In this contribution to International Banker, Pritham Shetty explores how the use of artificial intelligence (AI) is transforming the banking industry.

He discusses various applications of AI, including fraud detection, customer service, and risk management.

It also highlights the benefits of AI, such as increased efficiency, improved accuracy, and better customer experience. 

However, the article also notes that implementing AI can be challenging for banks due to the need for large amounts of data and specialized skills. 

The article concludes that while AI presents significant opportunities for the banking industry, banks must ensure they are prepared to leverage it effectively by setting short-term goals, gauging their AI readiness, and identifying the appropriate tools to move forward.