Indian economy became fast moving economy in cognitive era; it demands adoption of disruptive technologies to meet ever growing expectations of citizens/netizens. Technology entered into disruptive technology era but there are concerns in BFSI over its (disruptive technology) applications and end results. The existing literature study revealed that Artificial Intelligence (AI) is a disruptive technology but scant research on applications of AI in Indian Banking, Financial Service and Insurance Sector (IBFSI). The existing literature is used to frame the problem to the study. This study is an attempt to explore AI applications in BFSI as well as concerns over AI application’s end results. This paper examined the recent works in Artificial Intelligence in Banking Technology with special focus on the applications, framework and concerns of AI in BFSI sector. The research approach is qualitative - descriptive but exploratory in nature. The primary data is collected through discussions with experts of AI in academics, industry and Banking technology. The secondary data collected from public and private sector policies, reports, academic research, working papers, discussion reports, eminent journals etc. The collected information/data is transcribed/analysed so that to draw insights, rational implications and conclusion. This paper extends the scope of previous literature on AI applications and concerns in/over IBFSI. Moreover, the information provided in this communication would be useful to various stakeholders of BFSI sector in India and abroad to resolve concerns over AI’s application in the domain to take forward its applications to emerge as market leaders. Finally, this study is qualitative; hence, there is scope for quantitative and mixed approach research on application of AI in micro operations of BFSI in this cognitive era.
Volume 11 | Issue 9