Technology Trends That Are and Will Be Driving the Banking Sector in Agile Times
Keywords:
Agile, Artificial Intelligence, API Banking, Blockchain Integration, Chatbots, Hybrid, Technology, VUCAAbstract
Unpredictable events of 2020 has brought about a humongous change in the Indian Banking Sector thereby making the banks to focus heavily on technological usage to improve managerial abilities, risk mitigation and monitoring. Banking Sector was already at the cusp of change due to grappling system based issues and growing NPA’s (Non-Performing Assets) which further ruined the growth of banking with the looming economic slowdown and the COVID-19 pandemic. Technological transformation is the key to support the banking in VUCA (Volatility, Uncertainty, Complexity and Ambiguity) times. This can be achieved by bringing in changes in the banking architecture, hybrid cloud computing without compromising the security of data, blockchain integration for protecting data distortion and veracity, artificial intelligence models for feedback and data retrievals, Chatbots and API Banking. The paper being conceptual one intends to focus on the above specified concepts that will help the banks to survive in the VUCA times.
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