Artificial Intelligence is the buzzword. Everyone is speaking about it, irrespective of whether they are a scholar on the topic or not. But what must be considered is AI's deep-reaching implications and how it has the ability to transform society for the better. In this article, we would look at how AI is currently being used in the banking industry to transform it for the better. It is important to note that while us commoners use the term Artificial Intelligence (AI) everywhere, in reality, it is a mixture of technologies like Machine Learning (ML), Robotic Process Automation (RPA), Predictive Analytics and not to mention, Artificial Intelligence (AI).