This presentation discusses emerging technologies reshaping the banking landscape, including blockchain, artificial intelligence, biometric authentication, robotic process automation, digital payments, the internet of things, big data analytics, cybersecurity, cloud computing, and regulatory technology. It also introduces the top six nationalized and private banks in India and explores how technological advancements will continue to transform the banking sector in the future.
Application of Artificial Intelligence in Indian Banking Opportunities and Ch...ijtsrd
Banking is the most important sector of any economy because it connects the most with government and public at large and also it protects the economy from any crises. Technology has brought tremendous change, it has made both positive and negative impact on every sector and banking sector is the most dynamic in technological transformation. Among the various technological transformations of recent, the birth of Artificial intelligence is particularly remarkable. AI is fast evolving as the go to technology for banking sectors across the world to personalise experience for individuals. With data analytics, block chain and machine learning, banks are advancing their services and offerings. The technology itself is getting better and smarter day by day, allowing more and newer banks to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways. AI refers to computers having cognitive skills similar to humans, which could result in immense efficiency gains for banks and their clients alike. It is important to understand how AI can influence the Banking sector hence this paper is an attempt to understand the opportunities and challenges of Artificial intelligence for Indian banking sector. Prof. Mohammed Nawaz | Prof. Triveni. K | Prof. Bharathi. G. R "Application of Artificial Intelligence in Indian Banking-Opportunities and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37964.pdf Paper URL : https://www.ijtsrd.com/computer-science/artificial-intelligence/37964/application-of-artificial-intelligence-in-indian-bankingopportunities-and-challenges/prof-mohammed-nawaz
The most prevalent trend in today’s
financial services industry is the shift to
digital, specifically mobile and online
banking. In the era of unprecedented
convenience and speed, consumers don’t
want to trek to a physical bank branch to
handle their transactions. While on the one
hand, banks are releasing new features to
attract more customers and retain the
existing ones, on the other hand, startups
and neo banks with disruptive banking
technologies are breaking into the scene.
The use of Artificial Intelligence (AI) in the
banking industry can revolutionize the way
banks operate and provide services to
their customers, improving eciency,
productivity, and customer experience.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
Application of Artificial Intelligence in Indian Banking Opportunities and Ch...ijtsrd
Banking is the most important sector of any economy because it connects the most with government and public at large and also it protects the economy from any crises. Technology has brought tremendous change, it has made both positive and negative impact on every sector and banking sector is the most dynamic in technological transformation. Among the various technological transformations of recent, the birth of Artificial intelligence is particularly remarkable. AI is fast evolving as the go to technology for banking sectors across the world to personalise experience for individuals. With data analytics, block chain and machine learning, banks are advancing their services and offerings. The technology itself is getting better and smarter day by day, allowing more and newer banks to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways. AI refers to computers having cognitive skills similar to humans, which could result in immense efficiency gains for banks and their clients alike. It is important to understand how AI can influence the Banking sector hence this paper is an attempt to understand the opportunities and challenges of Artificial intelligence for Indian banking sector. Prof. Mohammed Nawaz | Prof. Triveni. K | Prof. Bharathi. G. R "Application of Artificial Intelligence in Indian Banking-Opportunities and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37964.pdf Paper URL : https://www.ijtsrd.com/computer-science/artificial-intelligence/37964/application-of-artificial-intelligence-in-indian-bankingopportunities-and-challenges/prof-mohammed-nawaz
The most prevalent trend in today’s
financial services industry is the shift to
digital, specifically mobile and online
banking. In the era of unprecedented
convenience and speed, consumers don’t
want to trek to a physical bank branch to
handle their transactions. While on the one
hand, banks are releasing new features to
attract more customers and retain the
existing ones, on the other hand, startups
and neo banks with disruptive banking
technologies are breaking into the scene.
The use of Artificial Intelligence (AI) in the
banking industry can revolutionize the way
banks operate and provide services to
their customers, improving eciency,
productivity, and customer experience.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
Revolutionize Banking Software Development In The Financial MarketITIO Innovex
A revolution in banking software development promises to bridge this gap, ushering in an era of efficiency, security, and convenience. This revolution benefits both banks and customers, enhancing the customer experience, increasing efficiency, improving security, and fostering competition and innovation. Visit us at: https://itio.in/services/banking-software-development
The future of financial technology (FinTech) - Trends and PredictionsAlexander Clifford
Through the adoption of innovative technologies, the financial sector is undergoing a digital transformation that achieves efficiency, increased accessibility, and economic growth. This increased digitalisation is being powered by financial technology, known as FinTech. Let’s dive into the trends of FinTech as well as the predictions about what the future of the financial industry looks like.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
How would digital technology change the landscape of retail branch banking? Will the physical network disappear? Will robots replace human financial advisers? Will augmented reality become everyday life? This presentation looks at the value chain of branch banking and the relevance of five innovative technologies: Open API, artificial intelligence, RPA, augmented reality and blockchain.
AI helps banks to predict future trends as well as outcomes. It has the power to predict future scenarios by analyzing past behaviors. Therefore, banks can easily identify fraud, detect anti-money laundering patterns, and make customer recommendations. AI is capable enough to detect suspicious data patterns among humungous volumes of data, which further helps in fraud management.
Fintech Software Development: A Comprehensive Guide in 2024SeasiaInfotech2
Welcome to our fintech software development guide. Emerging technologies allow financial institutions to offer their services more quickly and efficiently to customers in a progressively mobile and web-connected world. Check out our blog now to learn more.
Evolving Technology Trends Is your bank ready for tomorrow?aakash malhotra
Banks around the world have been
racing to catch up with the ever-evolving
technological trends shaping the way they
operate and serve their clients.
Prior to COVID-19, the Middle East
financial services industry was evolving
at a measured pace, driven by changing
customer expectations, heightened
competition from incumbents and
new entrants, evolving regulations, and
advancements in technology. In a matter
of weeks, COVID-19 upended those
conventions
2021: The second wave of Fintech Disruption: Trends to watch outIndusNetMarketing
2020 has been a global shock for the world but it has also been a reason for digital adoption. The financial sector is evolving with time and 2021 will visualise many new disruptive trends that are going to shape the future of financial services.
How Digital 2.0 Is Driving Banking’s Next Wave of ChangeCognizant
By holistically harnessing AI, blockchain, IoT, RPA and open banking, financial institutions can build a more resilient, customer-focused bank of the future that incorporates the virtues of nonbanking rivals.
Exploring Fintech Solution Transformational Role the Digital Era Savings.pptxPanamax, Inc
Shape your financial future. With Panamax's innovative digital financial solutions, you can revolutionize your banking and savings experience. From cutting-edge digital banking platforms to personalized financial management tools, Panamax is leading the way in transforming the financial landscape.
The pandemic has left an indelible mark on the banking industry, catalyzing a rapid shift towards digital transformation the way banks operate. This transformation has brought about both challenges and opportunities, prompting experts to offer nuanced opinions on the impact of increased online services and its ripple effects on traditional and digital banking.
Future of artificial intelligence in the banking sectorusmsystems
The banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.
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Revolutionize Banking Software Development In The Financial MarketITIO Innovex
A revolution in banking software development promises to bridge this gap, ushering in an era of efficiency, security, and convenience. This revolution benefits both banks and customers, enhancing the customer experience, increasing efficiency, improving security, and fostering competition and innovation. Visit us at: https://itio.in/services/banking-software-development
The future of financial technology (FinTech) - Trends and PredictionsAlexander Clifford
Through the adoption of innovative technologies, the financial sector is undergoing a digital transformation that achieves efficiency, increased accessibility, and economic growth. This increased digitalisation is being powered by financial technology, known as FinTech. Let’s dive into the trends of FinTech as well as the predictions about what the future of the financial industry looks like.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
How would digital technology change the landscape of retail branch banking? Will the physical network disappear? Will robots replace human financial advisers? Will augmented reality become everyday life? This presentation looks at the value chain of branch banking and the relevance of five innovative technologies: Open API, artificial intelligence, RPA, augmented reality and blockchain.
AI helps banks to predict future trends as well as outcomes. It has the power to predict future scenarios by analyzing past behaviors. Therefore, banks can easily identify fraud, detect anti-money laundering patterns, and make customer recommendations. AI is capable enough to detect suspicious data patterns among humungous volumes of data, which further helps in fraud management.
Fintech Software Development: A Comprehensive Guide in 2024SeasiaInfotech2
Welcome to our fintech software development guide. Emerging technologies allow financial institutions to offer their services more quickly and efficiently to customers in a progressively mobile and web-connected world. Check out our blog now to learn more.
Evolving Technology Trends Is your bank ready for tomorrow?aakash malhotra
Banks around the world have been
racing to catch up with the ever-evolving
technological trends shaping the way they
operate and serve their clients.
Prior to COVID-19, the Middle East
financial services industry was evolving
at a measured pace, driven by changing
customer expectations, heightened
competition from incumbents and
new entrants, evolving regulations, and
advancements in technology. In a matter
of weeks, COVID-19 upended those
conventions
2021: The second wave of Fintech Disruption: Trends to watch outIndusNetMarketing
2020 has been a global shock for the world but it has also been a reason for digital adoption. The financial sector is evolving with time and 2021 will visualise many new disruptive trends that are going to shape the future of financial services.
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By holistically harnessing AI, blockchain, IoT, RPA and open banking, financial institutions can build a more resilient, customer-focused bank of the future that incorporates the virtues of nonbanking rivals.
Exploring Fintech Solution Transformational Role the Digital Era Savings.pptxPanamax, Inc
Shape your financial future. With Panamax's innovative digital financial solutions, you can revolutionize your banking and savings experience. From cutting-edge digital banking platforms to personalized financial management tools, Panamax is leading the way in transforming the financial landscape.
The pandemic has left an indelible mark on the banking industry, catalyzing a rapid shift towards digital transformation the way banks operate. This transformation has brought about both challenges and opportunities, prompting experts to offer nuanced opinions on the impact of increased online services and its ripple effects on traditional and digital banking.
Future of artificial intelligence in the banking sectorusmsystems
The banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.
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3. Introduction
Welcome to the presentation on "Emerging Technologies in the
Banking Sector."
The banking industry is undergoing a transformative phase due to
rapid technological advancements.
This presentation explores key emerging technologies reshaping the
banking landscape.
4. Blockchain and Cryptocurrencies
Blockchain technology offers secure and transparent transactions.
Cryptocurrencies like Bitcoin and Ethereum are gaining traction as
digital assets.
Benefits: Improved security, reduced fraud, and decentralized
financial systems.
5. Artificial Intelligence (AI) and Machine
Learning (ML)
AI and ML enhance customer experiences and operational
efficiency.
Chatbots provide real-time customer support and assistance.
Personalized recommendations, fraud detection, and risk
assessment are powered by AI.
6. Biometric Authentication
Biometrics such as fingerprints, facial recognition, and voiceprints
enhance security.
Safer and more convenient authentication methods for customers.
Reduces identity theft and unauthorized access.
7. Robotic Process Automation (RPA)
RPA automates repetitive tasks and workflows.
Streamlines back-office operations, leading to cost savings.
Allows human employees to focus on more complex tasks.
8. Digital Payment Innovations
Contactless payments, mobile wallets, and QR code payments are
on the rise.
Improved convenience and reduced dependency on physical cash.
Enhanced financial inclusion, especially in underserved regions.
9. Internet of Things (IoT) in Banking
IoT devices enable real-time data collection and analysis.
Examples include wearable devices for transaction authorization
and smart ATMs.
Enhances customer insights and enables data-driven decision-
making.
10. Big Data and Analytics
Banking generates vast amounts of data, which can be harnessed
for insights.
Predictive analytics for customer behavior, risk assessment, and
fraud prevention.
Data-driven strategies improve product offerings and customer
experiences.
11. Cybersecurity and Threat Detection
With increased digitalization, cybersecurity becomes paramount.
Advanced threat detection using AI algorithms to identify unusual
patterns.
Protects sensitive customer information and prevents data breaches.
12. Cloud Computing in Banking
Cloud technology offers scalability, flexibility, and cost efficiency.
Enables seamless integration of services and applications.
Reduces infrastructure costs and enhances collaboration.
13. Regulatory Technology (RegTech)
Regulatory compliance is a crucial aspect of the banking industry.
RegTech solutions automate compliance processes and reduce
errors.
Ensures adherence to changing regulations and prevents penalties.
14. Types of Banks and Their Functions
Commercial Banks: Commercial banks are the most common type
of banks, offering a wide range of financial services to individuals,
businesses, and governments. They engage in deposit-taking,
lending, and other banking activities.
Retail Banks: Retail banks primarily focus on serving individual
customers. They provide services such as personal loans,
mortgages, checking accounts, and other retail banking products.
Investment Banks: Investment banks specialize in providing
financial services to corporations, governments, and other
institutional clients.
15. Their activities include underwriting securities, mergers and
acquisitions, and advising on capital raising.
Central Banks: Central banks are the apex regulatory authorities
for the banking sector in their respective countries. They have the
responsibility of formulating and implementing monetary policies,
maintaining financial stability, and acting as lenders of last resort.
Cooperative Banks: Cooperative banks are owned and operated by
their customers or members. They serve specific communities or
sectors and often prioritize local development and community
welfare.
16. Introduction of top 6 nationalised and
private banks
State Bank of India (SBI)
Punjab National Bank (PNB)
Bank of Baroda (BOB)
HDFC Bank
ICICI Bank
Axis Bank
17. Future Outlook
The banking sector will continue to evolve with technological
advancements.
Collaboration between banks and tech companies will drive
innovation.
Embracing emerging technologies is key to staying competitive and
relevant.
18. Conclusion
Emerging technologies are revolutionizing the banking industry.
Improved customer experiences, enhanced security, and operational
efficiency are among the benefits.
Adapting to these changes is essential for banks to thrive in the
digital age.