Using Technological Advancements – Changing the Banking Sector’s Face Value in World Market

Using Technological Advancements - Changing the Banking Sector's Face Value in World Market

Prof. Namrata Mukherjee

NSHM Business School,

NSHM Knowledge Campus, Durgapur

West Bengal, India,

Email: lipi.mukherji@gmail.com

Abstract

This research paper analyses the outcome of the continuous evolvement of banking industry, it is undergoing significant change because of technological advancements that are improving client satisfaction, efficiency, and security while also changing conventional financial practices. The use of cutting-edge technologies like cloud computing, blockchain, big data analytics, and artificial intelligence (AI) has completely changed how banks function and engage with their clientele. These developments make it possible for smooth online transactions, individualized financial services, and enhanced decision-making. Moreover, risk management, fraud detection, and regulatory compliance are all improved by the combination of automation and machine learning. Traditional banks are under more and more pressure to compete by utilizing technology to fulfil changing client expectations as fintech and digital banking platforms gain traction. The industry is embracing change to guarantee accessibility, scalability, and resilience through projects like decentralized finance (DeFi), improved mobile banking apps, and biometric security measures. In addition to increasing operational efficiency, the ongoing advancement of technology enables banks to make substantial contributions to global financial inclusion and economic growth.

This essay emphasizes how important technology breakthroughs are to promoting creativity, resolving business obstacles, and opening the door to a financial environment that is more effective, safe, and customer focused.