REVOLUTION OF FINANCIAL SERVICES: ANALYSING THE IMPACT OF AI ON BANKING AND INVESTMENT

This article focuses on the banking, insurance, and investing institutions in order to examine the revolutionary effects of artificial intelligence (AI) on the financial services industry. The study intends to analyse the difficulties these industries face and to provide the study's goals. Two hypotheses are put forth to direct the analysis and address the advantages and drawbacks of adopting AI, as well as the effects on workforce dynamics and job positions. The goal of the study is to identify the most important AI applications in the financial services industry and assess how they improve operational effectiveness, client experience, and risk management. The study also investigates the advantages and difficulties of adopting AI and the implications for worker dynamics. A conceptual framework is offered that outlines variables linked to operational efficiency, customer experience improvement, and risk management in order to achieve these goals. Additionally, it takes into account elements related to the loss of jobs, the development of skills, and the interaction between AI systems and human workers. Using both primary and secondary data, a descriptive study was used as the research methodology. To obtain thorough insights, the data is gathered through structured questionnaires and expert interviews from banking industry all over India. The paper analyses the data to offer useful insights into how AI is revolutionising the financial services industry and makes recommendations for how AI may be used most effectively in various fields.