Fintech and Cryptocurrency

3Reshaping Banking with Digital Technologies

Ankita Srivastava¹ and Aishwarya Kumar^2*

¹School of Management Studies, National Forensic Sciences University, Gandhinagar, Gujarat, India

²ICFAI Business School, The ICFAI University, Dehradun, India

Abstract

The banking sector has gone a long way to come into its present form. It is still undergoing changes due to the introduction of various technologies. The digitization in the year 2000 was a step hard to move but now the people are more open to changes and willing to adopt technologies for the sake of convenience. This chapter discusses the banking sector’s adoption of Artificial Intelligence (AI), the evolution of financial technology (fintech), the changes brought by fintech in banking industry and the challenges which the technology in finance is facing nowadays. The chapter discusses in-depth, the deployment of Artificial intelligence tools like Robotic Process Automation, iSaaS and bots. It focuses the areas in banking where AI and machine learning applications are used and how. Though the changes have made traditional banking look more beautiful ad user friendly, the constant changes in the technology will ultimately define the future.

Keywords: Banking, AI, fintech, digitization, etc.

3.1 Banking and Artificial Intelligence (AI)

Banking sector is a developing area which seeing quick acceptance of AI. The artificial intelligence guarantees balanced interface with the clients using the assistance of the computer-generated ...