E-Brain (Artificial Intelligence): An Edge to Indian Banking System

Banks are automating their processes, migrating their infrastructure and applications to the cloud to create a seamless customer journey. Transformative technology has enabled banks and financial institutions to automate their operations based on advanced data-driven. Banks are adopting E-BRAIN based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations. These applications have been embraced by the investment banks as regulatory framework is failing to combat conventional way in combating against money laundering. E-BRAIN will focus on cognitive application in functional areas of business along with investment and compliance sectors of financial services industry. Adopting E-BRAIN based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations.

As the name suggests, E-BRAIN is the ability to copy from something that is natural, in terms of acquiring and applying knowledge and skills. Now this ability of copying is done by a machine or a computer. So, when a machine mimics a human mind by thinking for itself, it is known as E-BRAIN. The computers are designed in such a way that they can perform many activities. Some of these activities are-Learning, Speech recognition, Perception, Planning, Reasoning, Problem solving and also the ability to operate and move objects around. Hence, E-BRAIN focuses attention on creating intelligent machines that operate and react like human beings. In today's modern world, all of us in some way or the other do make use E-BRAIN, be it on our cellular phones or computers. The paper seeks to explore the areas where the E-BRAIN is being used in the Banking Sector and its implication in the Indian banking system.