3 books on AI for Banking [PDF]

Updated: May 11, 2024

Books on AI for Banking serve as invaluable resources for startups venturing into the development of AI solutions for the financial sector. These resources offer a comprehensive foundation, covering various facets of AI's application in banking, from fraud detection and risk assessment to customer service and personalized financial recommendations. They delve into advanced techniques like machine learning, natural language processing, and predictive analytics, emphasizing how AI can enhance operational efficiency, reduce risks, and improve customer experiences. Moreover, these books often include practical examples, case studies, and regulatory considerations, enabling startups to learn from successful AI implementations and navigate the unique challenges of the banking industry.

1. Artificial Intelligence for All: Transforming Every Aspect of Our Life
2020 by Utpal Chakraborty



"Artificial Intelligence for All" offers a comprehensive exploration of AI's far-reaching applications across various industries and its potential impact on everyday life, with a specific focus on the Indian context and its industries and economy. It begins by examining the global race for AI dominance, highlighting its influence on mainstream politics and world leaders. Subsequent chapters delve into AI's role in sectors such as Banking and Finance, including applications like Financial Crime detection, Credit Risk Assessment, conversational banking powered by AI, Predictive Analytics, and recommendations. The book also delves into the exciting realm of AI in Sports, appealing to both sports enthusiasts and professionals in the Sports and Computer Games fields. Furthermore, it places special emphasis on Conversational AI, exploring the utility of Virtual Assistants and ChatBots across various sectors.
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2. Artificial Intelligence in Financial Services and Banking Industry
2020 by Dr. V.V.L.N. Sastry



Over the past few years, the financial and banking sectors have seen a significant surge in the adoption of Artificial Intelligence (AI) technologies. AI and machine learning have been rapidly integrated into various applications, spanning front-end and back-end processes, as well as business and financial management operations. Consequently, it is imperative to assess the potential implications for financial stability arising from these advancements. Given the relative novelty of AI in this context and limited available data, any analysis must be considered preliminary. Current and prospective use cases of AI and machine learning in finance encompass a wide range of activities. These include optimizing capital allocation, model back-testing, market impact analysis for large trades, credit quality evaluation for insurance contracts, and the automation of client interactions. Moreover, AI is being employed by brokers, hedge funds, and other entities to identify opportunities for enhanced and uncorrelated returns, particularly in the optimization of trade execution. Additionally, both public and private institutions are utilizing these technologies for tasks such as data quality assessment, surveillance, regulatory compliance, and fraud detection. This book endeavors to provide a comprehensive overview of AI's current utilization in the banking and financial sectors, shedding light on its global narrative and applications within the industry.
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3. AI and the Future of Banking
2020 by Tony Boobier



Penned by a recognized authority in the realms of AI and Advanced Analytics, this book delves into the multifarious applications of Advanced Analytics and AI across various domains within the banking and finance sector. It provides insights into effective strategies for seamlessly integrating AI into existing banking ecosystems and envisions alternative pathways for the future of banking, encompassing aspects such as the transformation of branches, novel models of universal banking, and the concept of 'debranding.' The book elucidates the notion of 'Open Banking,' which facilitates secure information sharing without necessitating the divulgence of passwords. Furthermore, it delves into the development of leadership within the context of AI adoption within the banking industry. "AI and the Future of Banking" serves as a valuable and contemporary resource for bank executives, managers, newcomers to the banking field, financial technology and financial services professionals, as well as postgraduate students pursuing finance and banking courses.
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