Impact of Artificial Intelligence on Organizational Transformation
Artificial Intelligence and Soft Computing for Industrial Transformation
1. Edition February 2022
448 Pages, Hardcover
Wiley & Sons Ltd
ISBN:
978-1-119-71017-2
John Wiley & Sons
Further versions
IMPACT OF ARTIFICIAL INTELLIGENCE ON ORGANIZATIONAL TRANSFORMATION
Discusses the impact of AI on organizational transformation which is a mix of computational techniques and management practices, with in-depth analysis about the role of automation & data management, and strategic management in relation to human capital, procurement & production, finance, and marketing.
The impact of AI in restructuring organizational processes is a combination of management practices and computational technology. This book covers the areas like artificial intelligence & its impact on professions, as well as machine learning algorithms and technologies. The context of applications of AI in business process innovation primarily includes new business models, AI readiness and maturity at the organizational, technological, financial, and cultural levels. The book has extensive details on machine learning and the applications such as robotics, blockchain, Internet of Things. Also discussed are the influence of AI on financial strategies and policies, human skills & values, procurement innovation, production innovation, AI in marketing & sales platforms.
Audience
Readers include those working in artificial intelligence, business management studies, technology engineers, senior executives, and human resource managers in all types of business.
Foreword xxiii
Preface xxv
1 Artificial Intelligence Disruption on the Brink of Revolutionizing HR and Marketing Functions 1
Akansha Mer and Amarpreet Singh Virdi
1.1 Introduction 2
1.2 Research Methodology 4
1.2.1 Research Objectives 4
1.2.2 Data Collection 4
1.3 Artificial Intelligence in HRM 4
1.3.1 Recruitment 5
1.3.2 Engaging the Applicants and Employees 5
1.3.3 Orientation and Onboarding 6
1.3.4 Performance Appraisal 6
1.3.5 Training 7
1.3.6 Compensation 7
1.3.7 Employee Retention 8
1.4 Artificial Intelligence in Marketing 8
1.4.1 Creation of Customer Profiles/Market Segmentation 9
1.4.2 Cognizance of Consumers Purchase Behavior/Intention 10
1.4.3 Pricing 11
1.4.4 Content/Product/Service Recommendations/Search Optimization 11
1.4.5 Sales Prediction Based on Consumer's Demographics 12
1.4.6 Virtual Assistants/Real-Time Conversations 12
1.4.7 Visual Searching 12
1.4.8 CRM 13
1.5 Discussion and Findings 13
1.6 Implication for Managers 14
1.7 Conclusion 15
References 16
2 Ring Trading to Algo Trading--A Paradigm Shift Made Possible by Artificial Intelligence 21
Aditi R. Khandelwal
2.1 Introduction 22
2.2 Ring Trading 22
2.3 Features of Generation 1: Ring Trading 22
2.4 Generation 2: Shifting to Online Platform 24
2.5 Generation 3: Algo Trading 28
2.6 Artificial Intelligence 29
2.7 AI Stock Trading 30
2.8 Algorithmic (Algo Trading) Trading 31
2.9 Conclusion 31
References 32
3 AI in HR a Fairy Tale of Combining People, Process, and Technology in Managing the Human Resource 33
Jyoti Jain and Sachin Gupta
3.1 Introduction 34
3.2 Problem Recognition 35
3.3 Journey of AI in HR "From Where Till What" 36
3.4 Work Methodology of AI in HR 39
3.5 Branches of AI in HR 39
3.5.1 Machine Learning 39
3.5.1.1 Variance Detection 39
3.5.1.2 Background Verification 40
3.5.1.3 Employees Abrasion/Attrition 40
3.5.1.4 Personalized Content 40
3.5.2 Deep Learning 40
3.5.2.1 Important Use of Deep Learning in HR Context 40
3.5.3 Natural Language Processing 41
3.5.4 Recommendation Engines 41
3.6 Implication Stages of AI in HR 41
3.6.1 Automate 42
3.6.2 Augment 42
3.6.3 Amplify 42
3.7 Process Model of AI in HR 43
3.8 Key Roles of AI in HRM 44
3.9 Broad Area of Uses of AI in HR 45
3.9.1 Recruitment 46
3.9.2 Interviews 46
3.9.3 Reduction in the Human Biases 46
3.9.4 Retention 47
3.9.5 AI in Learning and Advancement 47
3.9.6 Diminish Gender Bias Equality 47
3.9.7 Candidate Engagement 48
3.9.8 Prediction 48
3.9.9 Smart People Analytics 48
3.9.10 Employee Experience 48
3.10 Dark Side of AI 50
3.10.1 Technical Requirements and Acceptance 51
3.10.2 Cost Involvement 52
3.10.3 Machine Biases 52
3.10.4 Job Losses 52
3.10.5 Emotional Turmoil 53
3.10.6 Fake Identity 53
3.10.7 Having an Audit Trail 53
3.10.8 Question on Decisions 54
3.11 Conclusion 54
References 55
4 Effect of Artificial Intelligence on Human Resource Profession: A Paradigm Shift 57
Jyoti Dashora and Karunesh Saxena
4.1 Introduction 58
4.2 Evolution of Artificial Intelligence 59
4.2.1 Phases of Artificial Intelligence 61
4.3 Changing Role of Human Resource Professionals 61
4.4 Effect of Artificial Intelligence on Human Resource Profession 63
4.4.1 Symbiotic Relationship Between Artificial Intelligence and Human Resource Profession 67
4.5 Limitations of Artificial Intelligence in HRM 68
4.6 Conclusion 69
References 70
5 Artificial Intelligence in Animal Surveillance and Conservation 73
Devendra Kumar and Saha Dev Jakhar
5.1 History 74
5.2 Introduction 74
5.3 Need of Artificial Intelligence 75
5.4 Applications of AI in Animal Surveillance and Conservation 76
5.4.1 In Livestock Monitoring 77
5.4.1.1 Chip and Sensor (RFID) 78
5.4.1.2 Microchip (GPS Tracker) 79
5.4.1.3 Mobile Application 79
5.4.1.4 Drone With Thermal Camera 79
5.4.2 In Wildlife Animal Monitoring 80
5.4.2.1 Motion Sensor Camera 80
5.4.2.2 GPS Base Animal Tracker 81
5.4.2.3 Smart Camera (Thermal Camera) 82
5.4.2.4 Satellite Base Tag (Ringing, Callers) 82
5.4.2.5 Acoustics/Sound Monitoring 82
5.4.2.6 Radio Transmitter (Transponder) 83
5.5 Some Other Tools of Artificial Intelligence 84
5.5.1 Computer Software and Application 84
5.5.1.1 Wildbook Comb (Bot) 84
5.5.1.2 Betty 84
5.5.1.3 Sensing Clues 84
5.5.2 Resolve's Trail Guard 84
References 85
6 Impact of Artificial Intelligence on Digital Marketing 87
Giuseppe Granata and Vincenzo Palumbo
6.1 Introduction 88
6.2 The Impact That AI Has on Marketing 89
6.2.1 The Data of Artificial Intelligence in Marketing 90
6.2.1.1 The Audience: Highly Targeted Marketing Segmentation 92
6.2.1.2 Journey to: The Customer's Road 92
6.2.1.3 Offer to: Advice-Based Behavioral Marketing 92
6.2.2 Number of Efficiency Powered by the Al Global Consumer Statistics 94
6.2.3 Cloud Computing: How it Interfaces to Marketing Thanks to Big Data 95
6.2.4 AI World is Made Also With BOT. Exactly What Are BOT? 98
6.2.5 The Chatbot: Service Robot as Support of Customer Care 99
6.3 The Community Regulation "GDPE" and Artificial Intelligence: Here's How Technology is Governed 101
6.4 The Case Study Estée Lauder 103
6.5 Conclusion 104
References 105
7 Role of Artificial Intelligence in Transforming the Face of Banking Organizations 109
Shweta Solanki, MeeraMathur and BhumikaRathore
7.1 Objectives 110
7.2 Introduction 110
7.2.1 Three Stages of Artificial Intelligence 111
7.2.2 Different Types of Artificial Intelligence 111
7.2.3 Trends and Need of Artificial Intelligence in Context of Indian Banking 111
7.2.4 Uses and Role of Artificial Intelligence in Banks in the Opinion of 113
7.2.5 Importance of Artificial Intelligence in Banking Practices and Operation 114
7.2.5.1 Chat Bots 115
7.2.5.2 Analytics 115
7.2.5.3 Robotics Process Automation 115
7.2.5.4 Generating Reports 115
7.2.6 Impact of AI in Banking Operations 116
7.2.6.1 Front Office Operations/Customer Centric 116
7.2.6.2 Middle Office/Operation Centric 116
7.2.6.3 Back Office/Decision Centric 116
7.2.7 Future of Artificial Intelligence in Banks 116
7.3 Existing Technology 117
7.4 Methodology 117
7.4.1 Search Process 118
7.4.2 Selection Criteria and Review Process 118
7.5 Findings 118
7.6 Conclusion 119
7.7 Suggestions 119
References 120
8 Artificial Intelligence and Energy Sector 123
Oum Kumari R
8.1 Introduction 123
8.1.1 Increase in the Emission of Greenhouse Gases 124
8.1.2 Increase in the Financial Burden 124
8.1.3 Huge Power Deficit 124
8.1.4 Water Scarcity 124
8.2 Challenges of Indian Power Sector 125
8.2.1 Global Warming 125
8.2.2 Depletion of Coal 125
8.2.3 Huge Financial Stress 126
8.2.4 Power Crisis 126
8.2.5 Health Issues 127
8.2.6 Plant Load Factor 127
8.2.7 Transmission and Distribution (T&D) Losses 128
8.3 Artificial Intelligence for Energy Solutions 128
References 129
9 Impact of Artificial Intelligence on Development and Growth of Entrepreneurship 131
Pooja Meena, Ankita Chaturvedi and Sachin Gupta
9.1 Introduction 132
9.2 Entrepreneurship 133
9.3 Artificial Intelligence 133
9.4 Artificial Intelligence and Entrepreneurship 134
9.5 Process of Entrepreneurship 135
9.5.1 Entrepreneurial Recognition 135
9.5.2 Human Capital 136
9.5.3 Technology Requirements and Idea Generation 136
9.5.4 Opportunity Recognition Phase 136
9.5.5 Opportunity Development 136
9.5.6 Resource Requirements 136
9.5.7 Entrepreneurship 137
9.5.8 Financial Resources 137
9.5.9 Opportunity Exploitation 137
9.5.10 Knowledge Networks 137
9.5.11 Validation of the Product 137
9.6 The Need of Artificial Intelligence for Business Development 138
9.6.1 Consumer Satisfaction 138
9.6.2 Cybercrime Protection 138
9.6.3 CRMs 139
9.6.4 AI-Based Analytics 139
9.6.5 Demand and Supply Management 139
9.6.6 Improved Maintenance and Better Equipment Safety 139
9.6.7 Searching Capable Employees 140
9.6.8 Virtual Assistance for Sales 140
9.6.9 Improvements With Self-Driven Technologies 140
9.7 Some Important Facts About AI 141
9.8 Opportunities for Artificial Intelligence in Business 141
9.8.1 AI in the Field of Marketing 141
9.8.2 For Track Competitors 142
9.8.3 Make Less Work of Huge Data 142
9.8.4 AI as Customer Support System 142
9.8.5 Artificial Intelligence in CRMs 143
9.9 Further Research Possibilities 144
9.10 Conclusion 144
References 145
10 An Exploratory Study on Role of Artificial Intelligence in Overcoming Biases to Promote Diversity and Inclusion Practices 147
Bhumika Rathore, Meeera Mathur and Shweta Solanki
10.1 Introduction 148
10.1.1 Objectives of the Study 149
10.1.2 Background of the Study 149
10.1.3 Relevance and Scope of the Study 149
10.2 Research Gaps Identified 150
10.3 Experiential Framework 150
10.3.1 Hypothetical Research Model 151
10.3.2 Methodology 151
10.3.3 Search Process 152
10.3.4 Selection Criteria and Review Process 152
10.3.5 Systematic Representation of Literature Review 153
10.3.6 Understanding Workforce Diversity 154
10.3.7 Benefits and Challenges of Workforce Diversity 155
10.3.8 Biases as Obstacles in Diversity and Inclusion Practices 157
10.3.9 AI as a Tool to Prevent Bias and Promote D&I Practices 159
10.4 Synthesis of the Study 161
10.5 Managerial Implications and Conclusion 161
References 163
11 Artificial Intelligence: Revolutionizing India Byte by Byte 165
Priyanka Jingar, Anju Singh and Sachin Gupta
11.1 Introduction 165
11.2 Objectives of the Chapter 166
11.3 AI for India's Transformation 167
11.4 Economic Impact of Artificial Intelligence 169
11.5 Artificial Intelligence and its Impact on Various Sectors 170
11.5.1 AI in Healthcare 171
11.5.2 AI in Banking and Finance 172
11.5.3 Artificial Intelligence in Education 173
11.5.4 Artificial Intelligence in Agriculture Sector 175
11.5.5 Artificial Intelligence in Smart Cities and Infrastructure 176
11.5.6 AI in Smart Mobility and Transportation 177
11.6 SWOT Analysis of Artificial Intelligence 178
11.6.1 Strength 178
11.6.2 Weakness 179
11.6.3 Opportunity 179
11.6.4 Threat 180
11.7 Conclusion 181
References 181
12 AI: A New Strategic Method for Marketing and Sales Platforms 183
Ravindar Meena, Ashmi Chhabra, Sachin Gupta and Manoj Gupta
12.1 Introduction 184
12.2 Objectives of the Chapter 184
12.3 Importance of Artificial Intelligence 185
12.4 Research Methodology 186
12.5 AI: The Ultimate B2B Growth Accelerator 187
12.5.1 AI Can Help Get Better Leads 187
12.5.2 Predictive Analysis Improves Pitches 188
12.5.3 Better Upsell Opportunities 188
12.5.4 AI is an Excessive Digital Assistant 188
12.5.5 AI and Improved Customer Conversations 188
12.6 The Existing Methods of Marketing and Sales 189
12.6.1 Being Lazy About Self-Promotion 189
12.6.2 Avoiding Networking 189
12.6.3 Bridging the New Product Launch Gap 190
12.7 AI Will Shape Marketing Strategies of Startup in the Future 190
12.7.1 Winning the Loots of Artificial Intelligence 192
12.7.2 The Control of Artificial Intelligence and Recorded Data 192
12.7.3 Artificial Intelligence the Game Changer for Small Businesses 192
12.7.4 AI Selling and Marketing for E-Commerce 192
12.7.5 Marketing Computerization to Modified Knowledge 193
12.8 Artificial Intelligence is Shaking up the Job Market 193
12.9 The Role of Artificial Intelligence and Machine Learning on Marketing 195
12.9.1 Traditional and Modern Marketing 196
12.10 Conclusion 197
References 198
13 Brain and Behavior: Blending of Human and Artificial Minds Toward Stress Recognition and Intervention in Organizational Well-Being 201
Manisha D. Solanky and Sachin Gupta
13.1 Introduction 202
13.2 Research Methodology 203
13.3 Fundamentals of Stress 203
13.3.1 Stress at Workplace 205
13.3.2 Symptoms and Outcome of Stress 206
13.4 Embracing AI Opportunity in Stress Management Interventions 207
13.5 Existing Technology for Stress Recognition 208
13.5.1 Smart Detection Devices 209
13.5.2 Stress Detection Through Physiological Signals 209
13.5.3 Sensor-Based Detection 210
13.5.4 Deep Learning Approaches for Stress Detection 210
13.5.5 Stress Detection Through Biofeedback Systems 210
13.5.6 Stress Detection Through Virtual Reality 212
13.5.7 Stress Detection Through Keyboard Strokes 213
13.5.7.1 Chatbots for Depression, Stress, and Anxiety 213
13.5.7.2 WYSA Chatbot 214
13.5.8 Stress Intervention Based on Human-Technology Interaction 214
13.5.8.1 Individual Level of Intervention 215
13.5.8.2 Organization Level Intervention 215
13.5.8.3 Devices Supporting Stress Interventions 216
13.6 Discussion and Findings 218
13.7 An AI--Eye to the Future 220
13.7.1 Implications to Managers 220
13.7.2 Implication to the Entrepreneurs 221
13.8 Conclusion 222
13.9 Limitations of AI in Human Resource Management 223
13.10 Conclusion 223
References 224
14 Alternative Financing 229
Suhasini Verma
14.1 Introduction 229
14.1.1 Sources of Funds for Individuals 230
14.1.2 Sources of Funds for Organizations 231
14.2 Alternative Financing 231
14.2.1 Features of Alternative Financing 231
14.3 Models of Alternative Financing 235
14.3.1 Peer-to-Peer Lending 235
14.3.1.1 Peer-to-Peer Lending Types 235
14.3.2 Crowdfunding 236
14.3.2.1 Equity-Based Crowdfunding 236
14.3.2.2 Profit Sharing Crowdfunding 236
14.3.2.3 Reward-Based Crowdfunding 237
14.3.2.4 Donation-Based Crowdfunding 237
14.4 Scope of Alternative Financing in India 237
14.5 Alternative Finance as a Tool of Financial Inclusion 241
14.6 Regulation of Alternative Finance 241
References 242
Further Web Links 243
Dissertation 243
15 Application of Machine Learning in Open Government Database 245
Shantanu P. Chakraborty, Parul Dashora and Sachin Gupta
15.1 Introduction 246
15.2 Literature Review 246
15.3 Overview of Open Government Data 247
15.4 Open Government Data in India 248
15.5 How to Create Value from Data 251
15.6 Artificial Intelligence 251
15.7 Why AI is Important? 252
15.8 Machine Learning 252
15.9 Concerns About Machine Learning on Government Database 254
15.10 Conclusion 255
References 255
16 Artificial Intelligence: An Asset for the Financial Sector 259
Swati Bandi and Anil Kothari
16.1 Introduction 259
16.1.1 Phase I 1950-1983 Origin of AI and the First Hype Cycle 260
16.1.2 II Phase 1983-2010 Reawakening of Artificial Intelligence 261
16.1.3 III Phase 2011-2017 AI Domains Competing Humans 262
16.1.4 The Present and the Future Phase (2018-2035) 264
16.2 Types, Technology, and Application of AI 265
16.2.1 Types of Artificial Intelligence 265
16.2.2 Artificial Intelligence Technologies 265
16.2.3 Applications of Artificial Intelligence 266
16.3 Artificial Intelligence and Financial Services 268
16.3.1 Artificial Intelligence and Insurance 269
16.3.2 Artificial Intelligence and Stock Market 275
16.3.2.1 From the History of Stock Exchange to the Development of Algo Trading in India 276
16.3.2.2 What is Algorithmic Trading? 276
16.3.2.3 Benefits of Algo Trading 277
16.3.2.4 Algorithmic Trading Platforms 277
16.3.2.5 Algo Trading Strategies 278
16.3.2.6 Impact of Artificial Intelligence on Stock Market 280
16.3.3 Artificial Intelligence and Mutual Funds 281
16.3.3.1 Mutual Funds Use AI in the Following Ways 282
16.3.3.2 Quantitative Fund's Investment Process 282
16.3.3.3 Quantitative Fund--Choosing Stocks Strategy 283
16.3.3.4 The Other Way Around 284
16.4 Conclusion 284
16.5 Glossary 285
References 286
Bibliography 287
17 Artificial Intelligence With Special Reference to Blockchain Technology: A Future of Accounting 289
Ashish Porwal, Ankita Chaturvedi and Sachin Gupta
17.1 Introduction 290
17.1.1 Artificial Intelligence and Accounting 290
17.1.2 Blockchain in Finance and Accounting 290
17.2 Objectives 292
17.3 Literature Review 292
17.3.1 Janling Shi 292
17.3.2 Nordgren et al. 293
17.3.3 Kiwilinski 293
17.3.4 Ahmed Farah 293
17.3.5 Odoh Longinus Chukwudi 294
17.3.6 Potekhina and Rumkin 294
17.4 Research Methodology 295
17.5 Usage of Artificial Intelligence in Accounting 295
17.6 Usage of Blockchain in Accounting 297
17.6.1 Bitcoin 297
17.6.2 Interbank Transactions 298
17.6.3 Property Registry 299
17.7 Impact of AI on the Field of HRM 300
17.8 Challenges in Execution 301
17.9 Conclusion 301
References 302
18 AI-Implanted E-Learning 4.0: A New Paradigm in Higher Education 305
Garima Kothari and B.L. Verma
18.1 Introduction 306
18.2 Research Methodology 307
18.2.1 Objective 307
18.2.2 Research Approach 307
18.2.3 Types and Sources of Data 307
18.3 Progression of Web and E-Learning 307
18.3.1 Some Relevant Definitions Distance Education 307
18.3.2 E-Learning 308
18.3.3 E-Learning 1.0-4.0 308
18.3.3.1 Web 1.0 E-Learning 1.0 (Link to Anything): 1997 to 2003 308
18.3.3.2 Web 2.0 E-Learning 2.0 (User Involvement): 2004 to 2006 308
18.3.3.3 Web 3.0 E-Learning 3.0 (Existing Data Reconnected): 2007 to 2011 308
18.3.3.4 Web 4.0 (Read/Write/Execute/Concurrency From 2012) 309
18.4 Artificial Intelligence in Learning 313
18.4.1 What is Artificial Intelligence? 313
18.4.2 AI En Routed the Learning 314
18.4.2.1 Smart Learning Content 314
18.4.2.2 Intelligent Tutoring Systems 315
18.4.2.3 Virtual Facilitators and Learning Environments 315
18.4.2.4 Content Analytics 315
18.4.2.5 Paving New Learning Pathways in the Coming Decade 316
18.5 Impact of Artificial Intelligence in Education (AIEd) 316
18.5.1 Will AI Take Over From Humans? 316
18.5.2 AI-Implanted E-Learning 317
18.5.2.1 Avatars 317
18.5.2.2 Hyper-Reality 318
18.5.2.3 The Hyper Class in Virtual Universities 318
18.5.2.4 JITAITs 319
18.5.3 Recommendations to Help Unleash Intelligence 319
18.5.3.1 Pedagogy 320
18.5.3.2 Technology 320
18.5.3.3 System Change 321
18.6 Conclusion 321
Concise Summary 322
References 322
19 Artificial Intelligence in Banking Industry 327
GarimaKaneria
19.1 Introduction 327
19.2 Banking on Artificial Intelligence 329
19.3 Role of Artificial Intelligence in Shaping Indian Banking Industry 330
19.3.1 Detection of Anti-Money Laundering Pattern 330
19.3.2 Chatbots 330
19.3.3 Algorithmic Trading 331
19.3.4 Fraud Detection 332
19.3.5 Customer Suggestions 332
19.3.6 Personalized Banking 332
19.3.7 Digital Payments 333
19.3.8 Robo Advisors 334
19.4 Influence of Artificial Intelligence on Indian Banking Industry 334
19.5 Reasons Behind Elongated Adoption of Artificial Intelligence in Banking Industry 336
19.5.1 Cut-Throat Competition in Banking Sector 336
19.5.2 Push for Process-Driven Services 336
19.5.3 Introduction of Self-Service at Banks 336
19.5.4 Customer Demand for More Customized Solutions 336
19.5.5 Creating Operational Efficiencies 336
19.5.6 Increasing Employee Productivity 337
19.5.7 To Help Focus on Profitability and Compliance 337
19.5.8 Use of Robotics Software 337
19.5.9 To Reduce Fraud and Risk Associated With Security 337
19.5.10 To Manage Large Information and Derive Value Insight 337
19.5.11 To Bring in Effective Decision-Making 338
19.6 Indian Banks Using Artificial Intelligence 338
19.6.1 State Bank of India 338
19.6.2 Bank of Baroda 339
19.6.3 Allahabad Bank 339
19.6.4 Andhra Bank 339
19.6.5 YES Bank 339
19.6.6 Housing Development Finance Corporation (HDFC) 339
19.6.7 Industrial Credit and Investment Corporation of India (ICICI) 340
19.6.8 Axis Bank 340
19.6.9 Canara Bank 340
19.6.10 Punjab National Bank 340
19.6.11 IndusInd Bank 340
19.6.12 City Union Bank 341
19.7 Pros and Cons of Artificial Intelligence in Banking Sector 341
19.7.1 Pros 341
19.7.1.1 Tracking of Transactional and Other Data Sources 341
19.7.1.2 Identification of Pattern Which May Be Eluded by Human Observers 341
19.7.1.3 Risk Assessment 341
19.7.1.4 Secure and Swift Transaction 342
19.7.1.5 Protection of Personal Data 342
19.7.1.6 Hedge Fund Trading and Management 342
19.7.1.7 Quick Transaction 342
19.7.1.8 Reduce Cost and Time 342
19.7.1.9 Upgraded Personnel Effectiveness and Customer Observation 342
19.7.1.10 Enhanced Banking Services 343
19.7.2 Cons 343
19.7.2.1 High Cost 343
19.7.2.2 Bad Calls 343
19.7.2.3 Distribution of Power 343
19.7.2.4 Unemployment 343
19.8 Intelligent Mobile Applications Drive Growth in Banking 344
19.8.1 Investment 344
19.8.2 Accounting 344
19.8.3 Banking Apps 345
19.8.4 Digital Wallet Apps 345
19.9 Conclusion 345
References 346
20 The Potential of Artificial Intelligence in Public Healthcare Industry 349
Megha Shrivastava and Devendra Kumar
20.1 Introduction 350
20.1.1 Drug Discovery 350
20.1.1.1 The Main Stages of Drug Discovery Might Take Several Years in Completion 351
20.1.1.2 Companies or Startups Used AI Techniques for Drug Discovery 351
20.1.2 Medical Imaging 352
20.1.2.1 Areas of Medical Imaging 352
20.1.2.2 Some Applications for AI in Medical Imaging Are at Present Applied in General Healthcare 353
20.1.3 Disease Prevention 354
20.1.3.1 Areas of Disease Prevention, Supported by AI System 354
20.1.3.2 Some Recent Software Used for Disease Prevention 354
20.1.4 Medical Diagnosis 355
20.1.4.1 Categories of AI Tools for Disease Diagnosis 355
20.1.4.2 Software Developed for Disease Diagnosis 356
20.1.4.3 Making Smartphone as Powerful Diagnostic Tools 357
20.1.5 Robotic AI 357
20.2 The Future of Artificial Intelligence in Healthcare 358
References 359
21 Banks to Lead Digital Transformation With Artificial Intelligence 361
Lavika Jaroli, Sachin Gupta and Parul Dashora
21.1 Artificial Intelligence 362
21.1.1 Human Versus Artificial Intelligence 363
21.1.2 Difference Between AI, NLP, NN, ML, or DL 363
21.1.3 Types of Artificial Intelligence 365
21.1.4 Innovations in Indian Banking Through IT 366
21.1.5 A Short History of Artificial Intelligence 366
21.2 Artificial Intelligence History Timeline 367
21.2.1 Objectives 367
21.2.2 Scope 367
21.2.3 Methodology 369
21.3 Why Artificial Intelligence in Banks 369
21.4 Goal of Artificial Intelligence 370
21.4.1 Innovations in Indian Banking Through IT 370
21.4.2 Innovation in Indian Banking Sectors 370
21.5 Artificial Intelligences Using by Different Banks 372
21.6 Implementation of Artificial Intelligence in Banking 375
21.7 Path Ahead Chatbots in Banking 377
21.8 Advantage of Artificial Intelligence in Banking Sector 379
21.9 Types of Risks and Threats Associated With Banking 380
21.10 Nature of Risks in Wireless Banking 380
21.11 Advent of Information Technology in Indian Banking Sector 383
21.12 Future Scope of AI 384
21.13 Conclusion 384
References 384
22 Effectiveness of E-HRM Tools Using the Functionalities of Artificial Intelligence During Remote Working in Lockdown Period 387
Nidhi Saxena and Aditi R. Khandelwal
22.1 Introduction 388
22.1.1 Artificial Intelligence in Electronic HR Management 389
22.1.1.1 Prospective Employee Engagement and Development 389
22.1.1.2 Employee Training 390
22.1.1.3 Candidate Selection for Recruitment 390
22.1.1.4 Development Needs of Employees 390
22.2 Literature Review 390
22.3 Objective of the Study 391
22.4 Research Methodology 392
22.5 Impact and Efficiency of AI-Enabled EHRM Tools in Work From Home Scenario Under Lockdown 392
22.6 Conclusion 395
Reading List 396
Index 399
Preface xxv
1 Artificial Intelligence Disruption on the Brink of Revolutionizing HR and Marketing Functions 1
Akansha Mer and Amarpreet Singh Virdi
1.1 Introduction 2
1.2 Research Methodology 4
1.2.1 Research Objectives 4
1.2.2 Data Collection 4
1.3 Artificial Intelligence in HRM 4
1.3.1 Recruitment 5
1.3.2 Engaging the Applicants and Employees 5
1.3.3 Orientation and Onboarding 6
1.3.4 Performance Appraisal 6
1.3.5 Training 7
1.3.6 Compensation 7
1.3.7 Employee Retention 8
1.4 Artificial Intelligence in Marketing 8
1.4.1 Creation of Customer Profiles/Market Segmentation 9
1.4.2 Cognizance of Consumers Purchase Behavior/Intention 10
1.4.3 Pricing 11
1.4.4 Content/Product/Service Recommendations/Search Optimization 11
1.4.5 Sales Prediction Based on Consumer's Demographics 12
1.4.6 Virtual Assistants/Real-Time Conversations 12
1.4.7 Visual Searching 12
1.4.8 CRM 13
1.5 Discussion and Findings 13
1.6 Implication for Managers 14
1.7 Conclusion 15
References 16
2 Ring Trading to Algo Trading--A Paradigm Shift Made Possible by Artificial Intelligence 21
Aditi R. Khandelwal
2.1 Introduction 22
2.2 Ring Trading 22
2.3 Features of Generation 1: Ring Trading 22
2.4 Generation 2: Shifting to Online Platform 24
2.5 Generation 3: Algo Trading 28
2.6 Artificial Intelligence 29
2.7 AI Stock Trading 30
2.8 Algorithmic (Algo Trading) Trading 31
2.9 Conclusion 31
References 32
3 AI in HR a Fairy Tale of Combining People, Process, and Technology in Managing the Human Resource 33
Jyoti Jain and Sachin Gupta
3.1 Introduction 34
3.2 Problem Recognition 35
3.3 Journey of AI in HR "From Where Till What" 36
3.4 Work Methodology of AI in HR 39
3.5 Branches of AI in HR 39
3.5.1 Machine Learning 39
3.5.1.1 Variance Detection 39
3.5.1.2 Background Verification 40
3.5.1.3 Employees Abrasion/Attrition 40
3.5.1.4 Personalized Content 40
3.5.2 Deep Learning 40
3.5.2.1 Important Use of Deep Learning in HR Context 40
3.5.3 Natural Language Processing 41
3.5.4 Recommendation Engines 41
3.6 Implication Stages of AI in HR 41
3.6.1 Automate 42
3.6.2 Augment 42
3.6.3 Amplify 42
3.7 Process Model of AI in HR 43
3.8 Key Roles of AI in HRM 44
3.9 Broad Area of Uses of AI in HR 45
3.9.1 Recruitment 46
3.9.2 Interviews 46
3.9.3 Reduction in the Human Biases 46
3.9.4 Retention 47
3.9.5 AI in Learning and Advancement 47
3.9.6 Diminish Gender Bias Equality 47
3.9.7 Candidate Engagement 48
3.9.8 Prediction 48
3.9.9 Smart People Analytics 48
3.9.10 Employee Experience 48
3.10 Dark Side of AI 50
3.10.1 Technical Requirements and Acceptance 51
3.10.2 Cost Involvement 52
3.10.3 Machine Biases 52
3.10.4 Job Losses 52
3.10.5 Emotional Turmoil 53
3.10.6 Fake Identity 53
3.10.7 Having an Audit Trail 53
3.10.8 Question on Decisions 54
3.11 Conclusion 54
References 55
4 Effect of Artificial Intelligence on Human Resource Profession: A Paradigm Shift 57
Jyoti Dashora and Karunesh Saxena
4.1 Introduction 58
4.2 Evolution of Artificial Intelligence 59
4.2.1 Phases of Artificial Intelligence 61
4.3 Changing Role of Human Resource Professionals 61
4.4 Effect of Artificial Intelligence on Human Resource Profession 63
4.4.1 Symbiotic Relationship Between Artificial Intelligence and Human Resource Profession 67
4.5 Limitations of Artificial Intelligence in HRM 68
4.6 Conclusion 69
References 70
5 Artificial Intelligence in Animal Surveillance and Conservation 73
Devendra Kumar and Saha Dev Jakhar
5.1 History 74
5.2 Introduction 74
5.3 Need of Artificial Intelligence 75
5.4 Applications of AI in Animal Surveillance and Conservation 76
5.4.1 In Livestock Monitoring 77
5.4.1.1 Chip and Sensor (RFID) 78
5.4.1.2 Microchip (GPS Tracker) 79
5.4.1.3 Mobile Application 79
5.4.1.4 Drone With Thermal Camera 79
5.4.2 In Wildlife Animal Monitoring 80
5.4.2.1 Motion Sensor Camera 80
5.4.2.2 GPS Base Animal Tracker 81
5.4.2.3 Smart Camera (Thermal Camera) 82
5.4.2.4 Satellite Base Tag (Ringing, Callers) 82
5.4.2.5 Acoustics/Sound Monitoring 82
5.4.2.6 Radio Transmitter (Transponder) 83
5.5 Some Other Tools of Artificial Intelligence 84
5.5.1 Computer Software and Application 84
5.5.1.1 Wildbook Comb (Bot) 84
5.5.1.2 Betty 84
5.5.1.3 Sensing Clues 84
5.5.2 Resolve's Trail Guard 84
References 85
6 Impact of Artificial Intelligence on Digital Marketing 87
Giuseppe Granata and Vincenzo Palumbo
6.1 Introduction 88
6.2 The Impact That AI Has on Marketing 89
6.2.1 The Data of Artificial Intelligence in Marketing 90
6.2.1.1 The Audience: Highly Targeted Marketing Segmentation 92
6.2.1.2 Journey to: The Customer's Road 92
6.2.1.3 Offer to: Advice-Based Behavioral Marketing 92
6.2.2 Number of Efficiency Powered by the Al Global Consumer Statistics 94
6.2.3 Cloud Computing: How it Interfaces to Marketing Thanks to Big Data 95
6.2.4 AI World is Made Also With BOT. Exactly What Are BOT? 98
6.2.5 The Chatbot: Service Robot as Support of Customer Care 99
6.3 The Community Regulation "GDPE" and Artificial Intelligence: Here's How Technology is Governed 101
6.4 The Case Study Estée Lauder 103
6.5 Conclusion 104
References 105
7 Role of Artificial Intelligence in Transforming the Face of Banking Organizations 109
Shweta Solanki, MeeraMathur and BhumikaRathore
7.1 Objectives 110
7.2 Introduction 110
7.2.1 Three Stages of Artificial Intelligence 111
7.2.2 Different Types of Artificial Intelligence 111
7.2.3 Trends and Need of Artificial Intelligence in Context of Indian Banking 111
7.2.4 Uses and Role of Artificial Intelligence in Banks in the Opinion of 113
7.2.5 Importance of Artificial Intelligence in Banking Practices and Operation 114
7.2.5.1 Chat Bots 115
7.2.5.2 Analytics 115
7.2.5.3 Robotics Process Automation 115
7.2.5.4 Generating Reports 115
7.2.6 Impact of AI in Banking Operations 116
7.2.6.1 Front Office Operations/Customer Centric 116
7.2.6.2 Middle Office/Operation Centric 116
7.2.6.3 Back Office/Decision Centric 116
7.2.7 Future of Artificial Intelligence in Banks 116
7.3 Existing Technology 117
7.4 Methodology 117
7.4.1 Search Process 118
7.4.2 Selection Criteria and Review Process 118
7.5 Findings 118
7.6 Conclusion 119
7.7 Suggestions 119
References 120
8 Artificial Intelligence and Energy Sector 123
Oum Kumari R
8.1 Introduction 123
8.1.1 Increase in the Emission of Greenhouse Gases 124
8.1.2 Increase in the Financial Burden 124
8.1.3 Huge Power Deficit 124
8.1.4 Water Scarcity 124
8.2 Challenges of Indian Power Sector 125
8.2.1 Global Warming 125
8.2.2 Depletion of Coal 125
8.2.3 Huge Financial Stress 126
8.2.4 Power Crisis 126
8.2.5 Health Issues 127
8.2.6 Plant Load Factor 127
8.2.7 Transmission and Distribution (T&D) Losses 128
8.3 Artificial Intelligence for Energy Solutions 128
References 129
9 Impact of Artificial Intelligence on Development and Growth of Entrepreneurship 131
Pooja Meena, Ankita Chaturvedi and Sachin Gupta
9.1 Introduction 132
9.2 Entrepreneurship 133
9.3 Artificial Intelligence 133
9.4 Artificial Intelligence and Entrepreneurship 134
9.5 Process of Entrepreneurship 135
9.5.1 Entrepreneurial Recognition 135
9.5.2 Human Capital 136
9.5.3 Technology Requirements and Idea Generation 136
9.5.4 Opportunity Recognition Phase 136
9.5.5 Opportunity Development 136
9.5.6 Resource Requirements 136
9.5.7 Entrepreneurship 137
9.5.8 Financial Resources 137
9.5.9 Opportunity Exploitation 137
9.5.10 Knowledge Networks 137
9.5.11 Validation of the Product 137
9.6 The Need of Artificial Intelligence for Business Development 138
9.6.1 Consumer Satisfaction 138
9.6.2 Cybercrime Protection 138
9.6.3 CRMs 139
9.6.4 AI-Based Analytics 139
9.6.5 Demand and Supply Management 139
9.6.6 Improved Maintenance and Better Equipment Safety 139
9.6.7 Searching Capable Employees 140
9.6.8 Virtual Assistance for Sales 140
9.6.9 Improvements With Self-Driven Technologies 140
9.7 Some Important Facts About AI 141
9.8 Opportunities for Artificial Intelligence in Business 141
9.8.1 AI in the Field of Marketing 141
9.8.2 For Track Competitors 142
9.8.3 Make Less Work of Huge Data 142
9.8.4 AI as Customer Support System 142
9.8.5 Artificial Intelligence in CRMs 143
9.9 Further Research Possibilities 144
9.10 Conclusion 144
References 145
10 An Exploratory Study on Role of Artificial Intelligence in Overcoming Biases to Promote Diversity and Inclusion Practices 147
Bhumika Rathore, Meeera Mathur and Shweta Solanki
10.1 Introduction 148
10.1.1 Objectives of the Study 149
10.1.2 Background of the Study 149
10.1.3 Relevance and Scope of the Study 149
10.2 Research Gaps Identified 150
10.3 Experiential Framework 150
10.3.1 Hypothetical Research Model 151
10.3.2 Methodology 151
10.3.3 Search Process 152
10.3.4 Selection Criteria and Review Process 152
10.3.5 Systematic Representation of Literature Review 153
10.3.6 Understanding Workforce Diversity 154
10.3.7 Benefits and Challenges of Workforce Diversity 155
10.3.8 Biases as Obstacles in Diversity and Inclusion Practices 157
10.3.9 AI as a Tool to Prevent Bias and Promote D&I Practices 159
10.4 Synthesis of the Study 161
10.5 Managerial Implications and Conclusion 161
References 163
11 Artificial Intelligence: Revolutionizing India Byte by Byte 165
Priyanka Jingar, Anju Singh and Sachin Gupta
11.1 Introduction 165
11.2 Objectives of the Chapter 166
11.3 AI for India's Transformation 167
11.4 Economic Impact of Artificial Intelligence 169
11.5 Artificial Intelligence and its Impact on Various Sectors 170
11.5.1 AI in Healthcare 171
11.5.2 AI in Banking and Finance 172
11.5.3 Artificial Intelligence in Education 173
11.5.4 Artificial Intelligence in Agriculture Sector 175
11.5.5 Artificial Intelligence in Smart Cities and Infrastructure 176
11.5.6 AI in Smart Mobility and Transportation 177
11.6 SWOT Analysis of Artificial Intelligence 178
11.6.1 Strength 178
11.6.2 Weakness 179
11.6.3 Opportunity 179
11.6.4 Threat 180
11.7 Conclusion 181
References 181
12 AI: A New Strategic Method for Marketing and Sales Platforms 183
Ravindar Meena, Ashmi Chhabra, Sachin Gupta and Manoj Gupta
12.1 Introduction 184
12.2 Objectives of the Chapter 184
12.3 Importance of Artificial Intelligence 185
12.4 Research Methodology 186
12.5 AI: The Ultimate B2B Growth Accelerator 187
12.5.1 AI Can Help Get Better Leads 187
12.5.2 Predictive Analysis Improves Pitches 188
12.5.3 Better Upsell Opportunities 188
12.5.4 AI is an Excessive Digital Assistant 188
12.5.5 AI and Improved Customer Conversations 188
12.6 The Existing Methods of Marketing and Sales 189
12.6.1 Being Lazy About Self-Promotion 189
12.6.2 Avoiding Networking 189
12.6.3 Bridging the New Product Launch Gap 190
12.7 AI Will Shape Marketing Strategies of Startup in the Future 190
12.7.1 Winning the Loots of Artificial Intelligence 192
12.7.2 The Control of Artificial Intelligence and Recorded Data 192
12.7.3 Artificial Intelligence the Game Changer for Small Businesses 192
12.7.4 AI Selling and Marketing for E-Commerce 192
12.7.5 Marketing Computerization to Modified Knowledge 193
12.8 Artificial Intelligence is Shaking up the Job Market 193
12.9 The Role of Artificial Intelligence and Machine Learning on Marketing 195
12.9.1 Traditional and Modern Marketing 196
12.10 Conclusion 197
References 198
13 Brain and Behavior: Blending of Human and Artificial Minds Toward Stress Recognition and Intervention in Organizational Well-Being 201
Manisha D. Solanky and Sachin Gupta
13.1 Introduction 202
13.2 Research Methodology 203
13.3 Fundamentals of Stress 203
13.3.1 Stress at Workplace 205
13.3.2 Symptoms and Outcome of Stress 206
13.4 Embracing AI Opportunity in Stress Management Interventions 207
13.5 Existing Technology for Stress Recognition 208
13.5.1 Smart Detection Devices 209
13.5.2 Stress Detection Through Physiological Signals 209
13.5.3 Sensor-Based Detection 210
13.5.4 Deep Learning Approaches for Stress Detection 210
13.5.5 Stress Detection Through Biofeedback Systems 210
13.5.6 Stress Detection Through Virtual Reality 212
13.5.7 Stress Detection Through Keyboard Strokes 213
13.5.7.1 Chatbots for Depression, Stress, and Anxiety 213
13.5.7.2 WYSA Chatbot 214
13.5.8 Stress Intervention Based on Human-Technology Interaction 214
13.5.8.1 Individual Level of Intervention 215
13.5.8.2 Organization Level Intervention 215
13.5.8.3 Devices Supporting Stress Interventions 216
13.6 Discussion and Findings 218
13.7 An AI--Eye to the Future 220
13.7.1 Implications to Managers 220
13.7.2 Implication to the Entrepreneurs 221
13.8 Conclusion 222
13.9 Limitations of AI in Human Resource Management 223
13.10 Conclusion 223
References 224
14 Alternative Financing 229
Suhasini Verma
14.1 Introduction 229
14.1.1 Sources of Funds for Individuals 230
14.1.2 Sources of Funds for Organizations 231
14.2 Alternative Financing 231
14.2.1 Features of Alternative Financing 231
14.3 Models of Alternative Financing 235
14.3.1 Peer-to-Peer Lending 235
14.3.1.1 Peer-to-Peer Lending Types 235
14.3.2 Crowdfunding 236
14.3.2.1 Equity-Based Crowdfunding 236
14.3.2.2 Profit Sharing Crowdfunding 236
14.3.2.3 Reward-Based Crowdfunding 237
14.3.2.4 Donation-Based Crowdfunding 237
14.4 Scope of Alternative Financing in India 237
14.5 Alternative Finance as a Tool of Financial Inclusion 241
14.6 Regulation of Alternative Finance 241
References 242
Further Web Links 243
Dissertation 243
15 Application of Machine Learning in Open Government Database 245
Shantanu P. Chakraborty, Parul Dashora and Sachin Gupta
15.1 Introduction 246
15.2 Literature Review 246
15.3 Overview of Open Government Data 247
15.4 Open Government Data in India 248
15.5 How to Create Value from Data 251
15.6 Artificial Intelligence 251
15.7 Why AI is Important? 252
15.8 Machine Learning 252
15.9 Concerns About Machine Learning on Government Database 254
15.10 Conclusion 255
References 255
16 Artificial Intelligence: An Asset for the Financial Sector 259
Swati Bandi and Anil Kothari
16.1 Introduction 259
16.1.1 Phase I 1950-1983 Origin of AI and the First Hype Cycle 260
16.1.2 II Phase 1983-2010 Reawakening of Artificial Intelligence 261
16.1.3 III Phase 2011-2017 AI Domains Competing Humans 262
16.1.4 The Present and the Future Phase (2018-2035) 264
16.2 Types, Technology, and Application of AI 265
16.2.1 Types of Artificial Intelligence 265
16.2.2 Artificial Intelligence Technologies 265
16.2.3 Applications of Artificial Intelligence 266
16.3 Artificial Intelligence and Financial Services 268
16.3.1 Artificial Intelligence and Insurance 269
16.3.2 Artificial Intelligence and Stock Market 275
16.3.2.1 From the History of Stock Exchange to the Development of Algo Trading in India 276
16.3.2.2 What is Algorithmic Trading? 276
16.3.2.3 Benefits of Algo Trading 277
16.3.2.4 Algorithmic Trading Platforms 277
16.3.2.5 Algo Trading Strategies 278
16.3.2.6 Impact of Artificial Intelligence on Stock Market 280
16.3.3 Artificial Intelligence and Mutual Funds 281
16.3.3.1 Mutual Funds Use AI in the Following Ways 282
16.3.3.2 Quantitative Fund's Investment Process 282
16.3.3.3 Quantitative Fund--Choosing Stocks Strategy 283
16.3.3.4 The Other Way Around 284
16.4 Conclusion 284
16.5 Glossary 285
References 286
Bibliography 287
17 Artificial Intelligence With Special Reference to Blockchain Technology: A Future of Accounting 289
Ashish Porwal, Ankita Chaturvedi and Sachin Gupta
17.1 Introduction 290
17.1.1 Artificial Intelligence and Accounting 290
17.1.2 Blockchain in Finance and Accounting 290
17.2 Objectives 292
17.3 Literature Review 292
17.3.1 Janling Shi 292
17.3.2 Nordgren et al. 293
17.3.3 Kiwilinski 293
17.3.4 Ahmed Farah 293
17.3.5 Odoh Longinus Chukwudi 294
17.3.6 Potekhina and Rumkin 294
17.4 Research Methodology 295
17.5 Usage of Artificial Intelligence in Accounting 295
17.6 Usage of Blockchain in Accounting 297
17.6.1 Bitcoin 297
17.6.2 Interbank Transactions 298
17.6.3 Property Registry 299
17.7 Impact of AI on the Field of HRM 300
17.8 Challenges in Execution 301
17.9 Conclusion 301
References 302
18 AI-Implanted E-Learning 4.0: A New Paradigm in Higher Education 305
Garima Kothari and B.L. Verma
18.1 Introduction 306
18.2 Research Methodology 307
18.2.1 Objective 307
18.2.2 Research Approach 307
18.2.3 Types and Sources of Data 307
18.3 Progression of Web and E-Learning 307
18.3.1 Some Relevant Definitions Distance Education 307
18.3.2 E-Learning 308
18.3.3 E-Learning 1.0-4.0 308
18.3.3.1 Web 1.0 E-Learning 1.0 (Link to Anything): 1997 to 2003 308
18.3.3.2 Web 2.0 E-Learning 2.0 (User Involvement): 2004 to 2006 308
18.3.3.3 Web 3.0 E-Learning 3.0 (Existing Data Reconnected): 2007 to 2011 308
18.3.3.4 Web 4.0 (Read/Write/Execute/Concurrency From 2012) 309
18.4 Artificial Intelligence in Learning 313
18.4.1 What is Artificial Intelligence? 313
18.4.2 AI En Routed the Learning 314
18.4.2.1 Smart Learning Content 314
18.4.2.2 Intelligent Tutoring Systems 315
18.4.2.3 Virtual Facilitators and Learning Environments 315
18.4.2.4 Content Analytics 315
18.4.2.5 Paving New Learning Pathways in the Coming Decade 316
18.5 Impact of Artificial Intelligence in Education (AIEd) 316
18.5.1 Will AI Take Over From Humans? 316
18.5.2 AI-Implanted E-Learning 317
18.5.2.1 Avatars 317
18.5.2.2 Hyper-Reality 318
18.5.2.3 The Hyper Class in Virtual Universities 318
18.5.2.4 JITAITs 319
18.5.3 Recommendations to Help Unleash Intelligence 319
18.5.3.1 Pedagogy 320
18.5.3.2 Technology 320
18.5.3.3 System Change 321
18.6 Conclusion 321
Concise Summary 322
References 322
19 Artificial Intelligence in Banking Industry 327
GarimaKaneria
19.1 Introduction 327
19.2 Banking on Artificial Intelligence 329
19.3 Role of Artificial Intelligence in Shaping Indian Banking Industry 330
19.3.1 Detection of Anti-Money Laundering Pattern 330
19.3.2 Chatbots 330
19.3.3 Algorithmic Trading 331
19.3.4 Fraud Detection 332
19.3.5 Customer Suggestions 332
19.3.6 Personalized Banking 332
19.3.7 Digital Payments 333
19.3.8 Robo Advisors 334
19.4 Influence of Artificial Intelligence on Indian Banking Industry 334
19.5 Reasons Behind Elongated Adoption of Artificial Intelligence in Banking Industry 336
19.5.1 Cut-Throat Competition in Banking Sector 336
19.5.2 Push for Process-Driven Services 336
19.5.3 Introduction of Self-Service at Banks 336
19.5.4 Customer Demand for More Customized Solutions 336
19.5.5 Creating Operational Efficiencies 336
19.5.6 Increasing Employee Productivity 337
19.5.7 To Help Focus on Profitability and Compliance 337
19.5.8 Use of Robotics Software 337
19.5.9 To Reduce Fraud and Risk Associated With Security 337
19.5.10 To Manage Large Information and Derive Value Insight 337
19.5.11 To Bring in Effective Decision-Making 338
19.6 Indian Banks Using Artificial Intelligence 338
19.6.1 State Bank of India 338
19.6.2 Bank of Baroda 339
19.6.3 Allahabad Bank 339
19.6.4 Andhra Bank 339
19.6.5 YES Bank 339
19.6.6 Housing Development Finance Corporation (HDFC) 339
19.6.7 Industrial Credit and Investment Corporation of India (ICICI) 340
19.6.8 Axis Bank 340
19.6.9 Canara Bank 340
19.6.10 Punjab National Bank 340
19.6.11 IndusInd Bank 340
19.6.12 City Union Bank 341
19.7 Pros and Cons of Artificial Intelligence in Banking Sector 341
19.7.1 Pros 341
19.7.1.1 Tracking of Transactional and Other Data Sources 341
19.7.1.2 Identification of Pattern Which May Be Eluded by Human Observers 341
19.7.1.3 Risk Assessment 341
19.7.1.4 Secure and Swift Transaction 342
19.7.1.5 Protection of Personal Data 342
19.7.1.6 Hedge Fund Trading and Management 342
19.7.1.7 Quick Transaction 342
19.7.1.8 Reduce Cost and Time 342
19.7.1.9 Upgraded Personnel Effectiveness and Customer Observation 342
19.7.1.10 Enhanced Banking Services 343
19.7.2 Cons 343
19.7.2.1 High Cost 343
19.7.2.2 Bad Calls 343
19.7.2.3 Distribution of Power 343
19.7.2.4 Unemployment 343
19.8 Intelligent Mobile Applications Drive Growth in Banking 344
19.8.1 Investment 344
19.8.2 Accounting 344
19.8.3 Banking Apps 345
19.8.4 Digital Wallet Apps 345
19.9 Conclusion 345
References 346
20 The Potential of Artificial Intelligence in Public Healthcare Industry 349
Megha Shrivastava and Devendra Kumar
20.1 Introduction 350
20.1.1 Drug Discovery 350
20.1.1.1 The Main Stages of Drug Discovery Might Take Several Years in Completion 351
20.1.1.2 Companies or Startups Used AI Techniques for Drug Discovery 351
20.1.2 Medical Imaging 352
20.1.2.1 Areas of Medical Imaging 352
20.1.2.2 Some Applications for AI in Medical Imaging Are at Present Applied in General Healthcare 353
20.1.3 Disease Prevention 354
20.1.3.1 Areas of Disease Prevention, Supported by AI System 354
20.1.3.2 Some Recent Software Used for Disease Prevention 354
20.1.4 Medical Diagnosis 355
20.1.4.1 Categories of AI Tools for Disease Diagnosis 355
20.1.4.2 Software Developed for Disease Diagnosis 356
20.1.4.3 Making Smartphone as Powerful Diagnostic Tools 357
20.1.5 Robotic AI 357
20.2 The Future of Artificial Intelligence in Healthcare 358
References 359
21 Banks to Lead Digital Transformation With Artificial Intelligence 361
Lavika Jaroli, Sachin Gupta and Parul Dashora
21.1 Artificial Intelligence 362
21.1.1 Human Versus Artificial Intelligence 363
21.1.2 Difference Between AI, NLP, NN, ML, or DL 363
21.1.3 Types of Artificial Intelligence 365
21.1.4 Innovations in Indian Banking Through IT 366
21.1.5 A Short History of Artificial Intelligence 366
21.2 Artificial Intelligence History Timeline 367
21.2.1 Objectives 367
21.2.2 Scope 367
21.2.3 Methodology 369
21.3 Why Artificial Intelligence in Banks 369
21.4 Goal of Artificial Intelligence 370
21.4.1 Innovations in Indian Banking Through IT 370
21.4.2 Innovation in Indian Banking Sectors 370
21.5 Artificial Intelligences Using by Different Banks 372
21.6 Implementation of Artificial Intelligence in Banking 375
21.7 Path Ahead Chatbots in Banking 377
21.8 Advantage of Artificial Intelligence in Banking Sector 379
21.9 Types of Risks and Threats Associated With Banking 380
21.10 Nature of Risks in Wireless Banking 380
21.11 Advent of Information Technology in Indian Banking Sector 383
21.12 Future Scope of AI 384
21.13 Conclusion 384
References 384
22 Effectiveness of E-HRM Tools Using the Functionalities of Artificial Intelligence During Remote Working in Lockdown Period 387
Nidhi Saxena and Aditi R. Khandelwal
22.1 Introduction 388
22.1.1 Artificial Intelligence in Electronic HR Management 389
22.1.1.1 Prospective Employee Engagement and Development 389
22.1.1.2 Employee Training 390
22.1.1.3 Candidate Selection for Recruitment 390
22.1.1.4 Development Needs of Employees 390
22.2 Literature Review 390
22.3 Objective of the Study 391
22.4 Research Methodology 392
22.5 Impact and Efficiency of AI-Enabled EHRM Tools in Work From Home Scenario Under Lockdown 392
22.6 Conclusion 395
Reading List 396
Index 399
S. Balamurugan, PhD, SMIEEE and ACM Distinguished Speaker, received his PhD from Anna University, India. He has published 57 books, 300+ international journals/conferences, and 100 patents. He is the Director of the Albert Einstein Engineering and Research Labs. He is also the Vice-Chairman of the Renewable Energy Society of India (RESI). He is serving as a research consultant to many companies, startups, SMEs, and MSMEs. He has received numerous awards for research at national and international levels.
Sonal Pathak, PhD is an associate professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
Anupriya Jain, PhD is an associate professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
Sachin Gupta, PhD is at the Department of Business Administration, Mohanlal Sukhadia University, Udaipur, Rajasthan, India.
Sachin Sharma is an assistant professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
Sonia Duggal, PhD is an assistant professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
Sonal Pathak, PhD is an associate professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
Anupriya Jain, PhD is an associate professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
Sachin Gupta, PhD is at the Department of Business Administration, Mohanlal Sukhadia University, Udaipur, Rajasthan, India.
Sachin Sharma is an assistant professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
Sonia Duggal, PhD is an assistant professor at the Manav Rachna International Institute of Research & Studies, Faridabad, Haryana, India.
