcid.org/0009-0000-1051-4783

DOI:

https://doi.org/10.56294/sctconf20251389

Keywords:

Artificial Intelligence, Financial services, Customer, Banking, Industry

Abstract

Purpose – This study explores the transformative impact of artificial intelligence (AI) on banking, insurance, and investment firms within the financial services sector. It aims to examine the challenges faced by businesses and establish clear research objectives.
Design/methodology/approach – The study adopts a descriptive research methodology, leveraging both primary and secondary data sources. Standardised questionnaires and expert interviews provide in-depth insights into AI adoption within the Indian banking sector.
Findings – The study identifies key applications of AI in financial services and evaluates its impact on operational efficiency, client experience, and risk management. A conceptual framework is proposed to assess AI’s benefits and limitations, particularly in relation to workforce dynamics. The research highlights concerns regarding job displacement, skills development, and the evolving interaction between AI systems and human workers.
Practical implications – The findings offer actionable insights for financial institutions seeking to optimise AI integration. The study suggests strategies for balancing automation with human expertise, addressing workforce transitions, and enhancing service delivery.
Originality/value – This research contributes to the existing literature by providing a structured analysis of AI's role in financial services. It offers empirical evidence on its implications for operational processes and workforce management, with a particular focus on the Indian banking sector.

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Revolution of financial services: analysing the impact of ai on banking sector

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