Beyond the Vault: Al's takeover of Modern Banking

Artificial Intelligence (Al) plays a vital role in the digital transformation of modern businesses. In simple terms, Al refers to a computer's ability to perform tasks and make decisions without constant human instructions. In today's tech-driven world, where everything is becoming smart-from phones to homes-Al is also making banking smarter.

- Amit Chauhan Chief Manager (Faculty) Union Bank Knowledge Centre Bengaluru

Amit Chauhan Chief Manager (Faculty) Union Bank Knowledge Centre Bengaluru

In the financial sector today, the definition of banking has moved just far beyond brick-and-mortar establishments.

Modern banking is now known for its performance in digital and online platforms which has become one of the important parameters of success. This shift clearly shows how the sector is responding to rapid technological advancement and changing consumer preferences. Technology has brought a major transformation in the way how previously banking services has been delivered to the fast and convenient way, which has created a more comfortable experience for the customers who are using the services daily.

Today's banking is now known as digital banking, where technology is used to make customer service smoother and more secure. Digital banking is a part of the fintech revolution, which refers to the use of electronic platforms to perform banking tasks. It includes everything from online banking websites to mobile apps. With these, customers can do everything-from checking their balance to transferring money internationally-right at their fingertips.

Moreover, the rise of blockchain technology and cryptocurrencies has opened a new chapter in the banking world. These technologies challenge traditional concepts of money and transaction processing. While there are many benefits to using technology in modern banking, there are also some challenges. With the increasing use of digital transactions, cybersecurity concerns have become more serious. Additionally, as global economies become more connected, banking systems must deal with uncertainties and complex regulations.