Covid accelerated digital transformation, bringing digitally hesitant consumers into the fold. With 75-80 billion devices expected to be connected by 2025, this shift enhances customer experience but also increases fraud, with global losses of $5 trillion annually. India ranks among the top-5 targeted countries. AI helps banks improve security, detect fraud, and predict customer behavior. AI-driven technologies like machine learning, NLP, and deep learning aid in fraud detection, customer service, and risk management. However, adoption faces challenges like regulatory compliance, legacy system integration, and data privacy concerns. As AI adoption grows, it promises enhanced efficiency, cost savings, and improved customer experiences.

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