FinTech

Fintech is Technology used to support financial services. The umbrella phrase "FinTech" (financial technology) refers to software, mobile applications, and other technologies developed to enhance and automate conventional forms of finance for both companies and individuals.

FinTech in Banking

FinTech has a significant influence on all banks and financial organisations. ERP, ATM's,SAP Bookings, etc initially fed by ICT (Information and Communication Technology). FinTech in Banking domain include Alternative Financing which include Crowd Funding, Transactions, Investment Markets and Financial Inclusion.

Future of Banking

The whole banking sector is changing due to Generation Z and millennials. A rise in innovative banking technologies is reshaping the banking sector as a result of consumers' rising demand to obtain financial services through digital channels. 

As a result of growing interconnection and intelligent automation, the Fourth Industrial Revolution, also known as Industry 4.0, theorises fast change to technology, industries, and social patterns and processes in the 21st century. The fifth industry revolution i.e. Industry 5.0 is the future with less human intervention with Virtual Reality and Augmented Reality. The future of banking is digital-only banks which are banks that does not exist but operates online.

Use of Artificial Intelligence in Banking

Artificial Intelligence aids banks in forecasting future events and trends because of its capacity to make predictions about the future based on previous behaviour. This aids banks in detecting fraud. Use of voice for credt card through alexa, Buy now Pay later are examples of AI in banking. Buy now Pay later has replaced credit card with technology, they take information through AI i.e. monitor behaviour of the customer.