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Vol. 18 Issue 1 (2022)

The Present and Future of AI Usage in the Banking and Financial Decision-Making Processes within the Developing Indian Economy

Dr. Shouvik Kumar Guha, Bash Savage Mansaray and Dr. Navajyoti Samanta

In course of this paper, the authors have soght to examine the extent to which technology based on artificial intelligence (AI) have made inroads into the banking and financial sectors of a developing economy like India. The paper begins with providing a contextual background to the adoption of such technology in the global financial arena. It then proceeds to identify and categorise the forms of AI currently being used in the Indian financial sector and also considers the different channels of operation where such technology is in vogue. The advantages of using such technology and the future goals for integrating the same in the concerned sector have also been discussed. The paper then proceeds to refer to the various regulatory norms already or potentially applicable to the areas where the technology is currently being used to explore solutions. Finally, it concludes with a series of concerns voiced in regard to the adaptability and sustainability of such technology within the financial sector of a developing Indian economy, and also recommendations for the road ahead.


Dr. Guha is an Associate Professor at The West Bengal National University of Juridical Sciences. Mr Savage-Mansaray is a Ph.D. Researcher, University of Warwick. Dr. Samanta is an Associate Professor at Leicester University.

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