What is it about?
the current trend in the banking industry is towards digital transformation driven by FinTech, with AI and blockchain technology playing major roles. Chatbots are used for customer relationship management, sales, and marketing, while Robo-advisors are advanced AI tools used in investment and portfolio management. The adoption of AI and blockchain in banking is still in its early stages and faces challenges in employment, performance, security, privacy, cost, ethics, and regulations. To overcome these challenges, banks should focus on collaboration with AI, increasing platform performance, and embracing technology. In the future, the banking industry 5.0 will be completely virtual and customer-oriented, with the fusion of technologies and human effort being crucial.
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Why is it important?
The chapter provides insight into the future of banking, where customers can expect completely virtual and customer-oriented banking services through a fusion of all technologies and collaborative human effort, leading to sustainable competitive advantage for banks and greater financial inclusion for society. Moreover, this chapter would be insightful for developing markets where blockchain technology has not spread as well as AI technologies.
Perspectives
This chapter provides an overview of the current use and adoption of AI and blockchain in the banking industry. AI has been implemented in the form of chatbots and Robo-advisors for customer relationship management, sales, and investment management. Blockchain technology is being used to create a decentralized digital ledger system for banking transactions. However, the adoption of these technologies is still in its early stages especially in developing countries and teis chapter explains the adoption, challenges and future posibilities of Ai and Bloackchain using FinTech as the primary example.
Sangeeta Menon
Fortune Institute of International Business
Read the Original
This page is a summary of: Fusion of Artificial Intelligence and Blockchain in the Banking Industry: Current Application, Adoption, and Future Challenges, February 2023, Emerald,
DOI: 10.1108/978-1-80262-277-520231021.
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