A

Project Report on
“Block Chain and Artificial Intelligence banking Industry- A conceptual Perspective”
In Partial fulfilment of the requirement for

Program MBA Subject Summer Internship Project

Semester III Year August,2021

Submitted By:

Name Enrollment No. Specialization

Panchal Mitesh M. 20254461016 Business Analytics

Submitted To:

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 CERTIFICATE BY THE MENTOR

This is to certify that the contents of this report entitled “Block Chain and
Artificial Intelligence banking Industry- A conceptual Perspective” by Mitesh
Panchal is submitted to Centra for Management Studies and Research for the Award
of Master of Business Administration (MBA Sem-III) is original research work
carried out by her under my mentoring. I, hereby certify the authenticity of the data
and facts mentioned in the report. This report has not been submitted either partly or
fully to any other University or Institute for award of any degree or diploma.

(Dr. Suraj Shah)

Ganpat University - Centre for Management Studies and Research

Date: 05th August,2021

Place: Ahmedabad

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 CANDIDATE’S STATEMENT

I herewith declare that the work incorporated during this report entitled “Block Chain and
Artificial Intelligence banking Industry- A conceptual Perspective ” in partial fulfillment
of the requirements for Master of Business Administration (Sem. - III) is the outcome of original
study undertaken by us and it has not been submitted earlier to the other University or Institution
for the award of any Degree or Diploma.

Mitesh Panchal

Date: 5th August, 2020

Place: Ganpat University - Centre for Management Studies and Research

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 PREFACE

This Project Report has been prepared in partial fulfilment of the requirement
for the Subject: Summer Internship Project, Semester III.

For preparing the Project Report, The main focus of study was on gathering
information and analysing topic:
“Blockchain and Artificial Intelligence – Banking Industry”

I have put up our best efforts and enumerated every possible information after
thorough review and observation to make this report a satisfactory report.

It was a great opportunity and memorable experience interacting with people,

collecting information, undertaking analysis, and acquiring knowledge
pertaining to various concerned aspects.
I herewith declare that the work incorporated during this report entitled “Block
Chain and Artificial Intelligence banking Industry- A conceptual Perspective”
in partial fulfilment of the requirements for Master of Business Administration
(Sem. - III) is the outcome of original study undertaken by us and it has not
been submitted earlier to the other University or Institution for the award of any
Degree or Diploma.

Mitesh Panchal

4
 “Block Chain and Artificial Intelligence banking Industry- A
conceptual Perspective”

ABSTRACT

Banking sectors plays a critical role in modern society and enables a range of
applications from infrastructure to social media. In this study, we discuss the current
status and future directions as two emerging key technologies (Artificial Intelligence,
Block chain) will influence future need of banking sectors. Artificial intelligence in
machines will replace to increase human capabilities. AI is the intelligent machine and
software used to communicate with human for the purpose. Block chain provides data
privacy and security. It allows client to access their personal files using internet access
and using without any application. It enables sharing of resources to reduce execution
cost and increase availability of service.
There is no denying that artificial intelligence (AI) and blockchain concepts are
spreading at an astonishing rate. Both of these technologies have a different level of
technical complexity and the effects of different businesses. However, a common
misconception about the concept of blockchain, in particular, is that "the blockchain
has been transferred to a specific location and therefore no one is in control". But the
basic development of the blockchain system is still the result of a group of advanced
engineers. Take a smart contract as an example, actually a set of codes (or functions)
and data (or provinces) organized and distributed on the blockchain (say, Ethereum)
by different programmers. So, unfortunately, there is little chance that there will be no
loopholes. In this article, by briefly reviewing how artificial intelligence can be used
to deliver a non-disruptive contract to achieve the goal of blockchain 2.0, we should
emphasize that blockchain implementation can be aided or enhanced by various AI
methods. The AI and blockchain alliance is expected to create many opportunities.

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In recent years, blockchain has focused on the research and development of various
industries. However, due to economic reasons, innovation affecting the banking
industry may have a devastating impact on a global scale; however, it has received
less academic attention. Therefore, systematically reviewed the role of blockchain
technology in the banking industry. Relevant documents are extracted from Scopus,
Web of Science and bibliometric techniques. Although most of the previous articles
have only focused on Bitcoin, they envisage a broader framework that integrates
interdisciplinary subject areas to advance; therefore, the novelty of the current work.
Discussed some practical and theoretical implications for stakeholders from the
perspectives of technology, law and management. The copyright of the International

Journal of Interactive Multimedia & Artificial Intelligence is the property of UNIR

(International University of La Rioja).Its content may not be copied or emailed to
various websites or published on the list server without the university’s explicit
Written permission to the copyright owner. However, users can print, download or
email articles for personal use. This summary may be limited. Copying accuracy is not
guaranteed. Users should refer to the original published version of the material for a
complete summary.

Research Objective: This research objective is drawn from from various Litrature
Review and research Study.

1. To study Concept of block chain and artificial intelligence

2. To find out factors contributing to block chain and artificial intelligence in

banking industry
Research Methodology: For the study I can used conceptual research method with
the probability LR approach and detail research investigation and this research
employed secondary database

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 Table of Contents

Chapter Subpoint Particulars Page

No. No. No.
1 Introduction 8
1.1 What is Artificial Intelligence? 11
1.2 Artificial Intelligence in Banking Sector 11
1.3 What is Blockchain? 12
1.4 Blockchain in Banking Sector 12
1.5 Banking on Artificial Intelligence 15
1.6 Why Bank needs Artificial Intelligence? 16
2 Literature Review 17
2.1 Digital-Financial Markets – FinTech 17
2.2 Artificial Intelligence 18
2.3 Application of AI in Commercial Bank in India 22
2.4 AI Applications Without Banking Sector 26
2.5 Areas of Artificial Intelligence in Banking Sector 27
2.6 How can AI help in Financial Inclusion? 28
2.7 Uses of Blockchain/DLT in Finance 29
2.8 How can Blockchain help in Financial Inclusion? 30
2.9 Literature Review Paper 31
2.10 Tables of Variables 49
3 Research Methodology 51
4 Recommendation of the Research 52
5 Managerial Implication 54
6 Findings/Conclusion 55
7 Bibliography 56

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 1. Introduction

International acceptance of world markets has a profound effect on all nations.

Foreign retailers and businesses around the world donate large sums of money to
agencies in a few countries and help out the status of the latest corporate loans or aid
agencies (financing by bonds, bonds, and municipal bonds). Without this flow of
overseas, the financial system could have gradually evolved over the past few
decades. Globalization of economic markets and paving the way for the world's
largest integrated financial system, in which the flow of products and technologies
between countries has become more common (Greenbaum, et al., 2016). The global
distribution of economic markets offers many benefits to traders and nations. Integrate
and collect global financial and trade records, improve opportunity management and
collect assets to aid budgeting.

Public information and the use of computers is one of the most critical processes in
the world. While the potential for innovation in the new open space, these records and
technological venues can transmit distortions in human form and social cohesion. In
this regard, it is affordable miles to expect that improvements in the production of
modern records can have positive and reliable results for individuals or businesses
(Lokova, et al., 2018). Financial management faces new risks in relation to the
implementation of operational strategies or tangible programs.

Nowadays, one cannot ignore the role of artificial intelligence (AI) and blockchain in
the waves of the fourth industrial revolution (4IR): the first is integrated with 4IR
DNA and the last can transform economic system infrastructure. We believe that the
combined strength of these two technologies can determine the depth and breadth of
4IR. In order to discuss AI interaction with blockchain, it is important to understand
what AI and blockchain are in the first place.

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Introduces various definitions and technologies that contribute to the transformation of
international financial development. We have heard that the wisdom of doing things is
in every economic region, but it is already miles that are part of our day living in one
way or another. This white paper introduces how artificial intelligence can integrate
economic statistics with technical skills, promote significant financial transformation
and accounting, and create commercial enterprise environments. Because they are
economically safe miles, human error is reduced. The ingenuity of the artificial talent
is economically safe miles, human error is reduced. The ingenuity of the artificial
talent is shown in the form of mechanical means instead of the ingenuity of the herbs
shown in the form of various humans and animals. By taking full advantage of the
modern era, we are able to find new business solutions that have been difficult to fix
and problems. Intelligence in installation with intelligent management, system
connectivity, and commercial enterprise for the new IT era. Businesses of all sizes,
sizes and areas are always facing the same challenges. It is an accurate measure of
economic reporting, accounting in line with international standards, and human
misconduct. Artificial intelligence provides tangible answers: Language eXtensible
Business Reporting (XBRL) and Blockchain. Investment in the form of economic
injections leads to faster production, acquisition and profitability within the private
and public sectors (Moşteanu, AlGhaddaf 2019). Therefore, at the request of the
government, the formwork had to submit all necessary economic reviews in the form
of XBRL regulation. Many converted countries (Europe, Middle East, US) have used
XBRL in their economic statements.

“What we see is unprecedented. The advent of artificial intelligence has had a

tremendous impact. This creates huge uncertainties and otherwise to others. Affects
Some people may be excluded.”

"-Robert Shiller, 2018 Davos Forum

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Blockchain is another state-of-the-art technology that will allow the generation
of necessary report information directly from corporate financial data.
Blockchain technology continues to grow and is used in more and more fields
of business, with finance, accounting, and auditing being specified as areas that
can bring great benefits to decentralized registries and other functions.

Blockchain is a new technology introduced 10 years ago after the 2008 financial
crisis (Nakamoto, 2008), and there is still a long way to go before everyone
accepts it and adopts it. It can be described as a chronological record of
blockchain block transactions. The blockchain system records all transactions
made so far, is distributed among the users of each participant, is shared by
shared agreements, and is very difficult to enforce. All Tuki logins and all
transactions are encrypted and maintained at the same time by the distributed
director of each node, making hacking almost impossible. Double-entry
bookkeeping today can be logically extended to triple-entry bookkeeping by
including a series of forces on a third axis that is not an absolute system (Yuji,
1982, 1986). In the accounting industry, blockchain creates a permanent
accounting record interlocking system that allows companies to record
transactions directly to the combined co-pilot. Double-entry accounting has
currently been used for a very long time. Triple-item accounting adds to the co-
captain a level of clarity and integrity that double-entry accounting cannot
provide (Faccia, Moşteanu, 2019).

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1.1 What is Artificial Intelligence?

Wisdom is the ability to make sense of knowledge beyond the obvious. There
are two types of intelligence in nature and this is individual intelligence and
group intelligence [1]. As the name implies, AI is made up of two words,
namely design and ingenuity and therefore artificial intelligence. There are a
variety of artificial intelligence techniques suggested and this includes neural
networks, vector support devices and the abstract concept. These methods have
been used successfully in loss of measurement data, limited object models,
modeling internal conflicts, economics and robots.

1.2 Artificial Intelligence in Banking Sector

 The AI powered system can more accurately assess a customer's credit history
to avoid this level of default.
 Mobile banking application that tracks financial transactions and analyzes user
data.
 This allows banks to anticipate the risks associated with providing loans, such
as the risk of insolvency and fraud by customers.
 Artificial intelligence banking applications detect risk and mitigate fraud.
 AI technology can analyze transaction data and detect unusual user behavior.
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  Thus, by using intelligent AI tools and applications, banking companies can
protect their businesses from breaches.

1.3 What is Blockchain?

In simple terms, blockchain means a fixed digital book system. One notable
feature of blockchain technology is its distributed distribution system.
Originally originated in Bitcoin, it has now shown its strength in many domains.

1.4 Blockchain in Banking Sector

 In fact, the blockchain is a visual transaction file that is copied and exported to
the entire pc architecture community on the blockchain.
 The banking business is in the process of transferring from conventional
security strategies to high-tech securities.
 Blockchain uses the principle of Smart Contracts

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The term FinTech or “FinTech” is used to describe the many modern business
fashions and the emerging technologies that have the potential to transform the
economy. (OICOIOSCO, 2017)

1. In this context , we look at two technologies: artificial intelligence and

blockchain or distributed ledger technology to promote financial services in
India.

2. The term "artificial intelligence" was coined by John McCarthy in 1956. The
Oxford English Dictionary describes AI as “the theory and development of
computer systems that perform tasks that normally require human intelligence,
like beholding , cognition, language patterns, decision-making, and translation
between languages is defined.” and

3. The FSB (2017) defines AI as "the theory and development of computer

systems which will perform tasks that traditionally require human intelligence."

4. Almost ten years ago, Satoshi Nakamoto, the stranger / team behind Bitcoin,
described how blockchain technology, a distributed peer-to-peer topology, can
be used to solve the problem of maintenance. the order of transactions and
avoid the double problem (Nakamoto, 2008).

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Blockchain is a unique set of records used by a number of ledgers to store and
distribute package records called "blocks" connected to a "series" digital. It uses
blockchain cryptography and algorithms to report and synchronize records in a
networked manner ”(World Bank, 2017) and Distributed Ledger Technology.

(DLT) also called Internet, 2017) Chatbot is a time carrier provided by algorithms that
communicate with customers in a natural (human) way, verbally or in writing. uses
other techniques to mimic normal human sports automatically, more often, faster and
more accurately.

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1.5 Banking on Artificial Intelligence

With artificial intelligence (AI) and intelligence technology, you can give banks
tangible blessings to compete with fintech companies. In fact, in line with studies
conducted by financial authorities, about approxumately 32% of financial companies
use AI technology and analytics for voice prediction and voice recognition. National
business and clinical reporting.

The wisdom of the implant is the end of the bank as it provides the talents to explore
higher realities to save you from fraudulent transactions and improve compliance. The
set of AI rules plays down-to-earth operations in seconds, whichever can take hours
and days. AI additionally allows banks to organize big facts at document speed to
extract valuable information. Features such as AI robots, virtual currency advisors,
and biometric fraud detection methods lead to very high load on a wide set of
customers. All of this translates into increased revenue, reduced costs, and increased
profits.

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1.6 Why Bank needs Artificial Intelligence?

Digital disruption redefines industries and changes the way organizations work. All
businesses have the weight of something and adopt cost-effective measures in some
cases. The banking device is an ongoing transformation of the existing process: first,
the explosion of customer standing. Savvy customers, exposed to the modern
technology of their daily lives, think banks will offer seamless experience. To meet
expectations, banks expand their business space for distribution, IT and
telecommunications, and offer offerings such as cell banking, online banking, and
real-time delivery. While those changes have made it possible for customers to have
the highest banking offerings in their hands anytime, anywhere, there is also a critical
price on the banking device.

The integration of banks and similar industries, telecommunications and retail has
improved the transformation of important facts into digital networks that may be
vulnerable to cyber attacks and fraud. This event is now no longer very effective in
earning a bank profit, however, in addition it disrupts the thinking and relationships of
the bank with customers.

Government guidelines are tightening as banks' online security threats erupt. While
those guidelines are useful for tracking online economic activity, they seek to prevent
banking electricity from living off the temple with tangible change. Banks are unable
to invest in the period because they want to hold a monetary rate in accordance with
international regulatory framework. As a result, banks are being targeted by
opposition from Finnish era (FinTech's) companies, which do not want to withhold
money rates. firmly with the report of Retail International Bank for Reconstruction
and Development 2016, 1/2 of overseas customers say the chances of changing banks
with those older players.

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Chapter 2. Literature review – Digital finance – the base for
XBRL and Blockchain

2.1. Digital-Financial Markets – FinTech

The most important digital product is a rich data source, which is growing
rapidly. Advanced computer power has paved the way for big data statistics.
Social media, mobile, analytics, and cloud (SMAC) and application applications
(APIs) have enabled segmented data distribution for better communication. This
has led to the integration of multiple services into a single platform, creating a
number of cases of digital financial services - driving the economy of the
application (Economic Corporate Network, 2016).

In order to remain competitive and stable in the market, financial services must
follow digital transformation. The existence of financial institutions involves
embracing innovation and embracing digital transformation to enhance the
efficiency and effectiveness of the organization (Scardovi, 2017). Digital
transformation and the adoption of new technologies have changed the way
businesses and channels provide banking and financial products as well as
accurate and reliable services (Mohamed, Ali, 2019).

Digital systems are increasingly used, representing a faster, cheaper and more
secure financial system. The availability of modern telecommunications
systems is a priority for all countries of the world, because in their development
programs, finance and banking use, utilize and develop services.

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An online service for money transfer nationally and internationally. Price
conversion and digital transformation have become the most widely used terms
in the last decade, but especially in recent years. There are so many definitions
of this word, which are used to describe offline business and commercial
movements, including those found in many published studies. Temporary
economists have defined digital use as a reorganization or new investment in
cutting-edge technology and business models in order to better meet digital
clients across the all-inclusive consumer experience (Solis, Littleton, 2017).

FinTech - FinTech refers to an emerging field of financial services that is

becoming increasingly important in financial institutions and has a continuing
impact on how technology empowers or empowers financial services. banking
and financial services. Fintech, Financial Technology aims to build modeling
systems, pricing, and processing financial products, such as stocks, bonds,
currencies and contracts. Interim economists describe Fintech as a new financial
industry that uses technology to improve financial performance (Schueffel,
2016). Today, financial technology is used by all types of businesses, from
start-ups to large companies, across all sectors of the economy.

2.2. Artificial Intelligence

The digital revolution is changing the way we live, work and communicate.
Changes are taking place in the telecommunications industry, having a major
impact on the world around them with the emergence and continuous
improvement of digital (Zhao, 2018). Artificial intelligence is one of them. It is
the latest technological breakthrough in which, combined with industrial

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technology, it overcomes many human errors beyond human performance in
various fields. Computer programs are becoming more and more popular,
finding and resizing objects better than human performance. Speech recognition
systems can now detect telephone language and record voiceovers with
precision equal to human capabilities. Translation from one language to another
is now done in real time, using a simple mobile app. Mirrors can be linked
directly to Google Map or another search program. All of this has become a part
of our lives. Artificial intelligence solutions have the potential to transform
various and important sectors such as education, research, health care, finance,
accounting, auditing, transportation and energy. Not just one technology but a
family of technology. In addition, artificial intelligence solutions can help
develop the region in a sustainable, fast and accessible way. Regional economic
disparities in various parts of the world could be greatly reduced. Therefore,
artificial intelligence can help to successfully achieve the objectives of regional
development policy (Moşteanu, 2019), regardless of region, spoken language or
key areas of work. In many countries / regions, public authorities seek the
adoption of XBRL to improve business practices and transparency, in order to
improve their market position in the eyes of investors.

The history of artificial intelligence began about a hundred years ago, in 1920,
when Czech writer Karel Čapek published a science fiction novel called
Rossumovi Universal Robots, introducing the term robot. people working for
the people (Turing, 1950). In 1950, Alan Turing (mathematician, computer
scientist, logician and cryptographic analyst) asked (publicly) Can machines

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think? (Kostinen, 2016), and from this question, artificial intelligence began its
journey.

Turing went on to develop three different strategies that could be considered as

the ability to achieve a thinking machine: by system; the first ab in machine
learning (Koistinen, 2016); and knowledge management (using concept,
opportunities, learning skills). After the discovery of neuroscience, theoretical
science, and cybernetics simultaneously, researchers, along with Turing, came
up with the idea that electricity could be created by electricity. Turing
introduced his well-known Turing experiment, in an effort to gain mechanical
ingenuity. The idea of these tests is to call a machine (e.g. a computer) smart. If
machine (A) and person (B) communicate in the native language, and then the
second person (C), the elevator is called, it is impossible to determine which
connector (A or B) is the machine. (Schultebraucks, 2018). And research is
ongoing. On May 11, 1997, IBM's chess computer defeated Garry Kasparov in
six games. Over the past two decades, artificial intelligence has grown
exponentially. The artificial intelligence market (hardware and software)
reached $ 9 billion by 2018 and research firm IDC (International Data
Corporation) predicts that the market will be $ 47 billion by 2020. All of this is
done through knowledge management in large-scale data testing, and the
benefits of faster computers and advances in machine learning techniques
(Schultebraucks, 2018).

Bank Chain was announced on February 8, 2017 by SBI, the largest bank in
India. It is an organization of more than 30 members led by the SBI, which is
the largest lender in the country, and includes banks, the NBFC and the
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National Payments Corporation of India. (NPCI), an Indian-led banking
organization designed to fund sales transactions. Simply put, Bank Chain is a
community of banks to find, build and deploy blockchain solutions.

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2.3 Applications of AI in Commercial Banks in India: HDFC
Bank, ICICI Bank, Axis Bank, State Bank of India, Canara Bank
and City Union Bank :

2.3.1. HDFC Bank

India's first AI-based bank, Chetobot Eva, built by Sense forward AI Research
for HDFC Bank, successfully processed more than 2.7 million customer queries
in 6 months, HDFC Bank's EVA is India's largest It became a bank Chetobot.

HDFC bank has developed an AI- based chatbot called Eva' (Electronic Virtual
Assistance), built by Bengaluru based Sense forth that has addressed over 2.7
million customer queries, interacted with over 530,000 unique users, and held
1.2 million conversations. With an accuracy level of over 85% and uptime of
99.9%. The device can provide answers in but 0.4 seconds and has within the
first few days of its launch answered quite 100,000 queries from thousands of
consumers from 17 countries. The bank is additionally experimenting with in-
store robotic applications called IRA (Intelligent Robotic Assistant).

2.3.2. ICICI Bank

ICICI bank has deployed a software robotics ( a kind of software

generally focused on automating office work) in over 200 business
processes a cross various functions of the company. Calling it the
robotic software the bank claims it to be the first in the country and
among very few in the world to deploy this technology, that emulates
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human actions to automate and perform repetitive, high volume and
time-consuming business tasks.

ICICI Bank has also launched a AI-based chatbot, named iPal(chatbot

) which has interacted with 3.1 million customers, has answered about
6 million queries, with a 90 percent accuracy rate .The bank is also
considering the process of integrating iPal with existing voice
assistants such as Cortana, Siri and Assistant.

2.3.3. Axis Bank

Axis Bank recently launched an AI and NLP (Natural Language

Processing) enabled app for conversational banking, to help
consumers with financial and non-financial transactions, answer
FAQs and get in touch with the bank for loans.

2.3.4. State Bank of India (SBI)

SBI India's largest public-sector bank has embarked on using AI

by launching a national hackathon called “Code For Bank ” for
developers, startups and students to come up with innovative ideas
and solutions for banking sector that focusing on technologies such as
predictive analytics, fintech/block chain, digital payments, IoT, AI,
machine learning, BOTS and robotic process automation.

The solution essentially scans cameras installed in the branch and

captures the facial expressions of the customers and immediately
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reports whether the customer is happy or sad … this is real-time or
near real-time feedback!

2.3.5. Canara Bank

Canara Bank installed Mitra and Candi robots at some of its

offices. A humanoid robot named after the Vedic God of Friendship,
developed by Bengaluru-based Invent Robotics, might be his Mitra.
poster child for cooperation in artificial intelligence (AI) between
India and China. Japan's SoftBank Robotics too is in the mix with
humanoid robot Candi. Mitra and Candi have found home in the
Karnataka capital. Mitra greets customers in Kannada and helps them
navigate the bank's head office on JC Road, while Candi offers
answers in English to 215 preset questions at the financial institution's
circle office on MG Road.

2.3.6. City Union Bank

City Union Bank Lakshmi operates on Artificial Intelligence platform

and it Provides information regarding day to day banking
transactions, including interest rates. City Union Bank Lakshmi can
support voice-based interactions. City Union Bank customers
nationwide can receive information from City Union Bank Lakshmi.
"In response to the signal of the robot, we introduced Chetobot
(similar to the online chat service) on our site. As quite 83 per cent of

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our operations happen via the web mode, we sensed the necessity for
a Chatbot to reply to FAQs. quite 1,000 people are using this service.
We shall personalise the Chatbot to enable customers to ask account
specific information. it'll be unrolled soon,” N Kamakodi, CEO.

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2.4 AI Applications within Banking Sector:

Fraud Detection: Anomaly detection can be used to improve the

accuracy of credit card fraud detection and anti-money laundering.
Customer Support and Help Desk: The Humanoid Chetobot Interface
can be used to improve efficiency and reduce the cost of customer
interaction.

Risk Management: Custom products can be offered to customers by

looking at historical data, performing risk analysis, and removing
human error from manual models.

Security: You can track suspicious behavior, log analysis and fake
emails to prevent and predict security breaches.

Digitization and automation in back-office processing: Using

OCR to capture document data and using machine learning / AI to

create insights from textual data can significantly reduce backoffice
processing time.

Wealth management for masses: The

personalized portfolio can be managed by Bot Advisors, taking into

account customer lifestyles, risk appetite, expected return on
investment and more.

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ATMs: Images using real-time camera images / Advanced AI
technologies such as face recognition and dip running can be used at
ATMs. Detect and prevent fraud / crime.

Keywords: Artificial Intelligence; Blockchain; Fintech; Banking

Technology; Intelligence; Customer Service

2.5 Areas of Artificial Intelligence in banking sector

 Personalized Financial Services

 Smart Wallets
 Voice Assisted Banking
 Customer support
 Underwriting
 Blockchain hastening payments
 Digitalization instead of branch lines
 Reduce Costs
 Mitigate Risk
 Increase Revenue

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 2.6 How can AI help in financial inclusion ?

I. AI to build credit history: to collect information on various

indicators which can then be used to create credit history of
customers. The information collected could be on Aadhar linked
data, GPS data, handset details, insurance etc.
II. AI as a relationship manager: HDFC has already introduced a
chatbot for this purpose.AI trained Robots can become their
financial advisors.
III. AI assisted lifestyle based banking: Another way in which AI
can be used is to assist in the financial literacy endeavours.
There are number of government schemes like Gram Sadak
Yojna, Swachh Bharat Abhiyan, and Mahatma Gandhi National
Rural Employment Guarantee Act (MNREGA) etc. where the
incentives go through the Pradhan Mantri Jan Dhan accounts.
Banks can use feeds of all such incentive payments data from
the Unique Identification Authority of India (UIDAI) database
into the AI engine and come up with the best possible products
the customer can be offered.

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2.7 Uses of Blockchain/DLT in Finance:

Some of the use cases of blockchain in India include (Iyer and Kumar,
2018).

 MonetaGo (in trade)

 ICICI, Yes and Axis Bank (in Proofs of Concept)
 NSE collaboration with banks such as ICICI, IDFC, on KYC
POC
 Unocoin and Coinsecure (Bitcoin exchanges and wallet)
 EzyRemit (remittance solutions)
 SignZy (document storage, signing, and validation)

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2.8 How can blockchain help in financial inclusion?

(i) Opening an account– Individuals can open an account or

deposit cash through their phones.
(ii) Usability of an account– Transfer of funds using
blockchain takes 10 minutes which is faster compared to
such transfers through conventional means in developing
countries
(iii) Costs to the financial institutions– Payments via
blockchain do not need to go through the national
payments system and hence there is no need of physical
branches.

Currency risk- Individuals and SMEs have the option of adding funds
in the fiat currency. This shift the volatility risk to the financial
intermediary (FI). FIs are using bitcoin as vehicle currency – the
dollar is the dominant vehicle currency and used in 88% of trades.

Using Votocoin as a vehicle currency and blockchain platform means

that the recipient and sender are not exposed to fluctuations in the
virtual currency.

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Literature Review

LR.1. Blockchain for AI: Review and Open Research Challenges

Recently, artificial intelligence (AI) and blockchain have become two of the
most advanced and disruptive technologies. Blockchain technology has the
ability to automatically pay for digital currency and provide access to shared
data ledgers, transactions, and logs in a dignified, secure and reliable manner.
And with smart contracts, the blockchain has the ability to manage
communications between participants without the involvement of a trusted
consultant or third party. AI, on the other hand, offers intellectual and decision-
making skills through human-like machines. In this paper, we present a detailed
study of AI blockchain applications. We review, document, and summarize
emerging blockchain plans, platforms, and specific agreements specifically for
the AI environment. blockchain AI technology.

In this paper, we have examined and reviewed the current state of technology
related to the use and functionality of blockchain AI features. We have provided
a comprehensive overview of blockchain and a dedicated endowment on how
blockchain technology can improve and solve important AI-related issues. In
addition, we presented a detailed discussion of taxation and comparisons of
standard blockchain implementation in terms of AI operations, blockchain types
and infrastructure, and compliance agreements. Wide analysis of blockchain
applications for intelligent multi-agent systems is reviewed in relation to data

31
sharing management and AI infrastructure. The various AI features of
blockchain applications are also summarized. Our literature review shows that
adopting a

blockchain for AI applications is still in its infancy, and there are many research
challenges monitoring and supervision in areas related to privacy, smart
contract security, reliable oracle, distribution, contract agreements, simulation,
collaboration, quantum computing firmness, and dominion.

Reference: https://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=8598784

32
LR.2. Overview of business innovations and research
opportunities in Blockchain and introduction to the special issue

Blockchain has become the new frontier of business capital that has attracted
the attention of banks, governments, and other corporations. Recent blockchain
efforts include official blockchains by Fadada.com and Microsoft and
blockchains for tracking pigs by Walmart and IBM. Blockchain is poised to
become the most widespread thing behind the Internet; while the latter connects
the world to enable new business models based on online business processes,
the latter will help solve the problem of trust effectively through a network
computer. In this paper, we provide an overview of blockchain research and
development as well as the presentation of papers in this special issue. We show
that while blockchain has enabled Bitcoin, the most effective digital currency,
its widespread acceptance in finance and more business sectors will lead to
more business plans and more research opportunities. While many blockchain
development projects are emerging, research on blockchain is still in its infancy.
This paper describes research opportunities in testing and validating blockchain
applications in a business that can include many relevant fields. Essentially,
challenges remain to learn the blockchain educational implications that will
guide blockchain businesses facing the major impacts of society by trading in
computerized manual control, the cornerstone of blockchain-based transactions.
In addition, smart contracts embedded in business blockchains will transform

33
many industries that create automated business transactions that have previously
involved complex human interventions. For example, a combination of digital
locks and smart contracts on blockchain-based activities will enable hotel rooms
to be rented without human intervention. However, many challenges remain in
using the power of the blockchain to make the Internet more reliable. For
example, while the initial blockchain value is appropriate separate organizations
by conducting Bitcoin transactions with the bank, new blockchain applications
may be used in intermediate organizations or with a specific domain such as a
national bank. It remains to be seen how the process used to distribute to
communities such as the blockchain can be used to make Business operations
operational in one place, which can be considered as including local power
generation. In any case, if the blockchain prophecy is to become a reality, that
is, the dynamic power of the blockchain to empower global trust among people
is like the dynamic power of the Internet to connect people around the world.
The core of the blockchain lies in its ability to support reliable transactions
through network accounting rather than human monitoring and control. It would
be very exciting for researchers to take part in implementing blockchain
impacts, and of course, we will see more business research on the blockchain in
the next few years.

Reference: https://jfin-wufe.springeropen.com/track/pdf/10.1186/s40854-016-
0049-2.pdf

34
LR.3. Blockchain Technology in Business and Information
Systems
The special issue covers the first set of IS research papers in blockchain
technology. We believe that the research portfolio provides the basis for
research by IS researchers to initiate new research on the topic. The various
examples of blockchain use in various industries show a wide range of
technological applications. It is clear that technology has great potential to
facilitate complex financial transactions and cross-border transfers. In addition,
the opportunities for ledger distributors following the ownership of various
types of assets will be of great benefit in the future as blockchain standards and
infrastructure have evolved and grown. There is now a growing interest in
tracking real-world goods in international shipments, where the needs of
retailers, exporters, financiers, insurers, and regulators can be met with this
technology. Now, as blockchain technology and platforms make headlines for
business and society, it is a good time to start IS research programs on the
results and opportunities of this innovative technology.

Reference: https://link.springer.com/content/pdf/10.1007/s12599-017-0505-
1.pdf

35
LR.4. A systematic review of blockchain

Blockchain is considered by many to be a disruptive technology. Although

many researchers have recognized the importance of blockchain, blockchain
research is still in its infancy. As a result, this study reviews current research
studies on blockchain, particularly in business and economics. Based on a
systematic review of publications taken from the Web of Science service, we
examine the articles quoted above, the most productive countries, and common
keywords. In addition, we conducted a comprehensive analysis and identified
the five themes of the study: "economic benefits," "blockchain technology,"
"initial contributions to the coin," "fintech transformation," and "economic
sharing." Recommendations for future research indicators and practical
application are also provided in this regard

paper.

As a emerging technology, blockchain will play a role in many areas. Therefore,

we believe that issues related to the use of blockchain commerce are critical to
academic and social performance. We suggest a number of promising research
indicators. The first important research guide to understanding how blockchain
influences the performance of companies and markets. A second potential study

36
guide is to protect privacy and security issues. The third is about how to manage
digital currencies and how to control the digital currency market. A fourth
potential indicator of research is how to integrate blockchain technology with
fintech. The final topic is advanced technology - if each industry has its own
blockchain system, then researchers and developers need to find new ways to
exchange data. This is the key to finding Value Internet. Therefore, advanced
technology will become a more important topic as time goes on. Businesses can
benefit greatly from blockchain technology. Therefore, we suggest that the use
of the blockchain be considered when businesses have the following
requirements: financing and mass sponsorship, data storage and sharing, asset
management, and smart trading. Our study saw some limitations.

Reference: https://link.springer.com/content/pdf/10.1186/s40854-019-0147-
z.pdf

37
LR.5. A systematic review of the Use of Blockchain in Healthcare

Blockchain technology enables a dedicated and distributed site without the need
for central authority. Transactions are secure at the same time and are reliable
due to the use of cryptographic terms. In recent years, blockchain technology
has become quite fashionable and has taken on a wide range of domains, largely
due to the popularity of cryptocurrencies. One field in which blockchain
technology has the greatest potential for health care, due to the need for a more
patient approach to health care systems and connecting different systems and
increasing the accuracy of electronic health records (EHRs). In this systematic
review, a state-of-the-art blockchain study was conducted in the field of health
care. The aim is to highlight the possible use of technology and to highlight the
challenges and potential indicators of blockchain research in health care. First,
reference is made to the background information, followed by a description of
the exact method used in this paper. Next, results are provided, which include a
comprehensive bibliometric view, analysis of collected data and its structures,
and results of book quality testing. Finally, there is a discussion of the results
from the analysis. The findings show that blockchain technology research in

38
health care is growing and is widely used in data sharing, health records
management and access control. Some conditions are more common. Many
studies are aimed at introducing the structure of novel structures in the form of
frames, structures or models. The findings also indicate that technical details
about blockchain applications are not provided in most of the analyzed

publications and that most studies do not provide startup or startup information.
Usually even if a particular type is used, no details are provided about
blockchain items.

This study investigated the current trend of blockchain research in health care.
Blockchain technology brings a mid-range network and is considered a major
force in healthcare, due to the sensitive nature of the data used and managed.
The purpose of the research would point to the current state of blockchain
research and health use. In terms of ongoing research, blockchains are still a
relatively new technology in the field of health care and new ways to use them
can still be discovered and researched. In summary - the blockchain should
continue to be used in situations where it makes sense and is needed.

39
LR.6. Blockchain application and outlook in the banking industry

Blockchain technology is the backbone, a technology based hopeful for

promising application in the banking industry. On the other hand, the banking
industry in China is facing the impact of interest on liberalization and declining
interest rates due to declining interest rates. On the other hand, it also affects
economic transformation, Internet development, and financial innovation.
Therefore, the banking industry needs urgent change and is looking for new
ways to grow. Thus, blockchains can transform the basic technologies of
payment systems and banking information systems, thereby developing and
transforming them. Blockchain applications also encourage the creation of
"multi-medium, medium-sized" systems, which will improve the efficiency of
the banking sector. However, apart from the permissive and self-regulatory
environment for blockchains, regulation and actual implementation of the land
redistribution system are issues that still need to be addressed. Therefore, we
propose the urgent establishment of a “control sandbox” and the development of
industry standards.

40
Blockchains can transform the basic technologies of payment systems and
banking information systems, thereby developing and transforming themselves.
Blockchain applications also encourage the creation of "multi-medium,
medium-sized" systems, which will improve the efficiency of the banking
sector. It is noteworthy that regulatory, operational, and security issues have
been the subject of much controversy in each new financial system. However,
history is not stopped by current obstacles, because technology, control, and
other blockchain technology problems will eventually be solved. Therefore, the
prospect of integrating blockchain technology into the banking industry is very
likely in the near future.

Reference: https://link.springer.com/content/pdf/10.1186/s40854-016-0034-
9.pdf

41
LR.7. Machine Learning and Artificial Intelligence in Banking

Applications for Machinery Learning and Artificial Intelligence in the financial

sector have been growing well in the past. Their great power has been used in
these institutions to provide pre-existing business and end-to-end business
solutions to create better performance and improve customer experience. This
document will expose the use of Learning Machines and Artificial Intelligence
and evaluate their use in the various areas of the banking industry and determine
how these institutions use computer technology to improve their business.
While traditional banking institutions are rapidly embracing computational
intelligence technology with brands like Chatbot, fintech companies, which
seem to embrace A.I. long ago, it played a very important role in its innovation
and contributed greatly to financial intelligence. In conclusion, we can rightly
say that Learning Machine technology and Artificial Intelligence technology are
taking over the banking sector, and there seems to be nothing we can do about
it.

42
We can rightly say that Learning Machine technology and artificial technology
are taking over the banking sector, and there seems to be nothing we can do
about it. Two computer simulations help to rewrite how we spend our money.
A.I. and ML has provided the banking sector with a new way to meet the needs
of their customers, who want smart, easy, and secure ways to access, save,
spend and invest. Therefore, it is up to the financial institutions to listen to the
call of the new era. Customers are very smart these days. They have come to
realize that technology is neither expensive nor complicated to learn; all
bundled together on a smartphone the average man can easily use (Donepudi,
2017).

Reference: https://www.abc.us.org/ojs/index.php/ei/article/view/490/973

LR.8. Application of AI and Its Powered Technologies in the

Banking and Financial Industry

Artificial intelligence (AI) will enable banking and financial institutions to fully
redefine their operations, develop products and services that are destructive to
the world, and greatly reduce disruption to the customer experience. In the age
of technology, banks will find themselves challenged with the help of fintech
companies through sophisticated technology that adds to or rewards individual
employees with classical algorithms. To ensure fresh air, banking and finance
companies will need to embrace AI and incorporate their strategy into their
work. This current article will explore the evolution of AI environment in the
banking and financial industry and how it quickly becomes the most important
distraction to look at some of the most unresolved issues in this area of
business. AI is likely to be viewed from a distance with many lenses in this

43
field, especially its effects and its falling significance the background of the
operation of the banking and financial services industry.

Borrowing is not limited to credit card buyers or credit cards. Thanks to fintech,
it is available to everyone and revitalizes lifestyles. Fintech companies across
the country are filling in the gaps left by the traditional banking sector, and this
is happening through the use of technological power and innovation in Artificial
Intelligence. Users who have a positive impact on these borrowing initiatives
have never been considered as employees of the legal banking sector. Also,
Fintech, AI-enabled, helps to assess consumer debt based on a variety of factors
such as digital footprint and other unique data points, thus lending to NTC
customers thus greatly increasing the number of eligible debtors in the country
by introducing them to markets. , safely and affordable. Today, AI has become
a de-facto technology used by all fintech companies to build their platforms. It
is estimated that over the next decade, AI-enabled financial services will be the
only way for users to communicate, making financial products and lending
available to more people and cities in the country, thus making investment more
accessible. It can be understood from the information provided above that AI
will be the future of the banking and financial industry. Due to the short time
when AI-enabled technology works in financial continuity and makes it easier
for customers. So in the coming days, it will restore human personality and will
provide faster services with more appropriate solutions at an affordable cost.
Bots are a form of innovation in the field of AI and usage has been steadily
growing. So much money is being made in this by various industries who think
of this technology as a combined investment. It helps industries save money on
hiring people and keeps them away from people’s mistakes in the process.

44
While the use of AI-enabled technology in the growth phase of its operations
leads to the growth and development of banks and the financial sector it can be
expected that the prospects of AI-enabled technology can lead to fewer losses
and provide better trading with greater customer satisfaction.

Reference: https://d1wqtxts1xzle7.cloudfront.net/63426496/I250406556020200525-93409-exhui9-
with-cover-page-v2.pdf?
Expires=1631430594&Signature=F7ja99qrnsZPcxfNm4~sYRWJJDVZw8x6ajgqfmDw9CtUsXCQC
hty3hHGRFaYczYQXvdoKWw60o8v~Oyzq3obocy3QVZ2bvbUiiK3KTZyk8qdDWSeqHWrfJbQ8
wxkzLcjDBH8qo-~bJhYRSEqHRm5l6MLd0-JzXJpbl4PFhwTZab-lIau-5ZE2AQCjE-
Zrav~kdlcbEYRfWVycwIB9eIHXZslsLJF2AF10p0YqEmP2FGWQMIXjKqC1-
mDhuAGG7FcQi9Br74ICUZXRr4HxA1-tvIbmEbuVr5~yA9I6OYATTUNg3D3~IRgbhEdJn9uR-
5KE9GAHvdUOdkHEagli3TNTA__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA

LR.9. Impact of Artificial Intelligence on Performance of Banking

Industry in Middle East

The technology of cutting edge technology has been at the forefront of

technological change around the world. As a result of the widespread adoption
of new technologies, the field of counterfeit intelligence is growing at an
unprecedented rate and is being used in many sectors of life. Artificial
intelligence systems have the power to transform all the activities of the banking
industry seen as (AI) and enthusiastically embraced because of its ability to
make human-like decisions and avoid human-like mistakes. The artificial
intelligence has been adopted in some sectors more broadly than in others, the
banking sector is among the few sectors that have shown a moderate level of
acceptance and acceptance of this technology. This study examines the
evolution of artificial intelligence in the Middle East banking sector. The region

45
is known for adopting a wide range of technological tools in the local banking
industry. The key data needed to analyze the immediate problem were collected
using research as a research strategy, data were collected from 200 bank
employees in a few selected banks in the region. The key to this study is to
gather information on understanding the implementation of artificial
intelligence in the banking sector and understand its impact. Data collected and
analyzed in bulk using SPSS21.0 software.

The artificial intelligence expected to be available in the banking sector in the

Middle East region has opened up many opportunities. Currently the artificial
intelligence is used to detect trade incompatibility, provide customized customer
recommendations and create a solution to eliminate human error (Pwc, 2018).
In addition, the reduction of manual labor and the reduced need for back office
can also be achieved through artificial intelligence in the banking sector.
Although the implementation of banking banking innovations is still in its
infancy, the use of advanced banking technology can allow risk and asset
management in the banking sector to further expand the monetary policy of
Middle Eastern banks. Banks in the region can use faster and more efficient
systems that can enable banking organizations to develop monetization models
and start using smarter financial management tools. At present, however,
artificial intelligence tools used by banks, especially stationary ones, provide a
great deal of demand and risk. By providing reliable and fast-paced services,
robust systems are needed to feel the change in market patterns and adjust
financial strategies accordingly (Nuseibeh, 2017).

46
Reference: http://journals.mountaintopuniversity.edu.ng/Banking%20and
%20Finance/20181021.pdf

LR.10. Innovation in banking: fusion of artificial intelligence and

blockchain

This study aims to analyze the importance of disruptions of new technologies in

the delivery of high quality services and their impact on staff performance in
investment banks. Network storage, operating costs, customer reporting, cloud
management and money laundering are the highest and most important forecasts
for employee performance. Staff performance increases the entire unit with a
strategic solution due to good and stable integration (0.944). Fusion technology-
based banks provide quality services to their customers. The integration of
artificial intelligence and blockchain ensures increased automation to improve
efficiency and reduce operating costs to create seamless integration in fraud
detection, customer support, disaster management, security, digitization and
automation process, algorithmic trading, asset management, etc.

47
Storage network, smart contracts and multi-functional integration such as
marketing, finance, auditing help predict trends in the use of AI and BC
technology have led to significant staff performance forecasts given new
technologies. Reliability, customer costs, space allocation, validation and
performance cost is an important predictor of employee performance in terms of
technically empowered jobs. The technology promotes lower operating costs,
improves the reliability of the process of eliminating mediators, reduces the
manual process of verifying customer documents and improves anti-money
laundering methods. It can reduce the errors of the people involved while
processing customer reports, improving the performance of contracts with a
clear controlled light. Partners can track their data performance and pricing
performance and build an edge in data usage with better data communication
efficiency. Agencies, audits and cloud transactions are the most important
predictions of bank employees' performance in terms of strategic solutions.
Transfer of shares by agents can be eliminated, strengthening risk management
with better research-based research methods in real-time payment for cloud
transactions. The separation of funds, data, nodes and privacy are the things that
predict the performance of employees based on a backup security ecosystem
and technologies. Trading platforms ensure the authenticity and reliability of
traders, providing secure access to market information in real time through
nodes created for better data security. Strategic solutions have a very positive
relationship with the performance of employees in banks. New technologies in
the banking industry have created storms that bring significant improvements in
performance, leaving a huge impact on providing real-time services to
customers.

48
 Reference: https://www.emerald.com/insight/content/doi/10.1108/APJIE-09-
2020-0142/full/pdf?title=innovation-in-banking-fusion-of-artificial-intelligence-
and-blockchain

Tables of Variables

Sr. Name Year of Author Name Keywords

No. Publish
1 Blockchain for AI : Review 01/01/2019 Khaled Salah, Artificial
and Open Source Challenges M. HABIB UR intelligence,
REHMAN, machine learning,
NISHARA blockchain,
NIZAMUDDIN, cybersecurity,
ALA AL- smart contracts,
FUQAHA consensus
protocols.
2 Overview of Business 15/12/2019 J. Leon Zhao, Bitcoin,
Innovation and Research Shaokun Fan, Blockchain,
Opportunities in Blockchain Jiaqi Yan Business
and Introduction to the innovation, Public
Special Issue ledger,
Computational
Trust

49
3 Blockchain Technology in 15/11/2017 Roman Beck, Blockchain
Business and Information Michel Avital, Technology,
Systems Research Matti Rossi, Information
Jason Bennett System Research
Thatcher
4 A systematic Review of 04/07/2019 Xingtong Chen Blockchain,
Blockchain and Gang Kou Systematic
literature review,
Business and
economics,
CiteSpace
5 A Systematic Review of the 10/10/2018 Marko Kompara, blockchain;
Use of Blockchain in Aida Kamišali´c, consensus;
Healthcare Lili Nemec distributed
Zlatolas systems;
healthcare;
systematic review
6 Blockchain application and 09/12/2016 Ye Guo, Blockchain,
outlook in the banking Chen Liang Decentralization,
industry Banking industry
transformation
7 Machine Learning and 31/12/2017 Praveen Kumar Machine Learning,
Artificial Intelligence in Donepudi Artificial
Banking Intelligence,
Financial Sector
8 Application of Artificial 28/04/2020 Dr.Anil B Malali, Artificial
Intelligence and Its Powered Dr.S.Gopalakrish Intelligence,
Technologies in the Indian nan Machine Learning,
Banking and Financial Chat bots, Banking
Industry and Financial
Industry,
Technology.
9 Impact of Artificial 20/10/2018 Amer Awad Artificial
Intelligence on Performance Alzaidi intelligence,
of Banking Industry in Banking Industry,
Middle East Impact,
Performance,
Middle East,

50
 Employee
perception
10 Innovation in banking: fusion 08/03/2021 Vedapradha R. , Innovation,
of artificial intelligence Hariharan Ravi Blockchain, Initial
and blockchain coin offerings
(ICO), Intelligent
process automation
(IPA),
Robotic process
automation (RPA)

3. Research Methodology

4.1 Research Design

Research design can be defined as the foundation for conducting the research
project which ensured the proper conduct of research in effective and efficient
manner. It is plan that aims to describe how. When and especially where the
data are to be collected and analyzed.

4.1.1 Exploratory Research

Is a used define the research problem. It has a primary. Objective to provide

insights and understanding and comprehension of the problem situation which
confronts to a researcher. Findings of the exploratory research are considered as
tentative are considered as an input to further research.

51
 4. Recommendation of the Research

It would be interesting for an investigation to be conducted on what consumers

are expecting in the future of digital banking, such as what consumers want
from their banking app(s) more than what the app provides currently, which
could potentially lead to the complete substitution of visiting local bank
branches, whilst increasing a positive customer experience. Whilst conducting
this study through an online-based survey, it became apparent that not many
consumers use the Chatbot services provided through their banking app and
website. The main consensus was that there were potential trust and reliability
issues that consumers had with them. Therefore, they mainly opted to contact
the bank by phone. Although previous studies showed that Artificial
Intelligence powered technology, such as virtual agents, i.e. Chetobot provides
AI's super-intelligent capabilities with the same information as bankers to

52
ensure positive customer service. however, as observed from this study,
consumers rarely opt to use a virtual agents. Therefore, investigating more into
why consumers do not choose Chatbots as their preferred mode of
communication could then help in solving the issues that banks currently face of
their customers not using the Chatbots on their banking app and website as
much as they would prefer to ensure a positive consumer experience, especially
when consumers face banking issues or problems. The final recommendation is
to ensure that consumers have sufficient knowledge and information about
having neobanks and bank accounts. Throughout the data collection process of
this study, it became clear that consumers had important knowledge gaps for the
features and facilities possessed by Neobank, an online-only bank, which is
believed by a small number of consumers today. Beyond overseas travel fund
management. Therefore, it would be appropriate to investigate what sort of
demographics do not hold an online-only bank account. Alongside this, a study
could further explore whether consumers do not hold an account with neobanks
due to the lack of information available from neobanks to the consumers
directly or investigating if neobanks are not reaching their potential consumers.
This might be due to the lack of advertising of their benefits and the services
they can provide to fulfil consumers’ necessary banking needs whilst ensuring a
substantial positive customer experience.

53
 5. Managerial Implication

The study implies that digital banking is very much at the forefront of helping
consumers with their banking needs and even facing banking issues. This means
that banks can aim to further develop the application, provide more services to
their customers through the banking app, and ultimately improve the
engagement of their bank customers through the banking app to ensure that all
the needs of consumers are met. do. Also, consumers are probably
misunderstanding the banking virtual agent function. Therefore, banks should
understand the advantages of using virtual agents, such as chatbots, to
consumers, and emphasize that chatbots are reliable. Finally, neobanks may
want to investigate further in-depth as to why the majority of the population do

54
not hold as many online-only bank accounts as expected and see if more
information needs to be relayed across to its existing customers, explaining the
benefits and different uses of holding an account with a neobank.

6. Findings/Conclusions

Artificial intelligence is the future of banking, bringing the power of advanced

data analytics to combat bad transactions and improve compliance, and the
creation of Bitcoin in 2009 was also a revolutionary idea in the financial world.
In this study, we look at how AI and blockchain technology can contribute to
the banking sector in India. While the potential of blockchain technology it is to
be found that AI application is leading the Banking Sector and also helping to

55
fulfill the customer demand faster and easier. It is also used to meet compliance,
detect fraud and assess an individual's creditworthiness.

7. Bibliography/References

Abstract Author(s): Arjun, R.; Suprabha, K. R.

Abstract Source: International Journal of Interactive Multimedia & Artificial

Intelligence . Sep2020, Vol. 6 Issue 3, p7-14. 8p.

Banking on Artificial Intelligence

Keywords: Artificial Intelligence, Blockchain Technology, Banking Sector.

https://www.wipro.com/business-process/why-banks-need-artificial-
intelligence/

Introduction

56
https://arxiv.org/ftp/arxiv/papers/1802/1802.04451.pdf

Literature Review : Use of AI And Blockchain In Banking Sector: Kishore

Meghani

https://www.worldwidejournals.com/indian-journal-of-applied-research-
(IJAR)/fileview/use-of-artificial-intelligence-and-blockchain-in-banking-
sector--a-study-of-scheduled-commercial-banks-in-
india_August_2020_1596272788_3713269.pdf

 https://ieeexplore.ieee.org/stamp/stamp.jsp?
tp=&arnumber=8598784
 https://jfin-swufe.springeropen.com/track/pdf/10.1186/s40854-
016-0049-2.pdf
 https://link.springer.com/content/pdf/10.1007/s12599-017-0505-
1.pdf

https://link.springer.com/content/pdf/10.1186/s40854-019-0147-z.pdf

 https://www.mdpi.com/2073-8994/10/10/470
 https://link.springer.com/content/pdf/10.1186/s40854-016-0034-
9.pdf
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 https://d1wqtxts1xzle7.cloudfront.net/63426496/
I250406556020200525-93409-exhui9-with-cover-page-v2.pdf?
Expires=1631430594&Signature=F7ja99qrnsZPcxfNm4~sYR
WJJDVZw8x6ajgqfmDw9CtUsXCQChty3hHGRFaYczYQXv
doKWw60o8v~Oyzq3obocy3QVZ2bvbUiiK3KTZyk8qdDWSe
qHWrfJbQ8wxkzLcjDBH8qo-~bJhYRSEqHRm5l6MLd0-

57
 JzXJpbl4PFhwTZab-lIau-5ZE2AQCjE-
Zrav~kdlcbEYRfWVycwIB9eIHXZslsLJF2AF10p0YqEmP2F
GWQMIXjKqC1-mDhuAGG7FcQi9Br74ICUZXRr4HxA1-
tvIbmEbuVr5~yA9I6OYATTUNg3D3~IRgbhEdJn9uR-
5KE9GAHvdUOdkHEagli3TNTA__&Key-Pair-
Id=APKAJLOHF5GGSLRBV4ZA
 http://journals.mountaintopuniversity.edu.ng/Banking%20and
%20Finance/20181021.pdf
 https://www.emerald.com/insight/content/doi/10.1108/APJIE-
09-2020-0142/full/pdf?title=innovation-in-banking-fusion-of-
artificial-intelligence-and-blockchain

58