The advancement in technology during the ’90s has transformed virtually all the sectors and banking is no more untouched. Hitherto, bank means a long queue with a number sitting at the counter and working slowly to serve all. For long-time banking was reluctant to change their system but with the increase in Cyber-Security the bank has become FinTech. Banks and other conventional financial service provider have had to respond with an array of digitization and innovation initiatives. These programmesutilize cutting-edge technology to maintain a customer-centric perspective rather than the conventional emphasis on goods, real-time intelligent data integration rather than sluggish research being done after-the-fact and open network base. The article provides an insight view of the cusp banking sector as under:
- Architectural Renovation: The banking sector has gradually changed its frame from a “monolithic setup” to a “FinTech structure”. Changing its architecture the banking has become completely online. Digital Transactions, Cloud Computing, High-Tech API has utterly changed the picture.
- Security Constraint: The Blockchain has added a new paradigm to the constraint. Blockchain is a technology thatmaintains where the data can be processed by several servers and a block of information is added to the ledger. To reduce the risk the ledger is maintained by all the servers working as blockchain. Further to this the block once added cannot be changed, if any change is required new block will be added.
- Cloud Computing: Thebanking system has become completely online. Somehow digital transformation means sharing the number between the account. The data of the banking system are entirely online, and one can access it from anywhere at any time.
- Infusion of Artificial Intelligence (AI): Without an adequate quantity and quality of data, AI tools are hindered. Banks would need to transform and dependent ondata sources from third parties, partners, and vendors to satisfy their AI appetites. All these details will not be available in-house and will not be an option in certain situations. Cloud applications and tools are expected to become essential.
- Application programming interface (API): API isdefinedcommunications between multiple software applications or mixed hardware-software liaisons. Mobile banking (an integral part of e-Banking) uses API. According to the reports, one in four community-based financial institutions plans to invest in or deploy APIs in 2020, on top of the 35% that have already done so.
Conclusion: Thebanking sector in India has gone through a drastic change during the last 20 years. The introduction of information technology has jolted the sector to its core, mobile banking (m-banking) and internet banking (e-banking) is few of its example. The banking sector also increased the accessibility of a common person to the bank for his productivity and requirements. The bank has became more FinTech them ever.