BANKING 4.0 NEW ERA IN THE BANKING SECTOR

Abstract

Technology is a paradigm of change across all areas of society. The breathtaking advancements in technology flourished many fields, banking is no exception. The paper mainly focuses on the new era; Experience Driven Banking- It is a race against time. With this, the banking sector will bring unrivalled progress in the growth, development, and data analysis. Banking sector is innovating at a faster pace by expanding services, integrating payments, delivering services, and using blockchain technology. It ameliorates employee engagement and customer satisfaction It also led to growth of Fintech firms which are cost effective, leverage technology to provide best services to the customers. AI gives Banking 4.0 a boost. It indicates how process of work done is changed. The tasks once performed by humans now being automated. The key advantages of adopting technology make its processes faster, accurate and efficient. This financial innovation facilitates trading, development of new ways and processes. To gain competitive edge, banks must find ways to evolve themselves, involve with customers and proactively recommend products and services. Innovations led to explore new avenues such as Internet banking, mobile banking, universal and offshore banking. This revolution led to introduction of plastic money, AI-driven predictive banking, microfinance, biometric technology and many more value-added product and servers. In this paper, researchers have made an attempt to provide insight of banking 4.0 which is a new era in banking.