Fraud Detection and Credit Management: A new era of Artificial Intelligence in Banking Industry of Pakistan

Abstract

This study was conducted with the goal to understand the effect of artificial intelligence in banking industry and particularly its impact on the fraud detection and credit management the two core issues faced by the banking industry. The focus of the thesis was to determine the opportunities offered by AI, challenges of implementing AI, adoption of AI at global and Pakistan level and impact on fraud detection and credit management. The research was conducted on the topic of Fraud Detection and Credit Management: A new era of Artificial Intelligence in Banking Industry of Pakistan. The study focuses on the introduction to the field of Artificial-Intelligence (AI), its subfields and types. Furthermore, the study looks into the opportunities offered and challenges posed by the AI. Thesis than moves on to study the impact of AI on fraud detection and credit management. The theoretical part in the end studies about the global and local adoption of AI. The method of primary research through the use of questionnaire was utilized for data collection. The results of the study indicate that there is a significant impact of AI on fraud detection and credit management. Conclusion of the research is that though AI is still new in Pakistan but there is vast playing field of AI for the businesses and in particular banking industry of Pakistan. The thesis also points to towards the future research in development of infrastructure and training of work force relevant to fully implement AI in Pakistan