GL BAJAJ INSTITUTE OF TECHNOLOGY AND MANAGEMENT

GREATER NOIDA
MINI PROJECT-2

ON

“EMERGING TECHNOLOGIES IN BANKING INDUSTRY”

TOWARDS THE PARTIAL FULLFILLMENT FOR THE AWARD OF DEGREE OF

MASTER OF BUSINESS ADMINISTRATON (MBA-BA)

(Dr. A.P.J. Abdul Kalam Technical University, Lucknow, Uttar Pradesh)

by
SHIVAM KUMAR NIGAM
(Roll No.2301921570108)

Session 2023-24

Under the Supervision

of Prof. Anjali
Singh

1
 DECLARATION

I hereby declare that the work presented in this report entitled “EMERGING TECHNOLOGIES

IN BANKING INDUSTRY", was carried out by me. I have not submitted the matter embodied in

this report for the award of any other degree or diploma of any other University or Institute. I have

given due credit to the original authors/sources for all the words, ideas, diagrams, graphics,

computer programs, experiments, results, that are not my original contribution. I have used

quotation marks to identify verbatim sentences and given credit to the original authors/sources.

I affirm that no portion of my work is plagiarized, and the experiments and results reported in
the report is not manipulated. In the event of a complaint of plagiarism and the manipulation of
the experiments and results, I shall be fully responsible and answerable.

Name: Shivam Kumar

Nigam Roll. No.:

2301921570108

(Shivam Kumar Nigam)

2
 GL BAJAJ
INSTITUTE OF TECHNOLOGY & MANAGEMENT
Approved by A.I.C.T.E. & affiliated to Dr. A.P.J. Abdul Kalam Technical University

CERTIFICATE

This is to certify that Shivam Kumar Nigam, Roll No. 2301921570108 has
Undertaken this project titled “EMERGING TECHNOLOGIES IN BANKING
INDUSTRY”. The partial fulfillment of the award of Master of business
administration (BA) Degree from Dr. A P J Abdul Kalam Technical University,
Lucknow (U.P). I wish him all the best for his bright future ahead.
Date:

Project Supervisor
Department of Management Studies

Head of Department
Department of Management Studies

3
 ACKNOWLEDGEMENTS

I would like to express my sincere gratitude to all those who have contributed to the successful
completion of this Mini-Project Report. Their guidance, support, and insights have been invaluable
throughout this endeavor.

First and foremost, I extend my heartfelt thanks to my faculty mentor for Her unwavering
encouragement and mentorship. Her expertise and constructive feedback have significantly
enriched my understanding of the subject matter.

Secondly, I appreciate the industry professionals, practitioners, and experts who generously shared
their time and knowledge during interviews, surveys, and interactions. Their real-world insights
have provided practical context to our theoretical analyses.

Lastly, I am using this opportunity to express my gratitude to Prof. Vikas Tripathi (HOD) who
supported me throughout the course and constantly reviewed my progress.

In conclusion, this project has been a rewarding learning experience, and I am grateful to everyone
who contributed to its successful completion.

Thank you.

Sincerely,

[SHIVAM KUMAR NIGAM]

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 MINI PROJECT-2 INDEX

Sr. No. Particular Pg. No.

1. INDUSTRY RESEARCH AND OVERVIEW 6

2. IDENTIFY SPECIFIC RESEARCH 7

OBJECTIVES

3. LITERATURE REVIEW 8

4. METHODOLOGY DESIGN 9

5. DATA COLLECTION 10-41

6. DATA ANALYSIS AND INTERPRETATION 42-44

7. FINDINGS 45

8. RELEVANCE OF THE STUDY AND TECHNOLOGY 46-47

ASSESSMENT

9. DISCUSSION 48

10. RECOMMENDATIONS 49

11. IMPLICATIONS OF THE STUDY 50

12. CONCLUSION 51-52

13. REFERENCES 53

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 RESEARCH AND OVERVIEW

INTRODUCTION

As the banks recognize this skill gap that stops them from transforming to meet the potential presented by
technology – they are beginning to invest significant amounts into banking technologies they seem most
relevant for their business models.

For example, blockchain might not be a priority for most industries today, but banks and financial institutes foresee
a great advantage in implementing these. Therefore, the financial services industry as a whole sees them as a
high priority investment.

Further, the evolution of the banking industry makes it imperative that technology becomes a “core
competency” with enterprise-wide engagement. The technology focus cannot be limited to the top alone,
or even to an IT department cutoff from the rest of the operations.

Finally, the focus of technology implementation must be customer experience – and not revenue or cost savings.
Those are important but will come automatically if you can retain customers in the years to come.

In the years to come, bankers will have look at FinTech startups as partners rather than competitors.
Remember that a bank can be the biggest customer for a FinTech company and can help them reach a
newer customer base.

This is where developing a banking platform will come in handy and result in better customer
satisfaction. Bankers should work towards new business models where they own the customer
relationships and pull together FinTech resources from aroundtheglobe to generate
the most value for the end customer.

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 RESEARCH OBJECTIVE

The objective of this paper is to explain the changing banking scenario,

 TO know the Emerging technologies used in banking sectors.
 TO know How artificial intelligence is used for fraud monitoring in banks.
 TO understand the Importance of latest technology in banking sector.
 TO study the challenges and opportunities of national and commercial banks in changing
banking scenario.
 TO understand the significance of banks in India.

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 LITERATURE REVIEW

The following studies on Information technology in banking sector, related directly or indirectly have
been reviewed in this chapter. Dr. Satish Tanaji Bhosale, Dr. B.S Sawant, "Technological
Developments in Indian Banking Sector".
This paper talks about the role of banking sector in the development of Indian Economy. So, banks
need to optionally leverage technology to increase penetration, improve their productivity and
efficiency, deliver cost effective products and services, provide faster.
Efficient and convenient customer service and thereby, contribute to overall growth and development
of the country. It highlights that technology allows transactions to take place faster and offer
unparallel convenience through various delivery channels. This paper also talks about various
technologies like MICR, Cheque transaction system, RTGS, NEFT etc. Dr. V.S Mangnale, Ms.
J.V Chavan, Mr. A.D Randive, E-CRM in Indian Banking Sector, Golden Research Thoughts.
This paper highlights that technology, people and customer are the three elements on which hinges
the success of banking in the fast-changing economic environment.
The ultimate performance of a bank depends upon the satisfaction of its customers. In the emerging
competitive and technological driven era, banks have to strive hard for retaining and enlarging
their customer base. E-CRM is the latest buzzword in the corporate sector and is perceived as one
of the effective tools in this direction by banks. This paper analyzes the concept of e-CRM in
Indian banks from its various dimensions covering specifically its need, process, present status
and future prospects. KPMG, "Technology enabled transformation in Banking", The Economic
Times Banking Technology, Conclave 2011: The article has concluded that Information
technology in banking is fast evolving. From enabling banking services to driving transformation
in the industry, Information technology holds a promise to change the face of banking in the next
few years. New entrants are looking to leverage their existing strengths in the Indian banking
arena. The opportunity available to these entrants through leveraging their understanding of
technologies and markets they operate in, promises innovative business models with a focus on
delivering customer value. The pace of change aided by regulatory directions will push banks to
direct their strategies to a customer centric focus over the next four years.

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 METHODOLOGY DESIGN

This paper is the outcome of a secondary data on Indian Banking Sector with special reference to
Indian context. To complete this, annual reports, various books, journals and periodicals have been
consulted, several reports on this particular area have been considered, and internet searching has
also been done.

Evolution of Indian Banking Sector:

The first bank in India, called The General Bank of India was established in the year 1786. The
East India Company established The Bank of Bengal/Calcutta (1809), Bank of Bombay (1840)
and Bank of Madras (1843). The next bank was Bank of Hindustan which was established in 1870.
These three individual units (Bank of Calcutta. Bank of Bombay, and Bank of Madras) were
called as Presidency Banks. Allahabad Bank which was established in 1865, was for the first time
completely run by Indians. Punjab National Bank Ltd. was set up in 1894 with headquarters at
Lahore. Between 1906 and 1913, Bank of India, Central Bank of India, Bank of Baroda, Canara
Bank, Indian Bank, and Bank of Mysore were set up. In 1921. all presidency banks were
amalgamated to 22 forms the Imperial Bank of India which was run by European Shareholders.
After that the Reserve Bank of India was established in April 1935. At the time of first phase the
growth of banking sector was very slow. Between 1913. and 1948 there were approximately 1100
small banks in India. To streamline the functioning and activities of commercial banks, the
Government of India came up with the Banking Companies Act. 1949 which was later changed to
Banking Regulation Act 1949 as per amending Act of 1965 (Act No.23 of 1965).
Reserve Bank of India was vested with extensive powers for the supervision of banking in India as
a Central Banking Authority. After independence, Government has taken most important steps in
regard of Indian Banking Sector reforms. In 1955, the Imperial Bank of India was nationalized and
was given the name "State Bank of India", to act as the principal agent of RBI and to handle
banking transactions all over the country. It was established under State Bank of India Act, 1955.
Seven banks forming subsidiary of State Bank of India was nationalized in 1960. On 19th July,
1969, major process of nationalization was carried out. At the same time 14 major Indian
commercial banks of the country were nationalized. In 1980, another six banks were nationalized,
and thus raising the number of nationalized banks to 20. Seven more banks were nationalized with
deposits over 200 crores. Till the year 1980 approximately 80% of the banking segment in India
was under government's ownership. On the suggestions of Narsimhan Committee, the Banking
Regulation Act was amended in 1993 and thus the gates
for the new private sector banks were opened.

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 DATA COLLECTION

EMERGING TECHNOLOGIES USED IN BANKING SECTORS

These are the few latest Technologies used in Banking Sectors-

[Link] Reality

[Link]

[Link] Process Automation

[Link] Computing

[Link] Intelligence

[Link]

[Link] Security

[Link] Cloud

[Link] Payments

10. Smart Machines

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Let’s explain one by one what are effects happening when these latest
technologies emerging in Banking Sector’s.

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 1. AUGMENTED REALITY

The possibilities of the implementation of augmented reality technology in banking sector are only
limited by imagination, though these are still in a very early stage of development. The end-state is to
give customers complete autonomy in actions and transactions they could perform at home. Hybrid
branches are envisioned by technology experts who believe that bank branches as we know them today
are a thing of past.

11 BANKS THAT HAVE SUCCESSFULLY ADOPTED AUGMENTED REALITY

[Link] Bank

[Link] Bank

[Link] Bank

[Link] Bank

[Link] Chartered

[Link] Bank

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 [Link]

[Link] One

Axis Bank - Augmented Reality Navigation to access ATMs, Branches, and Food Outlets

India’s leading bank in adopting new technologies and innovations in banking sector, with their mobile banking app
offering multiple augmented reality services. Using the ‘AR View’ option in the ‘Near Me’ tab, customers can
define a geographical radius and the banking app can show them the nearest ATMs and branches and provide
directions to an ATM. Not restricting to only cash withdrawals from ATMs, they also wanted to encourage
their customers to use other perks that they offer such as special discounts at food outlets and eDGE reward
points. For that they offered navigation options to the nearest food outlets as well and allowed users to
pay with their reward points at these partner outlets.

Your bank can use similar augmented reality features to help your customers locate the nearest branches and
ATMs and use your navigation services to give your brand a positive image. Furthermore, you can encourage
your users to pay using your payment wallets and
cards thereby keeping them engaged with your banking services.

Westpac Bank - AR Data Visualization, AR Account Management, Budgeting, AR payment

gateway, and more

Embracing the power of Augmented Reality technology and taking it to an international level, with lot of
interactive features that reformed the way customers manage their bank accounts. Their app allows the
customers to scan their debit or credit card with their phone’s camera.
Overlaid on that card, customers can see their current balance, spending in the last two weeks, categories they
have spent most on and future payments due on their credit cards. They can also complete their due payments
throughthe Augmented Reality payment
gateways seamlessly.
Going the extra mile, this banking app’s UI provides the customers useful analytics and transaction details through
augmented reality data visualizations that help them understand their spending patterns over time. Their
Hotpoint’s catalogue is also integrated into the
banking app which allows customers to shop using Augmented Reality

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They have also added an augmented reality navigation feature to help users get to their nearest ATMs in all
of their international locations across the globe.

Citi Bank's Holographic Workstation - Using AR Data Visualization for Finance and
Trading

While most AR solutions in the banking industry are focused on the end customers who use banking apps on
their smartphones, a Proof of Concept that is focused on financial traders a send user.
Using Microsoft’s HoloLens technology, they created a 2D-3D integrated system that allows financial
traders to visualize real time financial data and records through holograms and to monitor and track past
trends of stock indices so they can make financial decisions based on
these. Users can also share their interactive, augmented reality data visualizations with
someone in real time to work in teams and analyses the markets.

For real world usage, real time communication and visual data sharing is also facilitated by the Augmented
Reality system that works on voice commands given by the users. In the end, users can finalize trades and
investments through the interactive holographic system itself.

This whole setup is called the Holographic Workstation and it aims to increase the efficiency of
financial trades. This example helps us in understanding how banks can engage segments of users that are not
their direct customers, but can use their banking and financial services in
an interactive way.

Commonwealth Bank AR Property Guide app - Insights on Real Estate; Home Loans

With the motive of easing the process of finding a new home in Australia, Commonwealth Bank launched
their which has the data of about 95% residential properties in Australia. Using the Augmented Reality
real estate app, users to scan a property near them in real time and get all possible information such as
detailed suburb profiles revealing demographics, median price, buying/selling conditions, property
hotspots, and capital growth trends, thus enabling buyers to gain deeper insights on a location and on
whether it will suit their lifestyle.

Standard Charterer’s Breeze Living - Sharing Coupons and Discounts

To engage their customers in China, Standard Chartered came up with a unique idea
for Breeze Living, their AR enabled mobile application. They created an open social network to find and share
coupons and offers from all across China by partnering with local coupons platforms.
They allowed users to sign up and create ‘Tribes’ where they can share these coupons with their friends
as well. Using Augmented Reality, they simulated kites across the skyline and

14
users could catch those kites to get exclusive offers all across the country. Users could also flaunt their offers to
their ‘Tribes’ using the social media aspect of the AR app.

Deutsche Bank - Augmented Reality Marketing Campaign

Unlike other examples in this article, Deutsche Bank's augmented reality marketing campaign engaged
customers in an offbeat way and left a positive impact on them. They set up a large Magic Mirror in Alexa Mall
in Germany which was powered by Augmented Reality to give customers visual surprises.

As customers stood in front of the Mirror, they got transported to the sea as they surfed in Augmented Reality,
got the chance to meet unicorns in real (well, virtual) life, and ended up playing virtual football. People got
transported to an alternate reality and recorded themselves
doing these fun activities.

Visa - Augmented Reality Payment

Visa, the leading payments provider in the world used the power of Augmented Reality technology to
demonstrate how payments can be integrated with any service to facilitate seamless and immersive
payments. This was presented at the Mobile World Congress. Integrating with a food ordering service,
they demonstrated the AR app over a simulated map of a city. Using the AR app, users can point to
specific parts of the city and pick a food outlet.

Then, users can go over the menu of the outlet and have a look at the various dishes to finalize their
order. Once the order is placed, users can process instant payment in AR using visa.

15
Capital One - AR app for Car Loans

What CommBank did for house loans, Capital One Bank has done for car loans. They have launched using
which users can go to retail showrooms of cars or just be on the street and point to any car to get view details
superimposed on the car.
Details such as year, model number and make of the car will appear on their screen to help them with their buying
decision. Users can pre-qualify themselves for a car loan after which, the car-loan app will show them customized
pricingbased on their eligibility, preferences and financial health.

The intention behind such an augmented reality car-loan application was to bring the whole customer journey of
buying a new car on a single app that takes the user from exploration or awareness to decision or buying
stage through the mobile app itself, thereby creating a direct
sales funnel for the bank. This offers a great opportunity for a bank to create augmented
reality applications that facilitate loans through immersive interface.

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 2. BLOCKCHAIN

Blockchain technology provides a way for untrusted parties to come to agreement on the state of a database,
without using a middleman. By providing a ledger that nobody administers, a blockchain could
provide specific financial services — like payments or securitization — without
theneedforabank.
Further, blockchain allows for the use of tools like “smart contracts,” self-executing contracts based on the
blockchain, which could potentially automate manual processes from compliance and claims processing to
distributing the contents of a will.

For use cases that don’t need a high degree of decentralization — but could benefit from better
coordination — blockchain’s cousin, “distributed ledger technology (DLT),” could help corporates
establish better governance and standards around data sharing and collaboration.

Blockchain technology and DLT have a massive opportunity to disrupt the $5T+ banking industry by
disintermediating the key services that banks provide, including:

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Payments: By establishing a decentralized ledger for payments (e.g. Bitcoin), blockchain technology could facilitate
faster payments at lower fees thanbanks.
Clearance and Settlement Systems: Distributed ledgers can reduce operational costs and bring us
closer to real-time transactions between financial institutions.
Fundraising: Initial Coin Offerings (ICOs) are experimenting with a new model of financing that
unbundles access to capital from traditional capital-raising services and firms.
Securities: By tokenizing traditional securities such as stocks, bonds, and alternative assets
and placing them on public blockchains — blockchain technology could create more
efficient, interoperable capitalmarkets.
Loans and Credit: By removing the need for gatekeepers in the loan and credit
industry, blockchain technology can make it more secure to borrow money and provide lower interest rates.
Trade Finance: By replacing the cumbersome, paper-heavy bills of lading process in the trade finance
industry, blockchain technology can create more transparency, security, and trust among trade parties
globally.
Customer KYC and Fraud Prevention: By storing customer information on decentralized blocks,
blockchain technology can make it easier and safer to share information between financial
institutions.

Payments

Today, trillions of dollars slosh around the world via an antiquated system of slow payment sand added fees.
If you work in San Francisco and want to send part of your paycheck back to your family in London, you
might have to pay a $25 flat fee for a wire transfer, and additional fees adding up to 7%. Your bank gets a cut,
the receiving bank gets a cut, and you’re charged exchange
rate fees. Your family’s bank might not even register the transaction until a week later. Examples of improved
paymentsthroughblockchain
While cryptocurrencies are a long way from completely replacing fiat currencies (like the US dollar) when it
comes to payments, the last couple of years have seen mostly upward growth in transaction volume for
cryptocurrencies like bitcoin and ether. In fact, the Ethereum network became the first to settle $1T in
transactions in one calendaryear in 2020.

Some companies are using blockchain technology to improve B2B payments in developing economies.
One example is BitPesa, which facilitates blockchain-based payments in countries like Kenya, Nigeria,
and Uganda. The company has processed millions of dollars in
transactions, reportedly growing 20% month-over-month.
Clearance and Settlements Systems
The fact that an average bank transfer — as described above — takes 3 days to settle has a lot to do with the
way our financial infrastructure was built.
It’s not just a pain for the consumer. Moving money around the world is a logistical nightmare for the banks
themselves. Today, a simple bank transfer — from one account to

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another — has to bypass a complicated system of intermediaries, from correspondent banks to custodial
services, before it ever reaches any kind of destination. The two bank balances have to be reconciled
across a global financial system, comprised of a wide network of traders, funds, asset
managers, and more.
If you want to send money from a UniCredit Banca account in Italy to a Wells Fargo bank account in the US,
the money transfer will be executed through the Society for Worldwide Interbank Financial Communication
(SWIFT), which sends 37.7M messages a day for more
than 11,000 financial institutions.

Fundraising

Raising money through venture capital is an arduous process. Entrepreneurs put together decks, sit
through countless meetings with partners, and endure long negotiations over equity and valuation in the
hopes of exchanging some chunk of their company for a check.
In contrast, some companies are raising funds via initial coin offerings (ICOs), powered by public
blockchains like Ethereumand Bitcoin.
In an ICO, projects sell tokens, or coins, in exchange for funding (often denominated in bitcoin or ether).
The value of the token is — at least in theory — tied to the success of the blockchain company. Investing in
tokens is a way forinvestors to betdirectly on usageand
value. Through ICOs, blockchain companies can short-circuit the conventional fundraising
process by selling tokens directly to the public.
Some high-profile ICOs have raised hundreds of millions — even billions — of dollars before proof of a
viable product. Filecoin, a blockchain data storage startup, raised $257M, while EOS, which is building a
“World computer,” raised over $4B in its year-long ICO.

Securities

To buy or sell assets like stocks, debt, and commodities, you need a way to keep track of who owns what. Financial
markets today accomplish this through a complex chain of brokers, exchanges, central security depositories,
clearinghouses, and custodian banks. These different parties have been built around an outdated system of paper
ownership that is not only slow, but can be inaccurate and prone to deception.
Say you want to buy a share of Apple stock. You might place an order through a stock
exchange, which matches you with a seller. In the old days, that meant you’d spend cash in exchange for a
certificate of ownershipfortheshare.
This grows a lot more complicated when we’re trying to execute this transaction electronically. We don’t
want to deal with the day-to-day management of the assets — like exchanging certificates, bookkeeping, or
managing dividends. So we outsource the shares to custodian banks for safekeeping. Because buyers and
sellers don’t always rely on the same custodian banks, the custodians themselves need to rely on a trusted
third party to hold onto all the paper certificates

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Loans and Credit
Traditional banks and lenders underwrite loans based on a system of credit reporting. Blockchain technology
opens up the possibility of peer-to-peer (P2P) loans, complex programmed loans that can approximate a
mortgage or syndicated loan structure, and a faster and more secure loan process in general.
When you fill out an application for a bank loan, the bank has to evaluate the risk that you won’t pay them
back. They do this by looking at factors like your credit score, debt-to- income ratio, and home ownership
status. To get this information, theyhave to accessyour
credit report provided by one of three major credit agencies: Experian,
TransUnion, and Equifax. Based on that information, banks price the risk of a

Trade Finance
Trade finance exists to mitigate risks, extend credit, and ensure that exporters and importers can engage in
international trade.
It is a pivotal part of the global financial system, and yet it frequently operates on antiquated, manual, and written
documentation. Blockchain represents an opportunity to streamline and simplify the complex world of
trade finance, saving importers, exporters, and their financiers
billions of dollars every year.
Blockchain technology has had an increasingly regular presence in trade programs for a few
years now, but its mainstream role in bills of lading and credit has only recently begun to
firm.
Like many industries, the trade finance market has suffered from logistical setbacks due to old, outdated,
and uneconomical manual documentation processes for years. Physical letters of credit, given by one party’s
bank to the other party’s bank, are still often used to ensure thatpaymentwill be received.
Blockchain technology, by enabling companies to securely and digitally prove country of origin, product, and
transaction details (and any other documentation), could help exporters and importers provide each other with
more visibility into the shipments moving through
their pipelines and more assurance of delivery.
One of the greatest risks to trade parties is the threat of fraud, which is greater because of a lack of confidentiality
and little oversight on the flow of goods and documentation. This opens up the possibility of the same
shipment being repeatedly mortgaged, an unfortunate
occurrence that happens so often that commodity trade finance banks write it off as a cost
of business.

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Customer KYC and Fraud Prevention
Apart from the day-to-day activities of clearing transactions, processing payments, and trading, a bank also
needs to onboard customers, verify their identity, and ensure their information is in order. This process is
called “knowyour customer”(KYC).
Banks can spend up to 3 months executing all KYC proceedings, which include verification of photo
IDs, documents such as address proofs, and biometrics. A delayed KYC process may cause some
customers to terminate their relationship. According to a Thomson Reuters
survey, 12% of companies said that they had changed their bank because of delays in the
KYC process.
Apart from time and effort, complying with KYC rules also costs banks money. Banks end up spending
up to $500M annually on KYC compliance and customer due diligence.

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 3. ROBOTIC PROCESS AUTOMATION

The volume of unstructured data that the bank has to process is increasing exponentially with the rise of the
digital economy. This is not just banking transaction data, but also other behavioral data that could potentially
allow the banks to improve and innovate customer experience.
This has made bankers realize that they need to find technologies that can mimic human action and
judgment but at a higher speed, scale, and quality. The answer that has emerged isa combination of various
technologies that enable cognitive and robotic process automation in banking.

These technologies consist of machine learning, natural language processing, chatbots, robotic process
automation, and intelligent analytics in banking that allow the bots to learn and improve.

It is no surprise that Deloitte’s 2017 State of Cognitive survey found that 88% of financial service
professionals believe that such technologies are a strategic priority. That said, the current state of the art
in robotic automation is still quite weak at the cognitive and analytical
aspects of the processes.
In the years to come, we would see the current cognitive capabilities being bundled with the robotic
process automation to achieve even better results. This is already being implemented in point-of-sale
solutions that automatically suggest marketing promotions that would be most effective for an
individual customer.

Robotics in banking & finance is primarily defined as the use of a powerful robotic process automation
software to –
 Install desktop and other end-user device-level software robots

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  Build artificial intelligence workforce or virtual assistants

RPA in the banking industry serves as a useful tool to address the pressing demands of the banking sector
and help them maximize their efficiency by reducing costs with the services-through-software model.
To seize this opportunity, banks and financial institutions must adapt a strategic, and not tactical, approach.
McKinsey foresees a second wave of automation and AI in the next couple years where machines &
software bots will execute 10% to 25% of tasks across a
myriads of bank functions, expanding the overall capacity and giving the workforce an
opportunity to focus on higher-value tasks and projects.

The exponential growth of RPA in financial services can be estimated by the fact that the industry is going to
be worth a whopping $2.9 billion by 2022, a sharp increase from $250million in 2016, as pear recent
report.

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 4. QUANTUM COMPUTING

Quantum computing is a way of using quantum mechanics to work out complex data operations. As is
common knowledge today, computers use bits that can have two values – 1 or 0. Quantum computing uses
“Quantum bits” that can instead have three states – 1 or 0 or both. This unlocks exponential computing
power over traditional computing – when the right algorithm is used.
This represents a huge leap in computing power, but any commercial implementations are still decades away.
Nevertheless, firms like JPMorgan Chase and Barclays are investing in quantum computing research in
partnership with IBM any financial services activities, from securities pricing to portfolio optimization, require
the ability to assess a range of potential outcomes. To do this, banks use algorithms and models that calculate
statistical probabilities. These are fairly effective but are not infallible, as was
shown during the financial crisis a decade ago, when apparently low-probability events
occurred more frequently than expected.

Quantum computing can also enable financial services organizations to re-engineer operational processes,
–Front-office and back-office decisions on client management for “know your customer,” credit
origination, and onboarding,

– Treasury management, trading and asset management,

– Business optimization, including risk management and compliance.

Quantum computing’s specific use cases for financial services can be classified into three main categories:
targeting and prediction, trading optimization, and risk profiling.
We explore potential use cases in each of these categories, providing examples that apply to three main
industries in financial services: banking, financial markets, and insurance.

What gives quantum computing this enormous advantage?

The solution space of a quantum computer is orders of magnitude larger than traditional computers—even
immensely powerful ones. That’s because doubling the power of a classical computer requires about double
the number of transistors working on a problem. The power of a quantum computer can be approximately
doubled each time only one qubit is added.

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 5. ARTIFICIAL INTELLIGENCE

The explosive growth that the last decade has seen in the amount of structured and unstructured data available
with the banks, combined with the growth of cloud computing and machine learning technologies
has created a perfect storm for Artificial Intelligence to be used across the spectrum of banking and financial
services landscape. Business needs and capabilities of AI implementations have grown hand-in-hand and
banks are looking at Artificial Intelligence as a differentiator to beat down the emerging competition. Artificial
Intelligence allows banks to use the large histories of data that they capture to make much better
decisions across various functions including back-office operations, customer experience, marketing,
product delivery risk management, and compliance.

WEF report “the New Physics of Financial Services” has identified the following sector- specific
opportunities that will be opened thanks to AI deployment in banking and financial services. These
opportunities are spread across deposits, lending, payments, investment
management, capital markets, and market infrastructure.

Artificial intelligence would revolutionize banks by shifting the focus from the scale of assets to scale of data.
The banks would now aim to deliver tailored experiences to their customers rather than build mass products for
large markets.

Instead of retaining customers through high switching costs, banks would now be able to become more
customer-focused and retain them by providing high retention benefits. Most importantly, banks would no
more just depend on human ingenuity for improving them
services. Instead, performance would be a product of the interplay between technology and
talent.

25
Discussions, articles, and reports about the AI opportunity across the financial services industry continue
to proliferate amid considerable hype around the technology, and for good reason: The aggregate potential
cost savings for banks from AI applications is estimated at
$447 billion by 2023, withthefrontandmiddle officeaccountingfor$416 billion of that total,
per Autonomous Next research seen by Business Insider Intelligence.
Most banks (80%) are highly aware of the potential benefits presented by AI, per an OpenText survey of
financial services professionals. In fact, many banks are planning to deploy solutions enabled by AI: 75% of
respondents at banks with over $100 billion in assets say they're currently implementing AI strategies,
compared with 46% at banks with less than
$100 billion in assets, pear Subservience Lab report seen by Business Insider Intelligence. Certain AI use
cases have already gained prominence across banks' operations, with chatbots in the front office and anti-
payments fraud in the middle office the most mature.

Impact of Artificial Intelligence in the Banking sector: How is AI transforming the baking
industry
AI minimizes operating costs
One inevitable thing the banking sector has to deal with is the paperwork. Banking employees need to
handle loads of paperwork daily. Such time-intensive and repetitive tasks can cause an increase in
operational costs and are more prone to human errors. This can be solved with the use of AI. It eliminates
these error-prone and time-consuming human processes. A research report published in Business insider
suggests that by switching to an AI banking system, banks can save an estimated amount of USD 447B by
2023. For instance, with the help of machine learning (ML), automation tools, and AI assistants, banks can
streamline many aspects of human jobs. AI also plays a crucial role in enabling banking institutions to add
a new spectrum to their existing array of operations, thus reducing operating costs as well as providing new
opportunities for revenue.
AI improves customer support

The impact of Artificial Intelligence in banking, especially in the customer support segment has helped the
financial institutions shape customer’s perception of them. Customer satisfaction directly impacts the
performance and revenue of any organization and the banking industry is not an exception. With the help of
AI chatbots and voice assistants, banks are now able to serve their customers 24/7 irrespective of their time
zone or location.
Moreover, using AI and ML for faster and granular analysis, banks can effectively address
the customer’s need by drawing compelling insights from the customer’s digital footprint and payment
behavior. AI also helps customize the bank’s offerings for an entirely different audience, ever-expanding
their existing base. Thus, AI helps financial institutions in providing their clients with the right services
when they need them most.

AI improves risk management

In banking, AI is a major game-changer in risk management. Financial institutes like banks are prone to
risk due to the type of data they handle each day. For example, banks employ AI-

26
powered solutions that can analyze data in massive volumes and can quickly spot patterns from several
channels. This helps predict and prevent credit risks and can identify individuals and businesses who might
default on their obligation to repay their loans. It can also identify malicious acts such as identity theft and
money laundering. AI tools and algorithms have revolutionized risk management in providing a safer and
more reliable banking experience.
Thus, it is clear that the impact of Artificial Intelligence in banking has improved risk management.

AI provides better regulatory compliance

This is one of the most overlooked impacts of Artificial Intelligence in banking. The banking industry is one
of the highest and strictly regulated industries globally. Banks need to comply with strict laws, regulations,
and guidelines to prevent, detect and address any and all deviations, illegalities, and nonconformities in their
operations. Moreover, compliance regulations are subject to frequent change and banks need to constantly
update their process and workflows in accordance with these regulations. But by harnessing the power of AI
in regulatory compliance, banks can simplify, automate and streamline the regulatory compliance activities
and workflows. Thus, by strategically leveraging AI-powered
regulatory compliance solutions, banks can overcome the daunting regulatory compliance challenges
faced today.
The future of banking is now. As the world is pacing briskly towards complete digital transformation,
advanced technologies like AI will be an even bigger imperative for the banking industry in the future.
Thus, the impact of Artificial Intelligence in Banking is huge and it will continue to play a huge role in the
banking industry providing more flexible and agile business models for growing needs in this digital world.
At Intone, we provide innovative expertise and capabilities needed to deliver the future of banking today.
Whether we’re helping to transform and modernize core banking operations, enable a mobile banking
experience to become a social one, create world-class payment and credit processes, or provide data
monitoring, analytics, and quality assessment and compliance and assurance reporting, our banking
consulting services empower our clients with data-driven insights and the right tools to excel in today’s
digital landscape.

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 6. API PLATFORMS

It’s no secret that the last decade has been one of the most transformative periods for the global banking
industry, at least from a regulatory perspective. Financial institutions have been forced to evolve under this
new era of transparency, with authorities taking unprecedented steps to ensure that consumer protection is
maintained in the face of all of the business activity being conducted by banks. Among the most
comprehensive transparency drives is Open Banking, which requires big banks to share their customer data
with third parties. And at the heart of Open Banking lie application programming interfaces (APIs).
APIs traditionally refer to technical interfaces for software programmers. Today, they have become increasingly
sophisticated, representing integral components of the Internet of Things (IoT), whereby smart devices utilize
APIs to deliver solutions to customers.

Three main types of APIs are being deployed by banks at present:

[Link] API: This API is accessible only within the financial institution and is therefore used to
improve internal processes, such as boosting operational efficiency.

[Link] API: A more open API that can be accessed by the bank’s preferred third-party partners. As
such, partner APIs can facilitate greater expansion through new channels than a private API. Such
partners could include clearinghouses, brokerages and custodian banks, and they can provide
services to their customersusingthebank’splatform.

[Link]/public APIs: Not as commonly used at this stage, this API involves making business
data available to third parties. Banks can deploy such APIs to generate additional business
and grow their customer bases. For example, the bank could enable an API for a loan-
comparison app, which wouldallow it potentially to acquire new business from
customers shopping for new loans.

As such, banking APIs—especially open APIs—are now playing a crucial role in helping lenders transition
from traditional banking to open banking, allowing third parties to utilize banks’ services or indeed offer the
same services to their own customers. They also enable businesses to more seamlessly connect with their
consumers than was previously possible, which in turn should improve the customer experience. A digital
wallet, for instance, helps to provide payment services. Or the customer could use GPS (Global Positioning
System) tracking with the bank’s API to locate the nearest branch or automated teller machine.
Customer-specific APIs are also being created with the appropriate levels of security to provide customers
with their own individually tailored banking information—such as account alerts, bill payments and fund-
transfer services—allowing them ultimately to gain better control oftheir finances.
As is often the case these days, data analytics lies at the heart of the banking API revolution. Banks can now collect
substantial quantities of data relating to customer behaviors, which should, in turn, enable them to create more
tailored marketing initiatives. Through using networked accounts, for instance, banks can gain a more
realistic picture of customers’ financial situations, which in turn should inform them more accurately of the types
of lending products that would be most suitable for them. Customers can also now indicate their banking
preferences directly to their bank, indicating exactly which offerings they do and do not like.

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As an example, the Canadian digital bank Tangerine partnered with IBM to develop its mobile-banking app, which
provides an opt-in “shake to feedback” feature. “It offers customers an immediately accessible way to provide
personalized feedback directly to the bank,” according to IBM. “This capability gives personal attention to the
banking consumers who may not believe they are heard when they post in a generic app store comments area.”
Importantly, IBM notes, Tangerine “gains insight on any patterns for app defects and design improvement ideas
straight from their customers”.
Third parties can also leverage banks’ financial information to build applications that facilitate a connected network of
financial institutions and third parties. But while this should prove beneficial in most instances, it also means that a
large network of parties could be impacted adversely should the bank fail to perform. India’s Yes Bank provides an
apt example of this problem. After being placed under moratorium in March by the Reserve Bank of India (RBI),
the troubled lender caused service disruptions to payment-services
providers and other partners of the bank that were using its APIs as well as its B2B (business- to-business) API
service. Speaking to Indian start-up publication Inc42, the chief executive officer of payments firm Razor pay noted
that “Yes Bank has one of the best API networks in the country which explains the large dependence of ecosystem
players on the bank. While our services have not been directly impacted, the broader ecosystem will be hit due to
the interconnectedness of the participants”.
Nonetheless, APIs are now having an increasingly significant impact on the global banking system, and things
look set to only grow further from here. This seems especially likely given the encouragement that Open Banking
has received from not only the banking industry but also from regulators and government entities. Indeed, through
PSD2, there is now a regulatory incentive for banks to adopt APIs sooner rather than later.
Initiatives such as the Open Bank Project, founded by Berlin-based software company TESOBE, are certainly
expediting this adoption rate. The Project, which has already worked with more than 40 bank customers around the
world, enables banks to offer an ecosystem of third-party apps and services to their customers. “We provide banks
with an open API (for partners and 3rd party developers), an app store (through which end-customers discover the
Apps made available by the bank) and a strong community of 3rd party developers already familiar with the API,”
the Project explains.
By enabling financial institutions to connect with businesses and consumers, to transfer information securely and
conveniently, and to boost the scope of products and services they can offer to a potentially wider customer base,
APIs could ultimately have a profound transformative effect on the future of banking.

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The time when banks could control the whole customer experience through a monolithic system that controlled
everything from keeping records to every customer interaction is long-gone. Both the regulatory requirements and
the revolving customer needs have turned this humongous system into dinosaurs.

Today banks need to instead build “banking stacks” that allow them to be a platform to which customers and
third- party service providers can connect to deliver a flexible and personalized experience to the end user. To do
so, they can use APIplatforms for banking.

API Banking Platform is designed to work through APIs that sit between the banks' backend execution and
front-end experiences provided by either the bank itself or third-party partners.

This allows the banks to adopt completely new business models and use cases (for example, enabling salary
advances) and experiment with new technologies like blockchain at low cost. APIs also help banks to
future- proof their systems as the front-end is no more tightly coupled
with the backend.

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 7. PRESCRIPTIVE SECURITY

The nature of cyber risk changes at a great speed. This makes the traditional approaches to risk
management obsolete. It is now clear that it is impossible for organizations to eliminate all possible
sources of cyber threats and limiting the attack footprint at the earliest is the Bestway to deal with these.
The banks will have to be nimble in the way they approach cybersecurity.
Increasingly banks are deploying advanced analytic, real-time monitoring and AI to detect threats and stop
them from disrupting the systems. The use of big data analysis techniques to get an earlier visibility of threats and
acting to stop them before they happen is called prescriptivesecurity.

While the disruption brought by implementing the new technique may lead to an increase invulnerability at
the start, this is thewayforward to stoptheever-increasing databreachesthat variousorganizationsare
reporting.

The global prescriptive security market is poised to witness significant growth during theforecast period.
Prescriptive security continues to create high growth perspective with

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growing concern towards the safety of financial institutions, due to rising cyberattacks and cybercriminal
activities. In spite of sustainable research and development, many financial, industrial, and government
information systems continue to be attacked by cybercriminals. Moreover, enterprises are continually seeking
the products incorporated with the perspective and predictive analytics technologies.
In the age of digitalization for addressing the increasing safety concern, prescriptive security is vital. This
technology leverages the augmented variety and velocity of information to guide identity and react to threats
before they occur. Such factors are expected to play a significant
role for market growth. Nevertheless, there are some hindrances factors in the market
expansion including cost, data protection, and regulations. Moreover, there are specific rules and regulations
enforced by the government organizations mandating prescriptive standards for all market participants; this is
expected to become one of the restraining factors for the Perspectivesecurity market.
Perspective security is typically based on some measure of effectiveness using objective and
subjective indicators and prioritized to address security vulnerabilities based on severity and prevalence.
Prescriptive security managed services bring a comprehensive security ecosystem
for or more streamlined threat detection and accelerated security outcomes. Adobe Systems’
Secure Product Lifecycle2 (SPLC), Microsoft Security Development Lifecycle1 (SDL), and SAFE Code’s
“Fundamental Practices for Secure Software Development” are some of the prescriptive method examples
used nowadays. This proactive method to safety uses automation and big data analytics to detect security
events more precisely. Prescriptive security requirements include broad obligations regarding the use of multi-
factor authentication and encryption.
The Prescriptive security market can be segmented on the basis of application, and deployment mode and
industry vertical type. On the basis of application type, the market can be segmented as incident detection,
pattern recognition, surveillance and person of interest
screening. The market is further segmented on deployment mode including hosted and on
premise. Industry verticals served by the prescriptive security, are law enforcement and intelligent agencies,
public transport security, critical infrastructure security and border control. As there are numerous security
problems detected in the organizations owing to the potential security incidents, industries and vendors are
opting for the more advanced analytical capabilities.
Presently, North America is expected to remain a prominent region in prescriptive security market.
Significant investment in safety and security system in various organizations, by vendors and consumers in
U.S. and Canada is estimated to deliver positive growth outlook for the prescriptive security
market. Industrialization in European countries is projected to create sustainable traction for
prescriptive security market. Developing countries including China, India, and others in the Asia
Pacific region have shown significant demand for prescriptive security, owing to the emerging
trend of the common security framework in smaller and mid-sized organizations.
Key market participants of the Prescriptive security market include Hexagon, Cisco System
Inc., IBM, NEC Corporation, SAS Institute Inc., Nice Systems Ltd., SAP ERP, ESRI, SplunkInc., Verint
Systems Inc., ATOSamongst others.

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 8. HYBRID CLOUD

One of the biggest challenges that the digital age has brought to banking is the need to respond quickly.
The constantly evolving market that banks operate in requires them to be as agile as possible. They need to be
able to provide resources across the enterprise in a timely manner to address business
problemsfaster.
High performing banks have discovered that the most cost-effective way of achieving this is through an
enterprise- wide hybrid cloud. This allows them to pick benefits of both public and private while addressing
issues like data security, governance, and compliance along with the ability to mobilize large resources in a
matter of minutes.
Hybrid cloud also allows banks to offer innovative new offerings to its customers. For example,
ICICI Bank has partnered with Zoho to allow businesses to automate the basic reconciliation process
through Zoho Books, a cloud accounting software. The partnership does away with the need for data entry
and also makes it easier to offermultiple payment options to thecustomers.

Abundant services (PaaS, SaaS Product services) are available at public cloud. Consumption of any such
services without the control of bank IT leads to major security breach. Careful decision needs to be
followed by the bank while adopting public cloud services. Applications which are truly hybrid faces threats
in terms of log analysis, key management, and data encryption by having multiple tenants – few on
premise and few on public cloud.
Though, there are plenty of encryption techniques available to adopt hybrid cloud, the banking system faces
significant challenges in performance. For example, search capabilities and business intelligence capabilities are
some areas of concern in adopting hybrid cloud
while following strict encryption methodologies/solutions.
Legality – Banks follow obligations imposed by the law of the land to ensure protection of citizen rights. Every
bank needs to adhere to local legislation right from data security to bookkeeping of records (record
maintenance forx number of yearsbefore it is
purged/archived). Banks have good control on who can access data and what they can do

33
with it for applications hosted on-premise. However, tracking data access on public cloud is not100% possible.
While meeting ever greater regulatory requirements, banking sub-systems such as payments and transfers,
financial reporting, as well as audit and taxes are the areas where banks prefer to operate in the private
cloud infrastructure. Customer credit analysis is nowadays
outsourced to third party service providers by keeping part of the data on premise and by
providing secure connectivity to third party service providers with the rest on public cloud to ensure
legal compliance.
Currently, banks show increased appetite to use business process outsourcing (BPO) offerings using
hybrid cloud infrastructure by having core systems at their on-premise infrastructure and data for BPO at
public cloud infrastructure. This setup ensures all legalities
are followed and met, while allowing BPO call centers to operate from remote locations
thereby cutting costs.
On mortgage and loans, systems such as loan booking, disbursal servicing, and collared management are
the areas where public cloud offerings are utilized by the banks. Foreclosure management and associated
systems are on premise considering the legal requirements that need to be followed by the bank.
Standards- Banks need to adhere to the code and standards of the host country. Areas such as customer awareness
programs, credit counselling services, ‘customer matters’, and customer forums to address grievances
are normally designed to use public cloud infrastructure. For
data collection – from signature capture and verification, document capture, document
generation and account opening, the natural choice is on-premise deployments.
Banks need to shed their legacy approach and build an iterative, design intuitive hybrid cloud infrastructure,
whichwill helpthe ultimately deliver simplerservices to theircustomers.
Customer record bookkeeping (e.g. for x number of years) and physical deletion formalities need to be
verified by the bank’s audit team and it evolves as a major risk since public cloud service providers follow
different
deletion procedures. This forces bank’s systems to adopt to
on-premise cloud infrastructure for those applications which must run through stringent audit
procedures (e.g. credit card data provisioning systems). Talent management and training, social media data
analysis, and smart customer/social analytics are the areas of work completely done on public cloud to
leverage various benefits of third-party service providers and SaaS benefits of public cloud service providers.
Consumer banks get more benefits by adopting hybrid cloud in support services such as human
resources administration, and procurement services such as vendor and IT service management. Most
banks prefer public cloud in such areas which benefits them in terms of
cost savings, leveraging benefit of work/support from remote, and bringing new areas of
innovation (innovative bots in training and IT services)
Consumer banking systems now rely more on open banking standards to build APIs that share data
securely with third party applications; bringing more value to customers accessing bank data and
leveraging the benefits offered by these third-party service providers.
Naturally, hosting such APIs goes to public cloud infrastructure.
Regulation – Success of hybrid cloud enablement purely depends on how bank identifies the risks and
manages them. There are regulations to hold the data and access them within a country. This forces the
banking industry to adopt hybrid cloud. Apparently, the cloud service

34
provider is forced to host their servers locally and cost of maintaining them is passed on to the bank. This
further forces the bank to adopt slice-and-dice approach when deciding to move only part of the
application to public cloud infrastructure for meeting regulatory requirements. Hence, international banks
increase their footprints across the globe by adopting local data centers or setting up data centers locally
on their own.
Banks follow a closed approach by having systems and customer data, that need to follow regulatory
requirements, on premises. Host-to-host, point of sale corporate payment access, and SWIFT need to follow the
regulatory act of the country of operation and so the choice is
private cloud for banks.
Consumer bank credit card subsystems such as account services, authorization and charge
back, claims settlement and billing are usually hosted in-house to meet regulatory requirements of the bank.
Innovation such as artificial intelligence-driven fraud monitoring helps the bank in regulatory compliance
and many consumer banks adopt hybrid-based data analysis to improve fraud detection
andreporting.
Competition
To meet stiff competition, branding and marketing are designed in a way that some portion lies in private
cloud (rebrand positioning, customer/prospect marketing) and some in public cloud (e.g. campaign delivery,
surveys, advertising and branding communications). For benefit of the customer, many banks have chosen to
implement open APIs in areas such as interest rates, loan offerings etc. that can be consumed by the third-
party application/service providers to give real benefit to the customers. Today it has become a lifeline for
banks to leverage technology so that both bank and the third-party application/service provider benefit from
open APIs.
Many banks prefer to host the APIs in the public cloud rather than on- premise data centers due to
various technical reasonsincludingsecurity andscalability (scaleup as andwhenneeded).
Adopting new technological trends range from intelligent bots to artificial intelligence in digital
marketing, where consumer banking system relies mostly on hybrid cloud architecture. Business
process automation (RPA) in customer servicing (account payable,
know your customer) and various report automation are the areas where hybrid cloud
architecture is being adopted. However, to meet the compliance requirement, areas such as account pre-closure,
fraud detection and credit card processing are still largely on-premise data centers in closed proximity with the
bank’s IT network.
Finally, designing and building a hybrid cloud should be an iterative approach, where the bank enterprise
needs to satisfy (rather than compromise) different IT teams and the user base. Hybrid cloud is the right
choice for the banks and with confidence in the ever-growing technology, it will become a common practice
in the banking system to use hybrid cloud infrastructure.
My final point: No Bank is ready to compromise customer (data) against cozy deployment of its
application/data either on premise or at public cloud.

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 9. INSTANT PAYMENTS

As the world moves towards a less-cash economy, the customer expectations around payments have
changed dramatically. Both customers and business expect payments to happen instantaneously, and
this is where instant payment systems step in. Instantaneous online payments need to replace cash
transactions. Therefore, banks around the world are finding ways of providing their customers options for
instant payment, even when the infrastructure required payment is a must if for the service Is lacking.

For example, banks in Kenya are partnering together to provide P2P payment experience to their customer base.
You would soon see banks combining their instant payment capabilities with third-party e- and m-
commerce solutions to develop a new portfolio of services.

Customer expectations have already shifted to a 24/7 mindset, expecting companies to move faster and to be
more decisive in customer support functions. With Instant Payments quickly becoming the new normal this is
now going one step further.
This year, many Dutch banks introduced the possibility for their customers to make ‘Instant
Payments’. ING, ABN AMRO, Rabobank, SNS Bank, ASN Bank,
Regio Bank and Knab all have enabled their customers to send and receive payments in a
matter of seconds. Within the Netherlands the maximum amount for Instant Payments is
36
uncapped and processing the payment will take around 5 seconds. For international Instant Payments within
European borders the maximum amount is € 15.000, - and processing will take around 10 seconds. This new
service is available 24 hours a day, 365 days a year and allows the amount to be credited immediately to a
beneficiary. The beneficiary has access to the funds within seconds.

Consumers are increasingly expecting to get what they want quickly, round the clock and at the push of a
button. This also goes for their payments and that is why Instant Payments will quickly become the new
normal. Instant Payments have many benefits but also bring about challenges for the organizations
that provide these payments. Payment providers should prepare themselves for the impact Instant
Payments will have on their business.

Instant Payments worldwide

The Netherlands is not the only country that has been involved into creating an Instant Payments scheme.
Instant Payment schemes have been introduced in a wide range of countries, with very different levels of
integration and readiness. Currently, according to instapay. Today, a website that brings together the
latest insights from across the payment’s world, there are 46 payment schemes live, 12 planned, and 8
hybrid schemes. Instapay categorizes a scheme as hybrid when there is a live payments system but is not
a true Instant Payments system. The worldwide frontrunner, according to the annual Instant Payments
report ranking by FIS, is India. Over 5.2 billion transactions were recorded during 2018. For two years in
a row, they have been recognized as the leading provider of
Instant Payments because of the system’s standard, published API and strong participation from third-
party vendors. With the ‘go live’ of several SEPA countries, we can clearly see that Instant Payments are
becoming the new normal and that now is the time for people and companies to act to get the most out of
the opportunity.

Benefits for both business and consumers

Let’s start off with the business benefits. First benefit could be an even lower amount of cash payments
for merchants: customers can pay in-store through bank transfer, next to the regular card options. The
same is already happening in Sweden through a mobile
payment solution called ‘Swish’, launched in 2012 by six large Swedish banks in which a customer’s phone
number is connected to his/her bank account and payments can be transferred in seconds. Another benefit is
cashflow improvement: businesses will be able to receive payments during the weekend and immediately
spend and/or invest this money again. Furthermore, businesses can serve their customers better by offering
them an additional safe and quick way of paying. Lastly, for certain B2B markets, doing
business over the weekend becomes a lot easier: the value of all kinds of raw materials (for example grain)
can now be determined during the weekend and sold based on this.

For consumers, one of the benefits is an instant bank transfer between you and your friends: this
can be convenient in many situations (for example splitting the bill in a

37
restaurant). Also, purchases through platforms such as online auctions
website [Link] become easier and safer: it can be done on the spot. Both the buyer and seller
instantly know that the payment was processed. Another benefit is a reduced necessity for large cash
payments: creating new opportunities to pay on the spot for goods such as a car or even a house. Lastly, in
certain unexpected situations Instant
Payments can be of great value, think of using your travel insurance and needing an instant pay-out to be
able to pay for a hospital bill.

Challenges for organizations

Especially in the adoption phase of Instant Payments there will be considerable challenges for
organizations. The overarching challenge for both banks and organizations is to focus on safety, integrity
and trust. On the side of banks, the focus will be on screening and monitoring transactions. We have
summarized the top 3 challenges that organizations will face.

 Increased pressure on Service Level Agreements: Pressure on SLA’s, in terms

of invoices, where both companies and customers alike will be getting more and more used to instant
repayment (e.g. credit invoices). This also means that a company will have increased pressure on
cashflow and cash positions and because of that might have to rethink its cash management.

 Interoperability between payment schemes: Interoperability between the different Instant

Payment schemes is still quite a far away. For companies this means that the banks they choose can
be of strategic importance with regards to offering Instant Payments to their clients. A worldwide
coverage of Instant Payments for your multinational might require you to have a spread of different
payment schemes.

 Fraud: It is considerably more difficult to deal with fraudulent payments if they are irrevocable.
For this reason, the UK has started a campaign designed to tackle financial fraud. Furthermore,
the interoperability and fragmentation of the different payment solutions can become the cause of
not meeting customer demands. Therefore, it should not come as a surprise that a new study has
shown that 93% of US companies fail to meet the consumer demands regarding Instant
Payments, with customer satisfaction suffering becauseofit.

Because there will still be many business solutions to follow the first steps into Instant Payments, the ever-
changing mindset of both the customer and companies should be considered. Customer expectations have
already shifted to a 24/7 mindset, expecting
companies to move faster and to be more decisive in customer support functions. With
Instant Payments quickly becoming the new normal this is now going one step further. Businesses need to
be ready for this this change in order to keep up with customer demands. Organizations need to act
now and overcome the challenges mentioned earlier to reap the full benefits of Instant Payments and catch
up with the already shifted mindset of retail and commercial clients.

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 10. SMART MACHINES

You must have already seen assistants like Amazon’s Alexa and Google Home in action. Can you imagine the
impact these could have on banking applications in fact, Bank of America has already developed Erica
as a virtual assistant specifically for banking operations. These smart machines are beginning to act as digital
concierges for the customer in interacting with banks as well.

Banks will have to invest in digital engagement to ensure long lasting relationships with the
customer. Remember that customers will gravitate towards banks that are easiest to work with when
they are using technologies that they have become habituated to.

Benefits of Machine Learning in Banking

Artificial Intelligence and Machine Learning are able to provide unprecedented levels of automation, either by
taking over the tasks of human experts, or by enhancing their performance while assisting them with routine,
repetitive tasks. But what are the main benefits of Machine Learning in Banking? This question has many
possible answers, and what is even more interesting, the number of answers will continue to expand as the
newest technological solutions hit the market. Here is an attempt to highlight the most important ones:

Greater Automation and Improved Productivity

Artificial Intelligence and Machine Learning can easily handle mundane tasks, allowing managers more time to
work on more sophisticated challenges than repetitive paperwork.
Automation across the entire organization will ultimately lead to greater profits.

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Personalized Customer Service

Automated solutions with Big Data capabilities can track and store as much information
about the bank’s customers as needed, providing the most precise and personalized customer experience.
Optimizing the customer footprint allows banks to leverage analytical capabilities of Artificial Intelligence
and Machine Learning to detect even the most subtle tendencies in customer behavior, which helps create
a more personalized experience for each individual client.

More precise Risk Assessment

Having an accurate digital footprint of each customer also can help banks reduce uncertainty for managers
working with individual clients. The automated system is more accurate than a human in such areas as analysis
of loan underwriting, eliminating any possible human bias.

Advanced Fraud Detection and Prevention

This is probably the top benefit of AI/ML for any financial institution because there has historically been, and
will continue to be, criminals who are devising methods to commit financial fraud. Fortunately, there are
currently a wide range of proven methods and techniques of ML-powered Fraud Detection on the market. We
will talk about all of them in greater detail in this article, and you will find out how to make your bank even
more secure thanks to the technological innovations.

HOW ARTIFICIAL INTELLIGENCE IS USED FOR FRAUD MONITORING IN BANKS

The data that banks receive from their customers, investors, partners, and contractors is dynamic and can be
used for different purposes, depending on which parameters are used to
analyze them. Basically, the scope of AI for banking can be grouped into five large group

 Improving Customer Experience

When banks and other financial organizations got the opportunity to learn everything about a user
and his behavior on a network, they simultaneously gained the opportunity to improve the user
experience as much as possible.

 Chatbots

For example, if a user has difficulty working with a website or application, chatbots are used to lead
him along the right path and at the same time reduce bank support staff’s workload. In addition,
modern chatbots can perform simple operations such as locking and unlocking cards as well as send
notifications to the user if he has exceeded the overdraft limit — or vice versa if the account balance is
higher than usual.

 Personalized Offers

Having a variety of information about user behavior allows financial companies to find out what
customers want at the moment, and moreover what they are willing and able to pay for. So, for
example, if a client was looking at ads from car dealers, then it might make sense to

40
 develop a personalized loan offer — of course, after analyzing his solvency and all possible risks.

 Customer Retention

Modern AI systems working with big data in banking can not only analyze, but also can make
assumptions. For example, in a number of cases, it is possible to predict the intentions of the client
if he wants to refuse the services of a banking organization. The knowledge of this intention signals
that it is necessary to take additional retention measures, create even more targeted and personalized
offers, and as aresult, improvethecustomerexperience.

 Banking Fraud Detection

Banking Fraud Detection is in the first place linked to the detection and prevention of damaging
operations that deal with transaction failures, returns, disputes, and money laundering, among others.
A much safer strategy for every payment service is to set a reliable fraud prevention system rather
than deal with the consequences of bad customer experiences and fraud lose

41
 DATA ANALYSIS AND

INTERPRETATION SWOT ANALYSIS OF

BANKING INDUSTRY

STRENGTH

 Banking Industry is the Oldest Industry: Due to Technological advancement Industries are
changing their structure. Banking has also changed its structure and system. Banking Industry has
proved to be one of the wide spread and widely acknowledged industry. It has also supported the
human race. Banking has adapted and updated itself to suit the new needs. Banks today play a
critical and indispensable role in society, from inculcating the habit of savings to helping people with
financial instruments.
 Financial Stability of Nation: In ensuring a nation’s economic growth and financialstability, the
banking industry plays a vital role. By fostering prosperity, banks contribute to the economy.
They assist the masses to maintain their resources and become important contributors to both the
national andinternational economy.
42
 Supplier of Financial Instruments: Banks have a wide range of financial instrumentsfor
their customers. Fixed Deposits, Stocks, bonds, insurance and savings accounts

43
are some of the varied products sold by banks. Furthermore, to provide online banking solutions,
banks have also embraced and incorporated digital technologies.
 Good Employment Source and Helps in GDP growth: There is a widespread consensus that
perhaps the improvement of the financial system leads to economic growth. Financial
development establishes encouraging conditions for growth by either supply-led (financial
development stimulates growth) or demand-driven growth. It is this industry that works
constantly to ensure financial stability, encourage foreign trade, promote jobs and reduce
poverty around the world.
 Financial Assistance: whether natural calamity or man-made calamity banks alleviatethe after-
effects of disaster by offering financial assistance to victims to rise up
bandleaderpeacefullifeagain.
 Diversified services: the banking sector provides insurance, loan and investmentservices
from Current and Saving Accounts.
 Connecting People: With the advent of a modern century, technological innovation Banks
have made life simpler for a common man. People can transact in many places on a real-time
basis.
 Changing from the position of simple savings & credit facilitator: today’s top bank priorities
include regulatory enforcement, improving asset quality, enhancing customer focus, concentrating
on digital convergence, and addressing competition from non-banks. Banks are now investing in
business and technology to improve their businessmodels.

WEAKNESS

 Global Economics Susceptibility: Due to Exchange Rate changes and changes in

world economy banking Industry is affected. It is also seen that slight shifts in the
exchange rates of currencies or the spending and saving patterns of the citizens of one major nation can
directlyimpacttheentirebankingindustry.
 Non-Performing Assets: The major weakness of the banking sector is NPAs (Non-
Performing Assets). Typically, NPAs denote loans that are not recoverable. This leads to financial
losses for the bank, inevitably. For the banking sector and the economy as a whole, NPAs can
have a debilitating impact. Developing countries like India face instances of high NPAs that
have dealt a significant blow to the nation’s banking industry.
 Lack of coverage in rural areas: It has been observed that the banking industry focusesmore on
urban areas in most countries, while rural regions are ignored. In the banking sector, this is a
considerable weakness. Villages are now home to a significant majority of the world’s population. In
developed countries, this is more. Banks are working in main stream don’t want to concentrate on
mainstreams. Banks must try to capture Rural Markets.

44
 OPPORTUNITIES

 Advancements in Technology: The banking industry has always based on technology.

This is evident that digital services provided by banks today are totally based on
technology. However, banks should continue to adopt the latest technological advances.
To draw future generations, theyshould focus on puttingoutnewergoods
andservices.
 Opportunities for rural growth: One of the banking industry’s weak points is its limited
presence in rural areas. But this vulnerability can actually be turned into an opportunity.
Banks will increase their customer base considerably by expanding into villages and
providing their services to the ruralpopulation.
 Societal Evolution: Both economically and culturally, human society is changing. The
needs and demands of customers with increasing income levels are bound to change in this
complex landscape. It is necessary for banks to adapt to this changing society. The sector will
solidify its position in the future by offering better services.
 Rising in the private banking sector: the banking industry around the world is highly
regulated by public sector banks and their respective central banks. With the emergence of
private sector banks, this sector is experiencing structural and functional shifts, primarily due to
the adaptation of new technology and intensified competition, there by benefiting end-
customers.

THREATS

 Lack of Cyber Defense Proper: The current banking industry relies entirely on the
cyber- world. Whether it is data storage, monetary transactions or personal information,
everything is stored digitally. This makes the banking sector a primary target for hackers
who are seeking to benefit financially by leveraging flaws in the banks digital infrastructure.
Unless banks take effective cybersecurity steps to safeguard their records, they will face a
significant cyberspace threat.
 Competition Stiff: Worldwide, banks face stiff competition. Not only from other banks,
but also from institutions like Non-Banking Financial Companies that sell a
range of financial products that are not available to all banks. This has contributed to a change of the
consumer base from banks to NBFCs, which are more embraced by the new skilled breed.
 Global Uncertainty in Economics: The world is going through difficult economic
times at present. The international banking sector has all been affected by trade wars, protectionist
policies, and economic downturns. If the world’s economic conditions do not change, banks will face
a bleak future.
 Recession: This is one of the biggest challenges to the nation’s financial system. The traumatic
shock of economic crises and the collapse of a number of companies will impact the banks
and vice versa.
 System stability: the failure of certain poor banks has also undermined the stability of the system.
 Government Regulations can directly affect the Banking Sector of a country

45
 FINDINGS
PROBLEMS/CHALLENGES FACED

They say buying an elephant is easier than owning it and this line fits perfectly well in Banking Sectors. The
banking industry is undergoing a radical shift, one driven by new competition from FinTech’s,
changing business models, mounting regulation and compliance pressures, and disruptive
technologies.
The emergence of FinTech/non-bank startups is changing the competitive landscape in financial services,
forcing traditional institutions to rethink the way they do business. As data breaches become prevalent
and privacy concerns intensify, regulatory and compliance
requirements become more restrictive as a result. And, if all of that wasn’t enough,
customer demands are evolving as consumers seek round-the-clock personalized service.

These and other banking industry challenges can be resolved by the very technology that’s caused this disruption,
but the transition from legacy systems to innovative solutions hasn’t always been an easy one. That said, banks
and credit unions need to embrace digital
transformation if they wish to not only survive but thrive in the current landscape.

These are few main challenges faced by the Banking Industry—

 Increasing Competition.

 A Cultural Shift.

 Regulatory Compliance.

 Changing Business Models.

 Rising Expectations.

 Customer Retention.

 Outdated Mobile Experiences.

 Security Breaches.

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RELEVANCE OF THE STUDY AND TECHNOLOGY ASSESSMENT

IMPORTANCE OF LATEST TECHNOLOGY IN BANKING SECTOR

1. Globalization:
Information Technology has brought the world closer and allowed for information to be shared
easily, quickly and effectively. Allowing for transactions to be performed regardless of
where an individual or business are located. Information Technology has broken down
geographical boundaries making the global village so small.
2. Communication:
Information Technology has made communication easier, quicker, cheaper and more efficient.
People are now able to communicate with each other from anywhere around the world. For
example, through video conferencing, email, texting, instant messaging, social networking, radio
on the go, television on thego, voicecalls and VoIP.

3. Cost Effectiveness and Operational Excellence:

Automation of processes for individuals and businesses means our daily lives have been transformed. Our
daily lives have been made so much easier and economically effective. Cost effectiveness gives rise to
profits realized and better pay for employees. Making daily lives easier and less strenuous working
conditions. Transactions are achieved in the less amount of time compared to the days before
automation. Fewererrorsaremade by theuse of IT.

4. Bridging the Cultural Gap:

People from different nationalities and cultures are able to communicate amongst themselves and this
allows for exchange of views and opinions which could better their lives, increase awareness and
decrease prejudice.

5. Longer Working Hours:

Business hours are extended from the normal Monday to Friday and 8-5 working days. The business is
virtually open 24 hours and 7 days a week. This applies to all businesses around the globe. The extended
hours allow for business transactions to be conducted from anywhere and anytime of day. People are
now allowed to purchase anytime and anywhere.

6. Creation of New and Exciting Jobs in the Field of IT:

Creation of new and interesting jobs within the Information Technology field. For example, would have
computer programmers, system administrators, system analysts, technical specialists of hardware
and software, web development, computer engineering and network administration.

7. Business Intelligence:

IT in banking gives competitive lead amongst other rivals. Crucial and essential information obtained will
be used in making strategic business decisions. Information attained from competitors, individuals,
business environment, internal operations and business partners.

47
 LIMITATIONS OF TECHNOLOGY USED IN BANKING SECTOR’S

Mobile banking customers are at great risk of receiving fake SMS messages and scams from hackers and
scammers. The loss of a person’s mobile device often means that the customer’s information can be accessed
unlawfully. Gaining access to customer’s mobile banking PIN and sensitive information. In order to have better
experience with mobile banking customers need to have access to more Modern mobile devices such as
Smartphone, PDA’s and tablets. From the literature attained on Mobile Banking Adoption there are several
key problems that were stated in the research. There are various problems customers face when using mobile
banking. The problems being:

1. Security and Risk:

Mobile customers are susceptible to scammers. A customer receives a fraudulent email or SMS
from a sender posing as a bank or financial institution. Requesting for the customer to send their
bank account details. If and when a mobile device is stolen the customer is at great
risk. Most customers automatically set their devices to save their personal information
leaving the customers vulnerable to scammers. As consistent with Chitungo and Munongo
customers of mobile banking are uncertain with issues such as loss and theft by hacking thus
discouraging the customers to adoptmobile banking.

2. Compatibility:

Banks offer the mobile banking services to all customers, some customers are limited to the number
of services offered as they do not have compatible devices, consistent with research conducted by Al-
Jabri and Sohail. Thus, the customer is limited to several services only with the constraint of the type
of mobile they have. Mobile applications designed can also be exclusively available to certain mobile
phone brands.
3. Cost:
The cost of mobile banking occurs if the customer does not have a compatible device, though if the
customer does have a compatible device, they may still incur data and text messaging costs. Extra costs
formobilebankingservice, for software.

4. Scalability and Reliability:

The banks need to ensure that mobile banking systems are working for customers to access the service
from anywhere and anytime. There can be loss of customer confidence if mobile banking services are
not metcontinuously, found to be consistent.

5. Application Distribution:

Customers would expect that the mobile application would be updated, upgraded and downloads
being available. On the other hand, there are numerous issues to ensure that the upgrade, update
and downloads are implemented successfully.

48
 DISCUSSION

 Enhanced Customer Experience:

 Adoption of AI-powered chatbots for customer service.

 Personalization through predictive analytics.

 Operational Efficiency:

Automation of routine tasks using robotic process automation (RPA).

 Use of blockchain for secure and transparent transactions.

 Risk Management and Security:

Implementation of biometric

authentication.

 Role of machine learning in fraud detection and prevention.

 Future Trends

 Predictions on how emerging technologies will continue to shape the banking

industry.

 Potential innovations like quantum computing, Internet of Things (IoT), etc.

 Regulatory Compliance:

Addressing regulatory concerns and compliance requirements.

 Integration Complexity:

Challenges in integrating new technologies with existing systems.

 Skills and Training:

Need for upskilling workforce to adapt to technological changes.

49
 RECOMMENDATIONS

1) Adopt a Strategic Approach to Technological Integration

 Assessment and Planning:
 Conduct thorough assessments of current technological capabilities and gaps.
 Develop a roadmap for integrating emerging technologies aligned with business goals.
 Investment in Research and Development:
 Allocate resources towards continuous research into emerging technologies.
 Partner with fintech startups or technology providers for innovation.

2) Enhance Customer Engagement and Experience

 Personalization and Customization:
 Implement AI and machine learning algorithms for personalized customer interactions.
 Offer tailored financial products and services based on customer data insights.
 Omni-channel Experience:
 Integrate seamless omni-channel platforms for consistent customer experience across devices.

3) Optimize Operational Efficiency

 Automation of Processes:
 Expand the use of robotic process automation (RPA) to automate routine tasks.
 Utilize blockchain technology for efficient and secure transaction processing.
 Data Analytics and Insights:
 Leverage big data analytics to derive actionable insights for operational improvements.
 Implement predictive analytics to forecast customer behavior and market trends.

4) Strengthen Security and Compliance Measures

 Enhanced Security Protocols:
 Deploy advanced biometric authentication methods for enhanced security.
 Implement real-time fraud detection systems using AI and machine learning.
 Compliance with Regulatory Standards:
 Stay updated with evolving regulatory requirements and ensure full compliance.
 Invest in robust cybersecurity measures to protect customer data and financial transactions.

50
 IMPLICATIONS OF STUDY

1. Innovation and Competitive Advantage

Implementing emerging technologies identified in our study, such as big data analytics and machine learning for
predictive modeling, can enable banks to innovate their product offerings and gain a competitive edge in the
market. By leveraging data-driven insights, banks can tailor products and services to meet the evolving needs and
preferences of customers, driving differentiation and market leadership.

2. Talent Acquisition and Skill Development

The adoption of emerging technologies requires a workforce equipped with specialized skills in areas such as data
science, cybersecurity, and AI development. Our findings emphasize the importance of investing in talent
acquisition and skill development programs to build a workforce capable of harnessing the full potential of these
technologies. Banks that prioritize talent development can foster a culture of innovation and maintain a sustainable
competitive advantage.

3. Ethical and Responsible Use of Technology

As banks integrate emerging technologies, it is essential to consider ethical implications and responsible use
practices. Our research highlights the need for banks to establish robust ethical guidelines and governance
frameworks to ensure the fair and transparent deployment of technologies like AI and biometrics. Upholding
ethical standards not only strengthens trust with customers but also enhances reputation and sustainability in the
industry.

4. Market Adaptation and Customer Education

Adopting emerging technologies may require banks to educate customers about new features, benefits, and security
measures associated with digital banking solutions. Our study underscores the importance of proactive
communication and customer education initiatives to facilitate smooth adoption and usage of technology-driven
services. By empowering customers with knowledge, banks can foster greater engagement and satisfaction,
driving long-term loyalty and retention.

5. Flexibility and Scalability in Technology Integration

The study identifies the significance of flexibility and scalability in adopting emerging technologies across diverse
operational and geographical contexts. Banks should prioritize scalable solutions that can adapt to changing
business needs and regulatory requirements. Our findings emphasize the strategic advantage of leveraging
modular technology architectures and cloud-based platforms to facilitate seamless integration and future-proofing
of digital transformation initiatives.

51
 CONCLUSION

In conclusion, the banking sector is now using new technologies to provide better services to customers. The
banking sector realizes that customers’ needs have changed with the advancements in technology and
their own needs. IT has allowed for improved banking products, competitive markets, implementation of
consistent methods for control of threats and has aided mobile banking services to reach geographic distance
and varied markets.
Extensive work needs to be done in the acceptance of IT in the banking sector so that the risks are eradicated.
Customers need to be informed on suitable precautionary measures for safety. To avoid failure regular
security checks are also required. Back-up and recovery plans to restore customer confidence in IT. For
inclusive growth, the benefits of mobile banking should reach to the common man at the remotest locations in
the country. Mobile Banking is a very powerful tool that is used to deliver payment services and account
queries for those with accounts

1. The mobile and wireless market has been one of the fastest growing markets in the world. The
arrival of technology and the escalating use of

2. mobile and smart phone devices, has given the banking industry a new platform. Connecting a
customer anytime and anywhere to them

3. money and needs are a must have service that has become an unstoppable necessity. This
worldwide communication is leading anew

4. generation of strong banking relationships. The banking world can achieve superior interactions
with their public base if they accommodate all

5. their customer needs. They have a unique challenge to keep their customer alliances and keeping
up with the new technologies, and

6. competitive strategies that other banks also have to offer the public. Conveniences of services
plus outside locations like ATMS are crucial to

7. every bank success. Meeting all challenges including safety and security are perfect examples of
good bankingstrategies. In order forthe

8. financial institutions to effectively grow they must embrace the new technologies and customize
them to suit theireconomicsuccess andthe.

9. Online banking is certainly here to stay. Online banking is a necessity for the bank's that we studied
and others in order for them to stay in

As we venture into the future, the internet will undoubtedly continue to change the banking industry. Mobile
Banking has brought-in enormous benefits to customers, banks, and staff particularly in terms of increase in
productivity, speedy and efficient service delivery, cost
reduction and increased profits. With the advancement of IT in the banking sector, customers
do not always want to visit banks branches. They are able to utilize the IT services provided

52
to make transactions. Banks now are facing serious challenges in stiff competition, security issues, making
potential customers aware of the mobile banking and also keeping the old customers satisfied. More focus
needs to be done on enhancing customer’s awareness and intention to use mobile banking services by more
research being conducted using the adoption theories. The mobile phone developers and the operating
software providers need to design more advanced technologies. The developers of the mobile banking
applications need to be aware of security, risk and trust issues that customers have. Solutions need to be
developed to solve security and trust issues customers may have with mobile banking issues.

53
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