Changing Environment in Indian Banking Sector

1Dr.B. Neeraja and Dr.M. Radhikaashree

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Abstract:

There has been a dramatic transformation in Banking Industry in last few years. Digital banking, multi services, competing global forces at lesser cost and online transactions are now significant and ubiquitous features for the banking services. There is now a move to achieve excellence in multi-dimensional aspects of the industry. To achieve this banking sector now strives to create an advanced business model with strategic planning, and FinTech (finance technology) offers one such business model. FinTech offers necessary help to banking sector so as to enhance customer relations, quality of services (Qos) and customer satisfaction. This paper analyzes FinTech on various perspectives like its offering such as a set of computer programs or software that enhances financial services with the help of advanced robotics, artificial intelligence (AI), enhanced cyber security and customer intelligence. The paper evinces the role of FinTech as a significant provider for new entrants with its simplified operational solutions. The paper stresses the increase on FinTech implementation in terms of fine tuning the digital efforts in financial domain. The focus is on investments and automation through robotics on transactions and other functions like lending, clearance, settling cash and security related transactions.

Keywords:

Banking Sector, FinTech, Artificial Intelligence, Customer Intelligence.

Paper Details
Month4
Year2020
Volume24
IssueIssue 5
Pages3304-3310