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The banking space is undergoing a lot of significant changes lately, thanks to the growing IT advancements and innovative approaches in business strategies. With that being said, innovation is the major factor that is introducing future-driven objectives into the banking space per se, which involves the value chain, regardless of whether they are retail banks or globally recognized financial institutions. In this context, the only technology that has been capable of driving innovation in the financial space is artificial intelligence (AI). Almost all reports regarding the technology enhancements in the banking and finance space have been brought in by the advantages of AI. This might be because the benefits of AI have already been prevalent in all the other business verticals.