Mini Project - 2 Report

On

“APPLICATION OF EMERGING TECHNOLOGY IN

BANKING INDUSTRY”

Submitted for the partial fulfillment of the Award.

Of
Master of Business Administration
DEGREE
(Session: 2023- 2024)

SUBMITTED BY : NEHA SINGH

Roll No. 2302720700134

UNDER THE GUIDANCE OF

MISS. TANU GUPTA

GREATER NOIDA INSTITUTE OF TECHNOLOGY (MBA Institute)

AFFILIATED TO
DR. A.P.J. ABDUL KALAM TECHNICAL UNIVERSITY (FORMERLY UTTAR
PRADESH TECHNICAL UNIVERSITY), LUCKNOW

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 Student Declaration

I “NEHA SINGH ” hereby declare that the work which is being presented in this report
entitled “APPLICATION OF EMERGING TECHNOLOGY IN BANKING INDUSTRY” is an
authentic record of my own work carried out under the supervision of MISS. TANU GUPTA.

The matter embodied in this report has not been submitted by me for the award of any other
degree/ Diploma/ Certificate

NEHA SINGH

DATE:

GREATER NOIDA INSTITUTE OF TECHNOLOGY (MBA Institute)

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 Director

Certificate

This is to certify that the work which is being presented in this report entitle
“APPLICATION OF EMERGING TECHNOLOGY IN BANKING INDUSTRY ” is
an authentic record of the “NEHA SINGH” carried out under my supervision.
The statements made by the candidate are correct to the best of my knowledge.

Prof. (Dr.) ANSHUL SHARMA Name of Supervisor:

Director, MISS. TANU GUPTA
GREATER NOIDA INSTITUTE OF TECHNOLOGY
(MBA Institute) Date:
DATE:

(Seal of the Department/ College)

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 ACKNOWLEDGMENT
The acknowledgment should be brief and must not exceed one typed page in one and half spacing.
The student’s signature should be placed at the bottom and above his / her name typed in capitals.

DATE:
PLACE: Greater Noida (NEHA SINGH )

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 Content
Page

Topic Page No.

1. Industry choice and its overview 06-08

2. Technologies uses by selected industry 09-11

3. Business Model/s 12-14

4. Major competitors 15-16

5. Impact of technology and its application 16-18

6. Emerging technology impact 18-20

7. Estimated market size and market shares 20-22

(Based on the impact of emerging technologies)

8. Conclusion 22-23

9. Bibliography 23-24

[Link] 25-26

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 INDUSTRY CHOICE AND ITS OVERVIEW
Title: - “APPLICATION OF EMERGING TECHNOLOGY IN
BANKING INDUSTRY ”

Emerging technologies are transforming the banking industry in

several key areas, driving efficiency, enhancing customer experiences,
and enabling new business models. Here’s an overview of how some
of these technologies are being applied:

1. Artificial Intelligence (AI) and Machine Learning (ML)

Fraud Detection: AI and ML algorithms analyze transaction patterns
to identify and prevent fraudulent activities in real-time.
Customer Service: Chat-bots and virtual assistants provide 24/7
support, handling routine inquiries and improving customer
engagement.
Credit Scoring: Advanced models assess creditworthiness more
accurately by considering a broader range of data beyond traditional
credit scores.

2. Blockchain
Payments and Transactions: Blockchain technology offers secure,
transparent, and tamper-proof ledgers, reducing the need for
intermediaries and lowering transaction costs.
Smart Contracts: These self-executing contracts with the terms
directly written into code enable automated and trustworthy
transactions and agreements.
KYC/AML Compliance: Blockchain can streamline the Know Your
Customer (KYC) and Anti-Money Laundering (AML) processes by
securely sharing verified customer information.

3. Robotics Process Automation (RPA)

Operational Efficiency: RPA automates repetitive and time-
consuming tasks such as data entry, compliance reporting, and account
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reconciliation, freeing up human employees for higher-value activities.
Customer On boarding: Automated workflows speed up the on
boarding process, ensuring compliance and improving customer
experience.
4. Big Data and Analytics
Personalized Services: By analyzing large volumes of data, banks can
offer personalized financial products and services tailored to individual
customer needs.
Risk Management: Advanced analytics provide insights into market
trends and potential risks, enabling better decision-making and
proactive risk management.

5. Internet of Things (IoT)

Customer Insights: IoT devices collect data on customer behavior
and preferences, allowing banks to create more personalized services.
Asset Management: IoT helps in tracking assets and ensuring their
security, particularly in commercial banking.

6. Cloud Computing Scalability and Flexibility: Cloud services

offer scalable computing resources, enabling banks to manage their IT
infrastructure more efficiently and cost-effectively.
Data Storage and Security: Cloud solutions provide robust data
storage options with advanced security features, ensuring data integrity
and compliance.

7. Bio-metrics Enhanced Security: Biometric authentication methods

such as fingerprint scanning, facial recognition, and voice recognition
enhance security and reduce fraud.
Customer Convenience: Biometric solutions streamline the
authentication process, making it quicker and more convenient for
customers to access their accounts.

8. Open Banking and API s Innovation and Competition: Open

banking initiatives, supported by API s, allow third-party developers to
create new financial products and services, fostering innovation and
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competition.
Improved Services: API s enable seamless integration with other
financial services, providing customers with a more comprehensive
and convenient banking experience.

9. Quantum Computing (Future Potential) Enhanced

Cryptography: Quantum computing promises to revolutionize data
encryption and security measures, making financial transactions even
more secure.
Complex Problem Solving: It can solve complex optimization
problems in areas like risk management, trading strategies, and
portfolio optimization much faster than traditional computers.

These technologies are not only enhancing operational efficiencies and

reducing costs but also driving fundamental changes in how banks
interact with their customers and manage their business processes. The
continued adoption and integration of these technologies are expected
to further transform the banking landscape in the coming years.

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 TECHNOLOGIES USES BY SELECTED INDUSTRY

1. Digital Payments

 Unified Payments Interface (UPI): Facilitates instant money transfer

between bank accounts via mobile devices.
 Mobile Wallets: Platforms like Paytm, Google Pay, and PhonePe
allow users to store money digitally and make payments quickly.
 Contactless Payments: Using Near Field Communication (NFC)
technology for fast, secure transactions.

2. Artificial Intelligence (AI) and Machine Learning (ML)

 Chatbots and Virtual Assistants: Tools like HDFC Bank's EVA or

SBI's SIA provide customer support and handle routine inquiries.
 Fraud Detection: AI algorithms monitor transactions in real-time to
detect unusual activities and prevent fraud.
 Credit Scoring: ML models analyze a wide range of data to assess
creditworthiness more accurately.

3. Blockchain

 Secure Transactions: Blockchain ensures secure, transparent, and

tamper-proof transactions.
 Smart Contracts: Automate contract execution, reducing the need for
intermediaries and speeding up processes.
 Cross-Border Payments: Platforms like Ripple use blockchain to
facilitate fast, low-cost international payments.

4. Robotic Process Automation (RPA)

 Automation of Repetitive Tasks: RPA bots handle routine processes

like data entry, account reconciliation, and compliance reporting.
 Customer On boarding: Automates the process of collecting and
verifying customer documents.

5. Big Data Analytics

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  Customer Insights: Analyzes transaction data to understand customer
behavior and preferences.
 Risk Management: Uses data analytics to identify potential risks and
manage them proactively.
 Personalized Marketing: Tailors marketing efforts based on
individual customer data.

6. Cybersecurity

 Encryption: Protects sensitive information during transmission and

storage.
 Multi-Factor Authentication (MFA): Adds an extra layer of security
by requiring multiple forms of verification.
 Behavioral Biometrics: Analyzes user behavior patterns to detect and
prevent fraud.

7. Internet of Things (IoT)

 Smart ATM's: Io T-enabled ATM's can monitor their own status and
alert for maintenance needs.
 Wearable Banking: Devices like smartwatches that allow users to
check balances and make transactions.

8. Cloud Computing

 Data Storage and Management: Banks use cloud services to store

vast amounts of data securely and access it quickly.
 Software as a Service (SaaS): Cloud-based applications streamline
operations like customer relationship management (CRM) and
financial planning.

9. Biometrics

 Fingerprint and Facial Recognition: Enhances security and

simplifies authentication processes for customers.
 Voice Recognition: Used in phone banking services for customer
authentication.
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10. API Integration

 Open Banking: API s allow third-party developers to create new

services, fostering innovation and competition.
 Seamless Connectivity: Facilitates the integration of various banking
services and systems, improving efficiency.

11. Virtual and Augmented Reality (VR/AR)

 Virtual Branches: Provides immersive banking experiences through

virtual reality.
 Training and Simulation: Uses VR and AR for employee training
and customer education.

12. 5G Technology

 Faster Mobile Banking: Enhanced mobile banking experiences with

faster data transmission.
 Enhanced Security: Better encryption and network security features.

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 BUSINESS MODEL’S

Application of emerging technology in banking industry business model :

Emerging technologies are reshaping the business models of the banking

industry in several trans-formative ways. Here’s how different technologies
are being integrated into banking business models:

1. Digital Banking and Mobile Apps Branch less Banking: Mobile and
online banking platforms reduce the need for physical branches, cutting
costs and reaching a broader customer base.
Customer Engagement: Personalized user interfaces and features such as
real-time notifications, budgeting tools, and financial advice enhance
customer engagement and satisfaction.

2. Fin Tech Collaboration

Partnerships: Banks are partnering with Fin Tech companies to leverage
innovative technologies and offer new services, such as peer-to-peer
lending, robo-advisory, and block chain-based payments.
API Ecosystems: Open banking initiatives encourage collaboration
between banks and third-party providers, allowing seamless integration of
new financial products and services.

3. AI and Machine Learning Personalized Financial Services: AI

algorithms analyze customer data to offer tailored financial products, such
as customized loan offers, investment advice, and insurance products.
Automated Customer Support: AI-powered chat bots and virtual
assistants provide instant customer support, reducing the need for extensive
call center operations.

4. Block chain and Cryptocurrencies Decentralized Finance (DeFi):

Block chain enables DeFi platforms, which offer financial services such as
lending, borrowing, and trading without traditional intermediaries.
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Cryptocurrency Services: Banks are beginning to offer cryptocurrency
trading, custody, and investment services to meet growing customer
demand.

5. Cloud Computing Scalable Infrastructure: Cloud services provide

scalable infrastructure, allowing banks to rapidly deploy and update
applications, enhance disaster recovery, and manage data efficiently.
Cost Reduction: By moving to the cloud, banks can significantly reduce IT
costs related to hardware, maintenance, and data storage.

6. Big Data and Analytic Customer Insights: Banks leverage big data to
gain deeper insights into customer behavior, preferences, and needs,
enabling more effective marketing and product development.
Risk Management: Advanced analytic improve risk assessment and
management, leading to more accurate credit scoring and fraud detection.

7. Internet of Things (IoT) Enhanced Customer Experience: IoT devices

provide real-time data that banks use to offer proactive financial advice and
personalized services.
Asset Tracking: IoT enhances the ability to monitor and manage assets,
particularly in sectors like commercial banking and real estate finance.

8. Robotics Process Automation (RPA) Operational Efficiency: RPA

automates routine tasks such as transaction processing, compliance checks,
and report generation, reducing operational costs and errors.
Enhanced Accuracy: Automated processes ensure consistency and
accuracy in data handling, improving overall operational reliability.

9. Bio metrics Secure Authentication: Biometric authentication methods

(fingerprint, facial recognition, etc.) provide secure and convenient ways for
customers to access services, enhancing security and reducing fraud.
Streamlined Processes: Biometric can expedite processes such as account
opening, loan applications, and transaction authorizations.

10. Quantum Computing (Future Potential) Optimized Financial

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Models: Quantum computing holds the potential to revolutionize complex
financial modeling, risk management, and trading strategies.
Enhanced Encryption: Quantum computing could enhance cryptographic
methods, providing unprecedented security for financial transactions.

11. Sustainability and Green Banking Eco-friendly Practices: Banks are

integrating green technologies and practices to support sustainability, such
as paperless transactions, green bonds, and financing for renewable energy
projects.
Sustainable Investment Products: Offering green investment products and
services to meet the growing demand for socially responsible investing.

[Link]-to-Peer (P2P) and Crowdfunding Platforms Alternative

Financing: P2P lending and crowdfunding platforms provide alternative
financing options for individuals and small businesses, often with more
favorable terms than traditional banks.

13. Reg Tech (Regulatory Technology) Compliance Automation: Reg

Tech solutions help banks automate compliance processes, reducing the cost
and complexity of adhering to regulatory requirements.
Real-Time Monitoring: Advanced analytic and AI monitor transactions in
real-time to ensure compliance with AML and KYC regulations.

By incorporating these technologies, banks are evolving their business

models to become more agile, customer-centric, and efficient, thereby
enhancing their competitive edge in the rapidly changing
financial landscape.

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 MAJOR COMPETITORS
Major competitors of emergency technology in banking industry
In the banking industry, companies providing emergency technology
solutions focus on cybersecurity, fraud detection, disaster recovery, and
business continuity. Some of the major competitors in this space include:

IBM - Offers comprehensive cybersecurity solutions, disaster recovery, and

business continuity services.

Microsoft - Provides cloud-based solutions for data protection, disaster

recovery, and security through Azure.

Cisco - Delivers robust network security and disaster recovery services.

Palo Alto Networks - Specializes in advanced cybersecurity solutions,

including threat detection and response.

CrowdStrike - Known for its endpoint security and threat intelligence

services.

FireEye - Offers cybersecurity solutions and incident response services.

Symantec (now part of Broadcom) - Provides a wide range of

cybersecurity products, including threat protection and information
management.

Check Point Software Technologies - Specializes in network security, cloud

security, and mobile security.

VMware - Offers disaster recovery solutions and cloud infrastructure for

secure and resilient banking operations.

F5 Networks - Provides application security, fraud prevention, and secure

access solutions.

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These companies are at the forefront of developing and implementing
emergency technologies to ensure the security, continuity, and resilience of
banking operations

APPLICATION OF TECHNOLOGY

The application of emergency technology in the banking industry is crucial

for ensuring the resilience and continuity of financial services during
unforeseen events. Here are some key areas where emergency technology is
applied:

Disaster Recovery and Business Continuity Planning:

Data Backups: Regularly scheduled and real-time data backups ensure that
critical financial data is not lost during disasters.
Remote Work Solutions: Technologies enabling remote access to systems
allow banking staff to work from safe locations if the primary office is
inaccessible.

Communication Systems:

Emergency Notification Systems: Automated systems send alerts to

employees and customers about disruptions, ensuring timely
communication.
Unified Communication Platforms: Integrate various communication
channels to ensure seamless and efficient communication during
emergencies.

Operational Resilience:

Cloud Computing: Cloud services provide flexible and scalable solutions

for data storage and processing, allowing banks to maintain operations
during physical disruptions.
Redundant Systems: Implementing redundant systems and infrastructure
ensures that critical functions can continue even if primary systems fail.
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Blockchain Technology:

Secure Transactions: Blockchain provides a secure and transparent method

for conducting transactions, which can be particularly useful during crises
when trust in traditional systems might be compromised.
Smart Contracts: Automate and enforce the execution of contracts without
the need for intermediaries, ensuring continuity in financial agreements.

Mobile Banking Solutions:

Mobile Apps: Enable customers to access banking services remotely,

reducing the need for physical branch visits during emergencies.
Digital Wallets: Facilitate cashless transactions, which can be critical in
situations where physical cash handling is impractical.

Robotic Process Automation (RPA):

Automated Customer Support: Chatbots and virtual assistants provide

24/7 support to customers, handling routine inquiries and transactions even
during emergencies.
Process Automation: RPA can automate back-office processes, ensuring
business operations continue smoothly without manual intervention.

Geospatial Technologies:

Location-Based Services: Provide real-time information on the status of

bank branches and ATMs, guiding customers to operational facilities.
Disaster Impact Analysis: Analyze the geographical impact of disasters to
prioritize recovery efforts and resource allocation.

These technologies help banks prepare for, respond to, and recover from
emergencies, ensuring that financial services remain available and secure
for customers and businesses alike.
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 EMERGING TECHNOLOGY IMPACT IN BANKING
INDUSTRY

Emerging technology is transforming the banking industry in

several significant ways:

Digital Banking and Mobile Payments:

Mobile apps and online banking services offer customers the convenience of
managing their accounts and conducting transactions from anywhere.
Technologies like Near Field Communication (NFC) enable contactless
payments, making transactions faster and more secure
.
Artificial Intelligence and Machine Learning:
AI-powered chatbots and virtual assistants improve customer service by
providing instant support and handling routine inquiries.
Machine learning algorithms enhance fraud detection and prevention by
analyzing transaction patterns and identifying anomalies.

Blockchain and Cryptocurrencies:

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Blockchain technology ensures secure and transparent transactions,
reducing the need for intermediaries and minimizing fraud.
Cryptocurrencies offer new forms of digital assets and payment systems,
challenging traditional banking models.

Fintech Collaboration:
Banks are partnering with fintech startups to integrate innovative solutions,
such as peer-to-peer lending platforms and robo-advisors, which offer
personalized investment advice based on algorithms.

Regulatory Technology (RegTech):

RegTech solutions streamline compliance processes by automating
regulatory reporting, monitoring transactions for suspicious activities, and
ensuring adherence to regulations.

Open Banking:
Open banking initiatives, facilitated by APIs, allow third-party developers to
build applications and services around financial institutions, promoting
competition and innovation.
Customers can manage multiple accounts from different banks through a
single interface, enhancing their banking experience.

Cybersecurity Enhancements:
Advanced encryption methods and multi-factor authentication improve the
security of online banking platforms.
Behavioral biometrics analyze users' unique patterns, such as typing speed
and mouse movements, to detect and prevent unauthorized access.

Big Data and Analytics:

Banks leverage big data to gain insights into customer behavior,
preferences, and needs, enabling more targeted marketing and personalized
services.
Predictive analytics help in assessing credit risk, enhancing decision-making
in loan approvals and investment strategies.
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Internet of Things (IoT):
IoT devices, such as smart ATMs and connected branches, provide
enhanced customer experiences and operational efficiencies.
Banks can gather data from IoT devices to offer tailored financial products
and services.

MARKET SIZE AND MARKET SHARE OF THE

INDUSRTY IN INDIA

The banking industry in India is quite large and continues to grow.

Here are some key points to understand its size:

Total Assets: Indian banks hold a significant amount of assets, which

includes loans given out, investments made, and other financial products.
This total is in the range of trillions of dollars.

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Number of Banks: There are numerous public sector banks, private sector
banks, and foreign banks operating in India. The Reserve Bank of India
(RBI) oversees and regulates these banks.

Customer Base: Millions of people use banking services in India, from

savings accounts to loans and digital banking services.

Economic Contribution: The banking sector plays a crucial role in the

economy by facilitating business transactions, providing loans, and ensuring
financial .

Marketing size and market share of the emerging

technology of banking industry in India

The emerging technology in the Indian banking industry, particularly driven

by fintech innovations, is rapidly growing and reshaping the financial
landscape. The fintech market in India is expected to reach USD 111.14
billion by 2024 and grow at a compound annual growth rate (CAGR) of
30.55%, reaching USD 421.48 billion by 2029. This growth is fueled by
increasing digital payments, advancements in technology, and a surge in
digital lending (Mordor Intel) (IBEF).

In the broader banking sector, significant developments include the rise of

digital payments, neo-banking, and the expansion of financial inclusion
initiatives. The digital payments sector, particularly through platforms like
the Unified Payments Interface (UPI), has seen substantial growth, with UPI
transactions reaching 10.241 billion by August 2023 (Mordor Intel)
(McKinsey & Company).

The banking industry's assets are also expanding, with total assets in the
public and private sectors reaching USD 1686.70 billion and USD 1016.39
billion, respectively, in 2023. Digital lending is projected to surpass USD
720 billion by 2030, representing a significant portion of the total digital
lending market in India (IBEF).

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Overall, the integration of emerging technologies in the banking sector is
creating significant opportunities for growth, innovation, and enhanced
financial services in India.

CONCULSION
Conclusion in emerging technology in banking
industry
Emerging technologies are profoundly transforming the banking industry,
enhancing efficiency, security, and customer experience. Key advancements
include:

Artificial Intelligence and Machine Learning: These technologies enable

personalized banking experiences, fraud detection, and predictive analytics,
improving decision-making and customer satisfaction.

Blockchain and Cryptocurrencies: Blockchain ensures secure, transparent

transactions, reducing fraud and operational costs. Cryptocurrencies are
introducing new financial instruments and decentralized banking models.

Fintech Integration: Collaboration with fintech startups is driving

innovation, offering customers a wider range of services and improving
financial inclusion.

Digital and Mobile Banking: The shift to digital platforms enhances

convenience, allowing customers to manage their finances anytime,
anywhere.

Regulatory Technology (RegTech): Automation of compliance processes

reduces regulatory costs and enhances accuracy, ensuring banks meet
stringent regulatory requirements.

In conclusion, these technologies are not only reshaping the banking

landscape but also setting the stage for a more efficient, secure, and
customer-centric future in the financial sector. Adapting to these changes is
essential for banks to remain competitive and meet evolving customer
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expectations.
Conclusion on emerging technology in banking industry

Emerging technologies are revolutionizing the banking industry, driving

significant improvements in efficiency, security, and customer experience.
Innovations like artificial intelligence, blockchain, and fintech integrations
are at the forefront of this transformation. AI and machine learning enhance
personalized services and risk management, while blockchain ensures
secure and transparent transactions. Fintech partnerships bring new services
and improve financial inclusion, and digital banking platforms offer greater
convenience and accessibility.

These advancements are not only redefining how banks operate but also
setting a new standard for the industry. Adapting to and leveraging these
technologies is crucial for banks to stay competitive and meet the evolving
needs of their customers. In essence, the future of banking is being shaped
by these emerging technologies, promising a more efficient, secure, and
customer-centric financial ecosystem.

BIBLIOGRAPHY

Books:
Arun, T., & Turner, J. (Eds.). (2009). Financial Sector
Development and the Millennium Development Goals. Palgrave
Macmillan.
Dapp, T. F. (2015). Fintech - The Digital (R)Evolution in the
Financial Sector. Deutsche Bank Research.
King, B. (2018). Bank 4.0: Banking Everywhere, Never at a Bank.
Wiley.

Articles and Papers:

Gomber, P., Koch, J.-A., & Siering, M. (2017). Digital Finance and
FinTech: Current Research and Future Research Directions. Journal
23
of Business Economics, 87(5), 537–580.
Philippon, T. (2016). The FinTech Opportunity. NBER Working
Paper No. 22476.

Reports:
Accenture. (2016). Fintech and the Evolving Landscape: Landing
Points for the Industry. Accenture Consulting.
PwC. (2017). Redrawing the Lines: FinTech’s Growing Influence
on Financial Services. PwC Global FinTech Report.
World Economic Forum. (2017). Beyond Fintech: A Pragmatic
Assessment of Disruptive Potential in Financial Services. World
Economic Forum.

Journals:
Journal of Financial Services Research
Journal of Banking & Finance
Journal of Financial Intermediation

Websites and Blogs:

Finextra: [Link]
The Financial Brand: [Link]
CB Insights Fintech Research:
[Link]/research/fintech

Conferences and Proceedings:

Fintech Week (Various Locations)
Money20/20 (Global Fintech Conference)
SIBOS (SWIFT International Banking Operations Seminar)
These sources provide a comprehensive view of the current trends,
research, and discussions on emerging technologies in the
banking industry.
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 APPENDICES

Some brief overview of some emerging technologies in the banking

industry:

1. Artificial Intelligence (AI) and Machine Learning (ML) Applications:

Fraud detection, customer service (chatbots), credit scoring, personalized
banking services.
Benefits: Improved efficiency, enhanced security, better customer
experience, data-driven decision-making.

2. Blockchain and Cryptocurrencies Applications: Secure transactions,

smart contracts, decentralized finance (DeFi).
Benefits: Enhanced security, reduced fraud, increased transparency, lower
transaction costs.

3. Open Banking Applications: APIs that allow third-party developers to

build applications and services around the financial institution.
Benefits: Increased competition, innovation, better customer experience,
more financial product choices.

4. Biometric Authentication Applications: Fingerprint recognition, facial

recognition, voice recognition for secure access to banking services.
Benefits: Enhanced security, reduced fraud, convenience for customers.

5. Internet of Things (IoT) Applications: Smart ATMs, wearable payment

devices, connected branches.
Benefits: Improved customer experience, enhanced operational efficiency,
new business opportunities.

6. Big Data and Analytics Applications: Customer insights, risk

management, market trends analysis.
Benefits: Informed decision-making, personalized services, improved risk
assessment.
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7. 5G Technology Applications: Faster transaction processing, enhanced
mobile banking experiences, real-time financial services.
Benefits: Improved connectivity, reduced latency, support for more
advanced applications.

8. Virtual Reality (VR) and Augmented Reality (AR)

Applications: Virtual branches, immersive customer engagement, financial
education.
Benefits: Enhanced customer experience, innovative service offerings,
better customer education and interaction.

9. RegTech (Regulatory Technology) Applications: Compliance

management, risk monitoring, reporting automation.
Benefits: Reduced regulatory costs, improved compliance, faster regulatory
reporting.

These technologies are revolutionizing the banking industry by enhancing

efficiency, security, and customer experience. They are also driving
innovation, enabling banks to offer more personalized and accessible
services to their customers.

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