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2nd International Conference on Information Technology, InCITe 2022 ; 968:167-178, 2023.
Article in English | Scopus | ID: covidwho-2303513

ABSTRACT

The present study aims at understanding and analyzing the COVID-19-induced behavioral change spurting artificial intelligence (AI) adoption in Indian banking industry. The study has further identified and analyzed the usage pattern of Indian customers for mobile banking/online banking services in the pre-pandemic phase and progression of Indian customers for mobile banking/online banking services during the pandemic. Secondary data has been used for deep understanding of the AI adoption in Indian banking industry, with reports from McKinsey, PWC, RBI, NPCI, BIS, etc., to form the base. The period of study was taken from 2016 to 20, and this was taken keeping in mind the timing of another unprecedented event of demonetization. Behavioral change of Indian banking industry customer was assessed on three broad parameters change in value and volume of mobile banking transactions on year on year basis. COVID-19-induced behavioral change translating in massive jump of 178% in volume of mobile transactions between March 2019 and 2021. The increase in number of smart phone users and access to connectivity and desired technology has helped the cause. With 2020–21 punctuated by several nationwide as well as localized lockdowns adoption of AI for customer engagement has been crucial for Indian banking industry, which has further translated in to designing and customizing products and risk profiling of customers further resulting in increased operational efficiency and intuitive decision making. The behavioral change induced by COVID-19 in the Indian baking industry achieves competitive advantage by truly responding to huge customer data base which has been utilized by other financial industries as now it can have systems which understand and are responsive to behavior of varied customers. From responses feeded chatbots to intuitively responsive AI bots, the customer engagement is going to be a whole new experience which will help in customer acquisition and retention. Further, with falling data storage costs, increasing processing speeds and capabilities and improved connectivity and access for all has helped the rapid automation and AI adoption. Enterprise level adoption of AI has led to revenue generation and optimization of functional resources this reducing the cost at functional level. The AI adoption has been continuous from the banks over the years though banks have started to harness its potential in the recent years with customers adoption of smart hand-held devices. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023.

2.
Palgrave Studies of Cross-Disciplinary Business Research, in Association with EuroMed Academy of Business ; : 47-72, 2022.
Article in English | Scopus | ID: covidwho-2173557

ABSTRACT

The study aims at investigating the factors affecting Mobile Banking Technology adoption by rural Banking customers as drivers and restraining factors from the perspective of rural people in Central Uttar Pradesh, India. The study will also assess the Covid-19 induced behavioral change in the rural banking customers spurting mobile banking technology adoption and has further analyzed if the behavioral intentions have been influenced by black swans (Demonetisation, Pandemic). Sample population is drawn from villages of six districts of Uttar Pradesh, India (Badaun, Bareilly, Sitapur, Shahjahanpur, Pilibhit, Rampur). Out of 215 responses 168 responses were fit for the research study. Data is analysed using descriptive statistics and Multiple regression model for finding out the impact of various factors on the mobile banking adoption in rural banking customers. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

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