THE ROLE OF TECHNOLOGY IN BANKING SECTOR - A CONCEPTUAL STUDY
DOI:
https://doi.org/10.65009/f1qfvz80Keywords:
The banking sector has undergone significant transformation due to technological advancements, shifting from traditional brick-and-mortar operations to digital ecosystems. This article examines the historical evolution, current applications, impacts, challenges, and future trends of technology in banking, drawing on scholarly and industry sources. Key technologies such as fintech, artificial intelligence (AI), machine learning (ML), block chain, and cyber security measures are analyzed for their roles in enhancing efficiency, customer experience, and financial stability. Findings indicate that while technology drives innovation and inclusion, it also introduces risks like data breaches and regulatory hurdles. Recommendations emphasize balanced adoption strategies for sustainable growth.,,Abstract
The banking sector has undergone significant transformation due to technological advancements,
shifting from traditional brick-and-mortar operations to digital ecosystems. This article examines
the historical evolution, current applications, impacts, challenges, and future trends of technology
in banking, drawing on scholarly and industry sources. Key technologies such as fintech, artificial
intelligence (AI), machine learning (ML), block chain, and cyber security measures are analyzed
for their roles in enhancing efficiency, customer experience, and financial stability. Findings
indicate that while technology drives innovation and inclusion, it also introduces risks like data
breaches and regulatory hurdles. Recommendations emphasize balanced adoption strategies for
sustainable growth.
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