A Brief Study on Role of Technology in Banking

A Project Submitted to

University of Mumbai

for partial completion of the degree of

Bachelor in Commerce (Banking and Insurance)

Under the Faculty of Commerce

By

Miss. Kotian Kavya Ashoka

Under the Guidance of

Mr. Rajiv Mishra

Ratnam college of Arts, Commerce and science

National High school marg, NES Road,

Battipada, Bhandup west, Mumbai, Maharashtra- 400078

AUG 2019 –MAR 2022

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 Declaration by learner

I the undersigned Miss. KOTIAN KAVYA ASHOKA here by, declare that the work

embodied in this project title “A brief study on role of technology in banking” from my own

contribution to the research work carried out under the guidance of Mr. Rajiv Mishra is a result to my
own research work and has not been previously submitted to any other university for any other degree /
diploma to this any other university.

Where ever references have been made to pervious work for any others, it has been clearly indicated
as such and included in the bibliography.

I, here by further declare that all information in this document has been obtained and presented in
accordance with academic rules ethical conduct.

KOTIAN KAVYA ASHOKA

Certified by
MR. RAJIV SIR

ii
d

NES RATNAM COLLEGE OF ARTS,

SCIENCE & COMMERCE
BHANDUP (W), MUMBAI – 400078

CERTIFICATE
‘A’

NACC( Re -rd)

This is to certify that MISS. KOTIAN KAVYA ASHOKA

Of B.COM ( Banking & Insurance ) Semester VI ( 2021 – 22 )
has successfully completed the Project on A Brief Study on
Role of Technology in Banking under the guidance of
Mr. Rajiv Mishra

COURSE COORDINATOR. PRINCIPAL

( Ms. Riya Rupani ) ( Dr. ( Mrs.) Mary vimochana )

PROJECT GUIDE / INTERNAL EXAMINER

( MR. RAJIV MISHRA )

External examiner. Date:- 22/03/2022

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 Acknowledgment

To list who all have helped me is difficult because they are so numerous and the depth is so enormous,

I would like to acknowledge the following as being idealistic channels and fresh dimensions in the
completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do this project.

I would like to thank my principal, Dr. (Mrs.) Mary vimochana for providing the necessary facilities
required for completion of this project.

I take this opportunity to thank our Coordinator Ms. Riya Rupani for her moral support and guidance.

I would also like to express my sincere gratitude towards my project guide Mr. Rajiv Mishra whose
guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference books and magazines
related to my project.

Lastly. I would like to thank each and every person who directly or indirectly helped me in the completion
of the project especially My Parents and Peers who supported me throughout my project.

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 Index

Chapter Number Title of the chapter Page number

1. INTRODUCTION 1

1.1 Artificial Intelligent 4

1.2 Machine Learning 5
1.3 Deep Learning 7
1.4 Data analysis 8
1.5 Natural language processing 9
1.6 Blockchain 10
1.7 Web technology 12
1.8 Mobile technology 13
1.9 Cloud computing 14
1.10 Cybersecurity 17
1.11 Application programming interface 19
1.12 Internet of things 20
1.13 Augmented reality 22
1.14 Data warehouse 24
1.15 Quantum computing 26

2. Literature review 29

3. 39
Research Methodology
3.1 objective of study 39
3.2 scope of study 40
3.3 significant of study 42
3.4 Limitation of study 43
3.5 hypothesis 44

4. Data Analysis and Interpretation 45

5. Finding and Conclusion 53

6. Suggestion and Recommendation 55

7. Bibliography 57

8. Appendix 59

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 1. INTRODUCTION

Banks are a very important part of the economy because they provide vital services for both
consumers and businesses. As financial services providers, they give you a safe place to store your cash.
Through a variety of account types such as checking and savings accounts and certificates of deposit (CDs),
you can conduct routine banking transactions like deposits, withdrawals, check writing, transferring money
and bill payments. It gives interest to your money or gold. They provide security to the customer materials.

Banking industry is a backbone or main heart of Indian financial system and it is afflicted by many
challenging forces. One such big force is revolution of information technology. In today’s era, technology
support is very important for the successful functioning of the banking sector. Without IT and
communication, we cannot think about the success of banking industry, it has enlarged the role of banking
sector in Indian economy. For creating an efficient banking system, which can respond adequately to the
needs of growing economy, technology has a main key role to play. And without technology we cannot
visualize what is the success of bank services.

Technology has taken the banking system to the level of greater transformation or elevator of
banking services. The introduction of computers and other electronic devices has made banking easier for
everyone. And it reduces lots of effort and time. Technology has its impact on all the sectors and in our daily
lives but the changes brought in the banking sector have transformed the lives of the people to another level
and get better benefit of all services. Efficient and quick services not like before with burdens of lots of
paperwork and maintenance of files. There are large number of problems arise in that era like searching
particular file from many files, sorting the file based on the location or query, updating file etc. For this
large number of function and data finding there many workers are needed and take lots of time for only one
operation to be done. From all this problem there are larger space are available and maintenance cost of file
like to protect paper from mouses, insets etc. and making new cupboard for storing file and for cleanness this
required lots of effort and money.

Because of technology has very impact full in all sector and open various opportunities in many areas
and if we use technology efficiently, we get better result and produce more profit in less invest. In this era
Technology is main root system of all fields and provides various solution for problem. It is very powerful
energy for banking sector to do all operation in very wide range with proper coordination and supply
valuable to the customers. Technology is main pathway that linked customer and bank services. It provides

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services to customer in very effective way and easily available to everywhere with less time with less error
and less efforts.

Information technology in banking sector refers to the use of sophisticated information and
communication technologies together with computer science to enable banks to offer better services to its
customers in a secure, reliable and affordable manner and sustain competitive advantage over other banks.
The significance of technology is greatly felt in the financial sector in view of the competitive advantage for
banks resulting in the efficient customer service.

EVOLUTION OF TECHNOLOGY IN BANKING:

In past 10 years, banks in India have invested heavily in the technology such as Tele banking, mobile
banking, net banking, ATMs, credit cards, debit cards, electronic payment systems and data warehousing
and data mining solutions, to bring improvements in quality of customer services and the fast processing of
banking operation. It enhances the features of banking sector and provide quality services to customer and
customer give satisfy feedback.

Banks began using Information Technology initially with the introduction of standalone PCs and
migrated to Local Area Network (LAN) connectivity. With further advancement, banks adopted the Core
Banking platform. Thus, branch banking changed to bank banking. Core Banking Solution (CBS) enabled
banks to increase the comfort feature to the customers as a promising step towards enhancing customer
convenience through Anywhere and Anytime Banking.

The process of Computerization gained pace with the opening of the economy in 1991-92. A major
driver for this change was propelled by rising competition from private and foreign banks. Several
commercial banks started moving towards digital customer services to remain competitive and relevant in
the race. Banks have benefitted in several ways by adopting newer technologies.

Impact of IT Revolution The opening up of the Indian economy in 1991 almost corresponded with
the worldwide internet revolution which doubly impacted the Indian private and public sector banks that
were still stuck in old ways of functioning. Once Indian IT services companies started booming, it was just a
matter of time before Indian banks whole heartedly embraced technology. This paved the way for business
process automation in banking, which enhanced customer service, reduced manpower costs and increased
profitability.

Here, I am showing some technologies that are using in banking with approximate statistics. These
statistics are based on bank surveyed.

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 100

90

80

70
bank surveyed in %

60

50

40

30

20

10

Technologies

Fig. 1.1. Statistics of Technologies v/s Bank surveyed

Banking sector are using various technology for their services and transaction operation and provide user
friendly service to customer. Here I am going to show few of them like AI, ML, Blockchain etc…...

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 A. ARTIFICIAL INTELLIGENCE (AI): -

Artificial Intelligence (AI) has been around for a long time. AI was first conceptualized in 1955 as a
branch of Computer Science and focused on the science of making “intelligent machines” machines that
could mimic the cognitive abilities of the human mind, such as learning and problem-solving. It has ability
to solve very big and complex problem. Here is some main problem If some person wants big loans from
bank, then bank is collecting all information of that person like this is already take the loans from other
banks or not and after all analysis and bank give loans. AI analysis market risks, economic risks and predict
future risks etc.

Organizations and governments around the world are diverting billions of dollars to fund research
and pilot programs of applications of AI in solving real-world problems that current technology is not
capable of addressing. AI has potential to find and recognize the problem and take best decision.

Artificial Intelligence comprises a broad set of technologies, including, but are not limited to, Machine
Learning, Natural Language Processing, Expert Systems, Vision, Speech, Planning, Robotics, etc. This AI
technologies use as per requirements and application. The adoption of AI in different enterprises has
increased due to the COVID-19 pandemic. Since the pandemic hit the world, the potential value of AI has
grown significantly. AI is becoming increasingly important as organizations automate their day-to-day
operations and understand the market affected datasets and consumer need and their problems. Here, I have
shown some few example that bank is currently using.

• Customer service/engagement (Chatbot)

Chatbots deliver a very high ROI (Return on investment) in cost savings, making them one of the
most commonly used applications of AI across industries. Chatbots can effectively tackle most
commonly accessed tasks, such as balance inquiry, accessing mini statements, fund transfers, etc. This
helps reduce the load from other channels such as contact centres, internet banking, etc. It solves user
query efficiently by giving valuable response to the user. For this user need not to be wait for pickup
calling by care customers servicers.

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 • Cybersecurity

AI can significantly improve the effectiveness of cybersecurity systems by leveraging data from
previous threats and learning the patterns and indicators that might seem unrelated to predict and prevent
attacks. In addition to preventing external threats, AI can also monitor internal threats or breaches and
suggest corrective actions, resulting in the prevention of data theft or abuse.

Fig 1.2. Banks use Artificial intelligence

AI play many important roles in banking or any other sector because their algorithm is design in such
way that their decision mostly right as per situation.

B. MACHINE LEARNING (ML): -

Machine Learning works by extracting meaningful insights from raw sets of data and provides
accurate results. It’s part of AI and ML provide accurate information by the help of many data. It has variety
of algorithms and used labelled or unlabelled data. The machine learning algorithm are made for complex
tasks and work on high data set. This information is then used to solve complex and data-rich problems that
are critical to the banking & finance sector. Further, machine learning algorithms are equipped to learn from
data, processes, and techniques used to find different insights. Here, I am just showing some few roles of
machine learning in the banking.
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 • Financial Monitoring

Machine learning algorithms can be used to enhance network security significantly. Data scientists
are always working on training systems to detect flags such as money laundering techniques, which can be
prevented by financial monitoring.
Machine Learning powered solutions allow bank to completely replace manual work by automating
repetitive tasks through intelligent process automation for enhanced customer productivity. Further, Machine
Learning technology can easily access the data, interpret behaviours, follow and recognize the patterns. This
could be readily used for customer support systems that can work similar to a real human and solve all of the
customers’ unique queries.

• Decision-Making

Banking is use Machine Learning algorithms to analyse both structured and unstructured data. E.g.,
customer requests, social media interactions, and various bank processes, and discover trends (both useful
and potentially dangerous) to assess risk and help customers make informed decisions accurately.
In the above AI example, I have taken loan example in this analysis process ML play very important
role. Collected data are given to the ML algorithm recognize pattern and behaviour of person and also find
some problem of solution like this loan it gives some benefit to the bank. Like for all problem ML give
accurate answer on the basis of available data.

Fig 1.3. Loan Approved by using ML

Given below image their some another function of ML. Like analysis ordering tasks, and machine
improve their data available by learning algorithm (it enhances self-feature automatically), find fraud risks
rate and some decision.

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 Fig. 1.4. Extra application of ML

C. DEEP LEARNING (DL): -

Deep learning (DL) is an advanced technique of machine learning (ML) based on artificial neural
network (NN) algorithms. Deep learning is majorly use for NLP or image recognition or for large data
analysis.

• Customer Service

Bank use easy to use and fast answering chatbots with deep learning models to improve user experience.
Deep learning-based solutions bring personalized services to customers. According to customer’s financial
activities, virtual assistants can

• automate frequently completed actions

• suggest loan or some deposit list or insurance that are not used by the customers but can be a good fit
for them
• answer questions
• Video call KYC with human detection and behaviour

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 • Insurance Claims

Thanks to computer vision and document processing capabilities, deep learning models allow
insurance companies to assess damages for car accident claims or risks for home insurance. Also, these
models can identify fraudulent claims more accurately.

Fig 1.5. AI, ML and DL relation

D. DATA ANALYSIS: -

Data analysis is the core of any decision for this we use many methods, algorithms and big data set.
Understating somethings banks work in practice requires familiarity with the technologies used to collect,
clean and analyse the data sets of information gathered from a variety of channels. It gives visualization idea
about market, business, risks, other sector demands, future prediction etc. Many banks using data analysis
for their performance and insurance, interest rate, stock price prediction and their investment risks and profit
security.
Data analysis provide many tools for visualize data in very simple manner without any hard coding
and computing process. This provides conclusion in the charts, tables, bar charts, column chart, pie chart,
animated visualization.
Analytics software has changed the way this information is processed, making it possible to identify
trends and patterns which can then be used to inform bank decisions at scale. While one piece of data is a

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single data point, multiple pieces of information can create a larger picture that can be used to recognize
patterns in customer behaviour, purchasing choices and other key insights. Banks are using for

• Fraud and security

One of the largest ways in which data analysis has impacted the financial services industry lies in
fraud prevention and detection.

• Customer support

Another area in which data shines is in customer support services. Continual data gathering provides
knowledge and insight into what problems consumers are facing. If data shows similar queries being
consistently presented to a specific service department, a knowledge base can be created to provide a self-
service option.
Here, some another application of data analysis. Field of data analysis is called Data science.

Fig.1.6 Application of data science.

E. NATURAL LANGUAGE PROCESSING (NLP): -

Banks see this as moving into the direction of meeting auto compliance so that key information can be
retrieved amongst a process of analysing and output.
Natural Language Processing (NLP) is a method that prepares computers in understanding and
accurately translating human language. The representation of human language is built through the building
of computational algorithms, enabled in a wide range of applications like better call services, user can ask
their query through devices that available in the banking. It can be reduced waiting time of queue and

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frustration answering from the bankers and we can ask any query many times to device without any
hesitation.
NLP reduce the language barrier between bankers and customer. One device understands many
languages and give in same language. Because of this bank coast of hiring many works for different
languages are reduces.
The banking industry is purchasing more NLP-based products, with at least a quarter of AI approaches
catering to information retrieval functionalities This is more catered to document searching capabilities.
NLP has many applications in banking sector for example text recognition, many languages
recognition, find better data for analysis etc.

Fig.1.7. Feature of NLP

F. BLOCKCHAIN: -

Blockchain technology is an open, distributed ledger that records transactions between two parties
efficiently and permanently. A blockchain consists of individual blocks of data that involve a series of
related transactions, linked together in a specific order. All of the involved parties can share a digital ledger
across a computer network without needing a centralized authority or intermediaries. That’s why processing
transactions through blockchain is faster.

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 The speed is just one of the many potential benefits blockchain brings to banking. It’s not only about
greater efficiency but also a new level of transparency and giving high security to the system and safe from data
change from third parties.

Here, I am showing some application of blockchain in Banking sector:

• Faster payments

By establishing a decentralized channel (e.g., cryptocurrency) for payments, banking institutions can
use emerging technologies to facilitate faster payments and lower the fees of processing them. By offering
higher security and lower cost of sending payments, banks could introduce a new level of service, bring new
products to the market, and finally be able to compete with innovative fintech start-ups.
Moreover, by adopting blockchain, banks will be able to cut down on the need for verification from
third parties, and accelerate the processing times for traditional bank transfers. Its instant payment and
instant update on bank account and it reliable to use.

• Credit and loans

Traditional banking institutions underwrite loans by using a system of credit reporting. With
blockchain, we’re looking at the future of peer-to-peer loans, faster and more secure loan processes in
general, and even complex programmed loans that can approximate syndicated loan structure.
This all loans and credit information centralized systems are often harmful to consumers because
they contain erroneous information. Moreover, concentrating such sensitive information within a small
number of institutions makes it very vulnerable.

• Digital identity verification

Banks wouldn’t be able to carry out online financial transactions without identity verification.
However, the verification process consists of many different steps that consumers don’t like. It can be face-
to-face checking, a form of authentication (for example, every time you log into the service), or
authorization. For security reasons, all of these steps need to be taken for every new service provider.
With blockchain, consumers and companies will benefit from accelerated verification processes.
That’s because blockchain will make it possible to reuse identity verification for other services securely.
users will be able to choose how they wish to identify themselves and with whom they agree to share their
identity. They will need to register their identity on the blockchain only once. There’s no need for repeating
that registration for every service provider – as long as those providers are also powered by the blockchain.

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 Fig.1.8. How blockchain work

G. WEB TECHNOLOGY:

A website is a collection of web pages and related content that is identified by a common
domain name and published on at least one web server. It is provided very user friendly and best user
experience content serve to customer. After website are introduce with more and efficient function
the market is growing drastically and make very impactful on the whole sector.
In the banking website are play main servicing work to the customer. website show content
in just one screen it provides many functions like online account opening, net banking, fast access
account. The use of website is very simple go to the browser and put your bank domain and take
benefit of services.
Website are secure by many securities and u can access your account from any devices that
support browser only. As compare to the mobile banking website showing many contents with many
extra features. It provides services like online account opening, video KYC, net banking, money
transfer etc.

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 Fig.1.9. internet banking

H. Mobile technology:

From smart phones era and recent 4G the market growth of all sector is reached to the pick level of
profit. many markets are totally shifted to the mobile technology and creation.

Banks are developing their services application for mobile. Mobile banking enables clients and users
to carry out various transactions, which may vary depending on the institution. From this application bank
provides many facilities like check book request, insurance open, online deposit, funds transfer etc. By this
technology bank has reduces their services cost and manual working effort. From this customer should not
wait for small tasks banks. This application is made in such way that user can easily use and find all service
near point in application.

Here below image show how many functionalities provides by the bank applications.

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 Fig.1.10. mobile banking feature

I. CLOUD COMPUTING:

Cloud computing is the delivery of computing services – including software applications, data
storage, and processing power – on demand, over the internet.

Bank institutions need to leverage modern technology to deliver improved customer experiences, at a
lower cost, in real time. The banking industry is home to a large volume of consumer data and is always
eager to provide the best services to its customers. This requires the collection and processing of multiple
data sources and the modernization of legacy systems and outdated operating models.
Strategically implemented cloud computing services allow banks to utilize resources in a highly
flexible and efficient manner with the help of data analytics, data storage, and batch processing.
the cloud computing technology serves as a transformative digital solution which offers unparalleled levels
of security, agility, and scalability to the banking sector while boosting its capability to handle consumer
data.
Further, the cloud technology also helps the banking industry to improve revenues, operational
efficiency, and the client servicing department.

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 • Flexibility:
The cloud enables the banking industry to rapidly adapt to the ever-changing consumer, market
needs, market risks and challenges. It provides an additional room for banks to meet future consumer
demands and this flexibility helps banks to sustain in the market.

• Auto Scalability:
On demand cloud services enable the banking industry to automatically scale resources and available
from everywhere according to the requirements of the consumers. The capacity, redundancy, and recovery
risks associated with traditional technology can easily be lowered with the help of cloud technology.

• Better Client Servicing:

Cloud computing facilitates banks in faster development of products and services. It not only allows
the banking industry to boost computing power and analysis big data in order to meet the growing demands
of their customers, but also provides better insights which helps banks to create customized services for their
clients.

• Improved Data Security:

The financial impact of a data security breach is undoubtedly one of the most hard-hitting
consequences. It can cost millions of dollars. And while data breach is on the rise, most banks still trust upon
on-premise systems. Cloud computing has paved the way for a successful alternative that prevents data
tampering. It provides an up-to-date customer-centric platform with excellent security to safeguard banking
data.

• Agile innovation:

Accessing the cloud can increase banks’ ability to innovate “by enhancing agility, efficiency and
productivity”. It can also help banks to reallocate resources away from the administration of IT
infrastructure, and towards innovation and fast delivery of products and services to markets.

• Operational Efficiency:

The cloud technology facilitates banks with the maximum possibility of integrating new technologies
and applications in future which maximizes the productivity of their operations. It allows to the banks to
focus on their core business operations and improve processes for achieving higher operational efficiency.
cloud can also help banks to eliminate complexities related to the changes and increase of data.

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 • Enhanced Innovation:

Cloud technology can shorten product deployment cycles and simplify product testing, quick market
survey, allowing financial institutions to test new innovations in real-time and react to market acceptance (or
rejection) quickly.
• Business Continuity:

Cloud computing can assist banks and financial services firms with increased data protection, fault
tolerance, and disaster recovery for financial firms. It provides a high level of redundancy and back-up at a
comparatively lower price than traditional managed solutions.

• Driving Costs Down:

Moving your mission-critical business applications and data to the cloud means that you don't have
to store them locally. That means no physical infrastructure is necessary. You'll save a ton of money on the
costs associated with purchasing, maintaining, and housing the necessary hardware you're avoiding on the
cloud.

Cloud Computing Challenges in Banking Sector

Despite the numerous benefits of cloud computing technology, here are some challenges that stop
banks from implementing it:

• Data and Security Privacy:

Bank data contains sensitive information. Keeping it protected from cyber breach is paramount for
banking sectors. With any technology, security remains an issue; the cloud is no exception. The security
breaches incidents are inevitable but preventable. And cloud security is not too much developed today. But
in the future is might be give better security.

• Regulatory and Compliance:

Many banking regulators require that customer’s financial data located in the same country. Certain
compliance regulations require valuable data not to be intermixed with other data – on shared servers or
databases. So, banks must have a clear understanding of where their information resides in the said
environment.

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 • No Complete Control:

Giving control of your critical business applications and data is a significant concern for financial
firms. Handing it off to a third-party cloud service provider might reduce the facility of being flexible and
agile. So, not having control of a large volume of data deters companies from moving to the cloud.

Fig.1.11. uses of cloud computing

J. CYBERSECURITY:

Cybersecurity is the practice of protecting electronic systems like computers etc. and data from
malicious attacks and provide network security like firewall etc.

The primary purpose of Cybersecurity in digital banking is to protect the customer’s assets. As
people go cashless, more and more activities or transactions are done online. Amid Covid-19, India was
home to the highest number of real-time online transactions in 2021 ahead of countries such as China and
the US. People use their digital money like credit cards and debit cards for transactions which require to be
protected under Cybersecurity. Cybercrimes in digital banking not only affects the customer, but it also
affects the banks while they attempt to recover the data.

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 Fig.1.12. threats for cybersecurity

• Unencrypted data:

It is common threats faces by the banks where the data is left unencrypted, and hackers or
cybercriminals use the data right away, thereby creating severe issues for the financial institution. All data
that is stored on computers in financial institutions or online must be fully encrypted.

• Malware:

End to end-user devices like computers and mobile devices are mostly used for conducting digital
transactions; therefore, it must be secured. If it is compromised with malware, then it may pose a serious risk
to the bank’s Cybersecurity whenever they connect with your network.

• Third-party services:

Many banks use third-party services from other vendors to serve their customers better. However, if
these vendors don’t have a tight Cybersecurity measure, then the bank that has employed them will suffer
badly.

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 • Spoofing:

The cybercriminals will impersonate a banking website’s URL with a website that is similar to the
original one and functions the same way and when the user enters his or her login credentials that login
credentials are stolen by these criminals and use it later.

• Phishing:

Phishing means the attempt to get sensitive information such as credit card details etc. Online
banking phishing scams have evolved continuously. They look to be genuine and real, but they fool you into
giving away your access information.

• Data manipulation:

They make changes in the transactional data stored in the system. Since the changes appear legit,
they’re almost impossible to identify. Even small, undetected changes can snowball into massive issues
down the line.

• Denial of services:

Denial of services is a form of cyber security threat where hackers overload or eliminate a website or
service (like e-banking) by spamming it with excessive requests.

The step towards building a strong cybersecurity protection system is identifying the biggest threats
and possible attack modes. Banking and cybersecurity need to come together to build robust protocols for
continued protection from cybercriminals. There have been many fraudulent cases where the personal data
of innocent customers and banks important data were used for crimes. Then there should be high security for
transition and applications.

K. APPLICATION PROGRAMMING INTERFACE (API):

An API, or application programming interface, is basically software that acts as an intermediary

between other pieces of software. An API is a program that acts as the interface between
applications. services that enable banks to provide digital services to customers or integrate with other digital
services.

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 API banking allows banks to digitize their services and better serve customers who don’t live near
physical branches or who prefer internet banking. Digital banking enabled by internet banking APIs is
becoming a lot more popular, and still has room for growth.

Majorly this API are developed by large companies or central banks with higher security. Most
commonly this API are under control and supervise in Central bank.

Fig.1.13. API how it’s work

The future of API banking

There’s huge pressure on banks to adopt API banking because of consumer preferences, market
pressure, and the growing prevalence of open banking.

Consumer are rapidly adopting digital services. From few years uses of ATM are decrease. Because
of consumer need many banks are using API for fast activity done. Without crate their own application from
hard coding they use API for services.

L. INTERNET OF THINGS (IOT):

The IoT concept bringing together all things in the world and connecting them to the internet. In
other words, it means expanding the capability of the internet beyond smartphones and computers to many
other things, environment and processes. It connects the real, physical and the virtual world and allows for
interaction between them thereby creating an intelligent system of systems.

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 Fig.1.14. IOT in banking

• Improve security:

Security is considered a top priority in every bank institution. IoT technologies help to improve
security by detecting and preventing fraud even before they occur. With IoT, bank institutions can track the
location of a financial crime, identify the type of device used in carrying out such crime and even get to the
root of it on time. IoT also prevents fraud through authentication where wearable devices can be used to
gather the biometric data of a customer; the combination of such biometrics and strong cryptography make it
possible for the information to be secure in the bank’s database. Register device has access to use services.

• Enhances customers experience through privacy:

IoT makes use of networks of microsensors that helps banks institutions to gather and secure financial data
of their customer. It also guides customers on how to carry out self-service with the help of a virtual
assistant.

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 • Determine the right placement of banks and ATMs:

IOT provides insight to banks on areas that require more branches and locations where new ATM machines
can be installed to meets the customers need. With this, banks do not have to waste fund in creating banks
where customer demand isn’t on the increase.
• Make transactions easier:

Imagine making payments without the need for cash or credit cards but with biometrics such as voice
and face recognition. Isn’t that much easier? That’s what IoT does. It brings a lot of benefits to the bank
industry especially in carrying out a transaction which is the core of the bank.
• Data Analysis:

IoT also helps banks and other financial institutions to collect data through the use of digital sensors
and mobile apps. Through this, banks and financial institutions can analyse customer’s behaviours and make
better decisions that will profit the customers.
IOT has very wide use in future banks it gives many new extra features that benefit for banks.
Because of IOT devices customer can easily find services inside the banks and ask query to devices. Just one
authentication customer can access many services in bank or digitally.

M. Augmented reality:

AR is an experience where parts of users’ physical world are enhanced with computer-generated
input. It can provide an interactive experience of a virtual environment in the real world.
Augmented Reality (AR) significant contributor to the future of banking by letting banks to create
immersive customer experiences, platforms and applications, that lead to higher user engagement, seamless
banking solutions and positive brand communication. Using augmented reality in banking can not only
increase the efficiency of certain operations but also enhance the overall user experience. Example, Using
AR, we can talk bankers in the living room.
• Payment:

Contactless virtual cards, digital wallets, pockets, has increased the payment experience seamless and
will solve the problem of absence of instant checkout experiences. They have also gain protection against
theft and loss by enabling smarter authentication processes. Like the self-service mechanisms, these has also
reduced the physical visits to any bank branch.

22
 • Insurance:

Bank Insurance can utilize AR technology, when it comes to investigation. The environment that an
insurance professional is a part of can easily be analysed, collected and recorded on a real-time basis. Hence,
making the work more comfortable, efficient and better result oriented.

With the introduction of devices and complex equipment being insured in industrial settings and the
need to make quick assessments of weather-related damage – the insurance industry is definitely in need of
solutions to overcome such challenges.

Fig.1.15. augmented reality in banking

• ATM’s location

AR phone applications have been made, which helps customers to locate ATMs nearby and bank
branches. In India, the Axis bank launched an AR app called “Near me” for this purpose. These apps convey
real-time data about location, distance, and services provided at these ATMs.
• Self-service

Today customers prefer banking from the comfort of their homes rather than visiting brick and
mortar bank branches. Now, if we take into consideration the role of augmented reality in banking
applications, it will help customers with information about their bank accounts, loans, mortgages, etc. This
will provide a great user experience to customers.

23
 • Security

The introduction of AR into banking can improve security with biometric security, like voice
recognition and retinal scans. It will be helping in blocking unauthorized access by hackers.

• Bank branches

Virtual banking is becoming more usual than before, and it has reduced the number of people visiting
bank branches. These virtual banks combine self-service with competent AR assistants like chatbots, live
AR video call etc. that provide essential information to customers. With AR, visualization of account
information is possible, which in turn will help banks to offer personalized bank assistance.

• Minimal Documentation

Imagine filing those bulk of physical documents one after the other. This can be brought down as AR
develops. Bank statements, advice, letters, and even cheques can be presented virtually. It will save a lot of
time. It will also simplify the process of obtaining loans, which involves a lot of paperwork.

N. DATA WAREHOUSING:

A data warehouse is a type of data management system that is designed to enable and support
business intelligence (BI) activities, especially analytics. Data warehouses are solely intended to perform
queries and analysis and often contain large amounts of historical data.

Data warehouse providers allow modern banks to address many challenges related to data quality and
management. Custom or modernized DWH solutions can help you overcome these challenges faster and get
quick ROI.

With the daily operational data that comes in from various sources such as bank tellers and ATMs,
proper Data Warehousing is important to ensure that the banks are making use of all these information and
analytics results. For example, banks can determine how frequently ATMs in high-traffic areas require
topping up of cash or emptying of deposited cash, the rush hour of people using the ATMs, and whether they
need to set up new machines in a particular area in need.

Through Data Warehousing, they can easily obtain and store data — like existing customers,
potential customers, amount of money in the bank reserve, and changing interest rates — for analysis to
discover opportunities.

24
 • Data consistency-

Resolve the challenges of unstructured data, minimize errors in operational and financial data,
and improve data accuracy. DWH allows for organizing your data and getting a single view on your
busine ss. It helps for BI (business intelligent).

• High scalability-

With legacy data storage systems in place, you definitely face the lack of potential for data
volume growth. Modern data warehousing solutions ensure high scalability and the right business
continuity.
• Quick access-

Among other advantages data warehouse development services can bring to your bank are
seamless access to data, increased customer attraction and loyalty thanks to improved customer service.
• Insurance Underwriting

Insurance companies use historical consumer data to train deep learning algorithms, ML, AI, NLP
etc. This consumer data includes health records, information gathered from wearable devices, potential
health issues, age, income, profession, loan payment history, etc. these analytic solutions help sector to

• predict and reduce risks

• set suitable premiums

Fig.1.16. process of data warehousing

25
 O. QUANTUM COMPUTING:

Quantum computers are an entirely new type of hardware operating on quantum physics principles.
While traditional computers use bits and a binary system of representing the information (either zero or one),
quantum devices store the information in qubits, which can find themselves in a particular state,
superposition (both zero and one at the same time). This allows them to process a vast amount of
information significantly faster than classical devices.

• Quantum computing as a threat:

Banks, hedge funds, asset managers, and all types of financial institutions deal with very sensitive
customer data as well as information regarding transactions and contracts. Moreover, regulators require this
data to be stored for periods ranging from several years to several decades. Therefore, it is paramount that it
should remain secure and private. Some of the encryption algorithms used today rely on complex
mathematical problems that classical computers cannot solve.

• Quantum computing as an opportunity:

Optimal arbitrage, credit scoring, derivative pricing – all these financial procedures involve many
mathematical calculations and become even more complicated and resource-intensive as the number of
variables increases. At some point, people have to settle for less-than-optimal solutions, because the
complexity of the problem surpasses the capabilities of current technology and methods.

Fig.1.17. quantum computing

26
 Now, here I have shown some few examples of application of technology (Bank services) which play
vital role and made huge changes in banking sector:

• E-Banking:

E-banking facilities are through the usage of the computer via the internet. In modern times e-
banking has really made the lives easy and cheap too.

• The customer can view his balance, details of recent transactions any time a day and as many times
he wishes too.

• He can download bank statements, view images of the paid cheque, can order new cheque books
online, and can also download the periodic account statement.

• Fund transfers to the third party having his bank account in another bank.

• Investment, purchase or sale.

• Bill payments and many more etc.

• ATM services:

Automatic Teller Machine has become common in many parts of the nation. People can draw cash
from their accounts in the bank from 24 hours working ATMs spread across the length and breadth of the
nation.

• Debit and Credit cards:

Debit and Credit cards have again added to the convenience of the consumers, who can make
payments using these at a reasonable rate of interest. This has reduced the element of risk involved in
carrying cash to all places.

• Telebanking:

Telebanking is a system in which banks provide their customers with the facilities of performing
transactions through telephone.

27
 • Electronic Payment Services:

E-Cheques Nowadays we are hearing about e-governance, e-mail, e-commerce, e-tail etc. India, as
harbinger to the introduction of e-cheque, the Negotiable Instruments Act has already been amended to
include; Truncated cheque and E-cheque instruments

• NRI banking services:

In this, the ones who work abroad send money to their family and bank within no time convert the
currency and give to his family members.

• Electronic Data Interchange (EDI):

Electronic Data Interchange is the electronic exchange of business documents like purchase order, invoices,
shipping notices, receiving advices etc. in a standard, computer processed, universally accepted format
between trading partners. Electronic Data Interchange (EDI) can also be used to transmit financial
information and payments in electronic form.

• Rural Banking:

The majority of the population in India is living in rural areas. The development of banks in remote
areas has helped the people, economy, small scale industries to develop and contribute to national income.
Previously, people living in rural areas have to travel miles for banking but now with one swipe thing,
everything gets possible. It has helped a lot of agricultural sectors by providing loans at lesser interest and
many more schemes.

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 2. Literature review

There are number of books, research paper and articles are written on the Role of technology in
Banking sector all over the world. Here, I have taken few of them under consideration for our study and deep
understanding of my topic. The following documents are reviewed below: -

Aswin Raj. T (2018) | International journal of Trend in scientific research and

Development (IJTSRD)

In this journal they studied on relationship between new technology implementation in banking
sector and customers. Which technology are developing banking sector and how customer are aware about
the technologies and how they are using it?

In this journal they started with a combination regulatory and competitive reasons increasing
importance of total banking this industry. technology been used under different avenues in banking.
technology enables difficult product development better market infrastructure, implementation of reliable
techniques for control of risks and helps the financial intermediaries to reach geographically distant and
diversified markets.

Main Objective of this journal are to study the role of technology in banks, determine technology in
banks used by customers and analyse the banking innovations after computerisation of banks in India.

On the basis of data analysis and interpretation on this journal online banking, web services and
mobile banking are widely use from all other electronic technology and services. And how frequently ATM
used per day was 4 out of 10 people. From this journal we can clearly understand using of branch banking
services are very less than online services.

According to this paper studied I have found a large number of respondents prefer E- banking in the
studied region. A large number of respondents are satisfied with ATM facilities provided by banks.
Majority of the respondents do not use Tele banking. A large number of respondents are benefited by paying
utility bills by using mobile banking. Based on the this studied it was found that 90% of the respondents
prefer using Internet banking. And majority are satisfied with the security of bank services. A large number
of the respondents rated the technology-oriented services of the bank as good in the studied region. Majority
of the customers have opined that bank’s operation is efficient after the introduction of computers in the
banks.

Limitation of this paper was they use small data and sample study about all research. They use some
group of channels and take some groups of small interviews of those whose involved in this area.
29
 Conclusion of this journal was technology today has become integral to the business of banking.
However as with other resources it has costs attached to it and with substantial investments in IT
infrastructure business leaders will have to seek answers to whether the infrastructure is begin used
optimally. To achieve this difficult task of satisfying the customers, the banks area unit turning toward the
technology for the assistance. Technology has been one among the foremost necessary factors for the event
of human beings.

Dr. G. Tulasi Rao, T. Lokeswara Rao (Volume 17, Issue 5.Ver. I (May. 2015), PP 80-84)
| IOSR Journal of Business and Management

In the article presents analyse the role of Information Technology (IT) in the banking industry. After
Liberalization the IT and communications networking system is set to change the operating environment of
banks drastically. Technology has already enabled some of the banks to introduce innovative products to
their customers in the form of ATM facility, mobile banking, home banks etc. With the use of technology
there had been an increase in penetration, productivity and efficiency. It has not only increased the cost
effectiveness but also has helped in making small value transactions viable. And most of the transactions can
be done from the home and customers need not visit the bank branch for anything. Technology is no longer
an enabler, but a business driver. The growth of the internet, mobiles and communication technology has
added a different dimension to banking.

In this paper they explain role of IT in banking sector with some analysis from primary data and
secondary data source. They explained that cyber cash, online banking and role of e banking system in the
development of the financial system in India. They explain about what’s online banking, how to use and
what are benefit of this step etc. They explained E-banking made its debt in UK and USA 1920s. It becomes
prominently popular during 1960, through electronic funds transfer and credit cards. The concept of web-
based baking came into existence in Europe and USA in the beginning of 1980. In India e-banking is of
recent origin. Technology will bring fundamental shift in the functioning of banks. Banks would have to
undertake extensive Business Process Re-Engineering and tackle issues like.

a) how best to deliver products and services to customers.

b) designing an appropriate organizational model to fully capture the benefits of technology and business
process changes brought about.

c) how to exploit technology for deriving economies of scale and how to create cost efficiencies and

d) how to create a customer - centric operation model.

30
They give the e-banks, which may call as easy bank offers the following services to its customers,

• Credit Cards – Debit Cards

• ATM
• E-Cheques
• EFT (Electronic Funds Transfer)
• D-MAT Accounts
• Mobile Banking
• Telephone Banking
• Internet Banking
• EDI (Electronic Data Interchange)

They analyse On Socio- Economic Profile of Sample Customers Respondents by usage of ATM
facility from this analyse they concluded that a majority of the respondents have ATM facility and on regular
basis and so on analyse of their interpretation of their data.

In this paper they have covered It challenges 2013, they explained like traditional banks can bring new
technologies to market fast enough to retain and grow customers. Banking IT leaders must help drive growth
agendas, in addition to providing cost effective IT services. Continued shifts in consumer behaviour, as well
as emerging technologies, are changing what customers expect from banks and non-banks that provide
financial services. This environment is creating challenges and game changing opportunities for institutions
that can get new growth-enabling technologies to market quickly.

After lots of analysis and studied from enabling banking services to driving transformation in the
industry. Information Technology course do promise to change the pace of banking to the next few years.
Mobile bank and internet banking are going to make indoor in the banking sector in the near future. Even
though IT systems are complex and sophisticated but they are ―energy guzzlers ‖.Indian p
banks that hold around 75 % of market share do have taken initiative in the field of IT. They are moving
towards the centralized database and decentralize decisions making process. They possess enviable quality
manpower. Awareness and appreciation of IT are very much there. What is needed is a ‗big push ‘the way it
was given in the post nationalization period for expansionary activities. Hence, the future for banking sector
is going to make rapid straights in near future.

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Dr. Leela Kumari v.v., B. Suresh Kumar | International Journal of Research in Social
Sciences Vol. 8 Issue 8, August 2018

From this paper I have mode few reviews like with the use of technology there had been an increase
in penetration, productivity and efficiency. The banking sector has embraced the use of technology to serve
its client’s faster and also to do more with less. Emerging technologies have changed the banking industry
from paper and branch-based banks to digitized and networked banking services. Unlike before, broadband
internet is cheap and it makes the transfer of data easy and first. Technology has changed the accounting and
management system of all banks. Information technology refers to the acquisition, processing, storage and
dissemination of all types of information using computer technology and telecommunication systems.
Information technology architecture is an integrated framework for acquiring and evolving IT to achieve
strategic goals. The branches are running on the concept of 24 X 7 working, made possible by the use of
Tele banking, ATMs, Internet banking, Mobile banking and E -banking. These technologies driven delivery
channels are being used to reach out to maximum number of customers at lower cost and in most efficient
manner. The beauty of these banking innovations is that it puts both banker and customer in a win- win
situation. Effective use of technology has a multiplier effect on growth and development.

Objective of this studied was

1. This paper is to reviewed the implementation of information technology in the banking sector.

2. IT has been provided solutions to banks to take care of their accounting and back-office requirements.

3. IT also facilitates the introduction of new delivery channels--in the form of Automated Teller Machines,
Net Banking, and Mobile Banking to provide large services to customers.

4. Taking the help of IT to meet the challenges posed by the new economy changes.

In this paper they taken some consideration

(1.) Meeting Internal Requirement:

The requirements of the banks are different individually depending upon their nature and volume of
business focus on a particular segment, spread of branches and a like. Many a time’s banks do have the
required information but it is scattered.

(2.) Effective in Data Handling:

As stated earlier the banks have most of the needed data but are distributed. Further the cost of
collection of data and putting the same to use is prohibitively high. Best of the intentions on computerization

32
are wished away because there is no visible reduction in cost /efforts/time required for the required data
gathering.

(3.) Extending Customer Services:

Addressing to rising customers’ expectations is significant particularly in the background of

increased competition. In case bank A is unable to provide the required service at a competitive price and in
an accurate manner with speed. There is always a bank IT at its next-door waiting to hire the customer.

(4.) Creative Support for New Product Development:

It has become necessary for the banks to vitalize the process of product development. Marketing
functionaries needs a lot of information not only from the outside sources but also from within the banks.
Banks are looking to retail segment as the future market places for sales efforts.

(5.) End-user Development of the Non-technical Staff:

Banking being a service industry, it is the staffs at counters that deliver the products. In Indian
scenario, virtual banking is likely to have a few more years to establish. The dependence on counter staff is
unavoidable. The staffs are large in number and the majority is non-technical. The customer satisfaction
levels at the counter determine the ultimate benefit of IT offensive. Giving due consideration to this aspect in
choosing architecture in necessary.

In this paper they have covered few benefits of IT like Information Technology enables sophisticated
product development, better market infrastructure, implementation of reliable techniques for control of risks
and helps the financial intermediaries to reach geographically distant and diversified markets. Internet has
significantly influenced delivery channels of the banks. Internet has emerged as an important medium for
delivery of banking products and services etc.

After this valuable information they explained benefits of E- banking like

1. Customer:

• Anywhere Banking -no matter wherever the customer is in the world. Balance enquiry, request for
services, issuing instructions etc., from anywhere in the world is possible.

• Anytime Banking - Managing funds in real time and most importantly, 24 hours a day, 7days a week.

• Convenience acts as a tremendous psychological benefit all the time.

• On-line purchase of goods and services including online payment for the same

33
2. Bank:

• Innovative, scheme, addresses competition and present the bank as technology driven in the banking
sector market.
• Reduces customer visits to the branch and thereby human intervention.
• Inter-branch reconciliation is immediate thereby reducing chances of fraud and misappropriation.
• On-line banking is an effective medium of promotion of various schemes of the bank, a marketing tool
indeed.
• Integrated customer data paves way for individualized and customized services.

They explained few recent developments in banking sector like Internet, Society for Worldwide
Inter-bank Financial Telecommunications (SWIFT), Automated Teller Machine (ATM), bank net, phone
banking, tele banking, internet banking, mobile banking, NRI banking services, any where banking etc.

And they give brief about challenges like I have shown here.

Important Business Challenges:

• Meet customer expectations on service and facility offered by the bank.

• Managing the spread and sustain the operating profit. • Retaining the current market share in the industry
and the improving the same.

Important Operational Challenges:

• Frequent challenges in technologies used focusing up grades in hardware and software, attending to that
implementation issues and timely roll out.
• Managing technology, security and business risks.
• Defined and implemented efficient processes to be able to reap benefits off technology to its fullest
potential.
• Upgrading the skill of work force spread across the country

They have concluded that Indian public sector banks that hold around 75 % of market share do have
taken initiative in the field of IT. Awareness and appreciation of IT are very much there. What is needed is a
„big push
technology offers enormous potential and emancipated various opportunities to the banking sector. It
provides cost-effective, rapid and systematic provision of services to the customers. Applications of IT in
banks enables sophisticated product development, reliable techniques for risk management, brings
transparency to the system and helps banking sector reach geographically distant and diversified markets. IT

34
and communication networking system have crucial impact on money, capital and foreign exchange market.
Banks should have a clear strategy driven from the top and should ensure proper management of risks
involved in internet banking through adopting effective policies, procedures, and controlling measures.

RAKHI SHARMA AND AJIT MITTAL | Indian Journal of Economics & Business,
Vol. 17, No. 3, (2018)

In this paper they explained the growth and advancements in technology has led to a paradigm shift
in the entire banking operations and systems. Further the development of e-banking created a drastic change
in terms of fulfilling customers’ variety of needs. The two-fold objectives of current budget, namely,
demonetization and GST, purely depend on digital banking. The present study explores the role of
technology in banking sector among customers by reviewing the relevant literature from the earlier studies.
The paper aimed to explore some important and popular IT enabled services of banking institutions, its
benefits and challenges at present.

In this work they cover Information technology in banking sector and their evolution. This evolution
is perfectly explained by technologies milestone in Indian banks chart. And in head his explained current
status in the digital space in 2018 with the help of table. And after this his explained transformation of Indian
banking and what are recent It trends of Indian banks. From few of them I have showed here,

Electronic payment and settlement system, Use of MICR Technology, CTS (Cheque Truncation System),
Electronic Clearing Services (ECS) with two types are ECS – credit and ECS – debit, Electronic Fund
Transfer (EFT), Real Time Gross Settlement (RTGS), Core Banking Solutions (CBS), Development of
Distribution Channels etc.

His explained India’s financial technology (fintech) sector may be young but is growing rapidly,
fuelled by a large market base, an innovation-driven start-up landscape, and friendly government policies
and regulations. And this explained by the National Association of Software and Services Companies
(NASSCOM) reported that around 400 fintech firms operated in India, boosted in large part by foreign
investments in fintech-focused start-up accelerators and incubators. NASSCOM predicts that India’s fintech
software market alone could touch US$ 2.4 billion by 2020, doubling on the current rate of growth.

His given brief idea about role of IT in banking industry like To the Individuals, To the Merchants
and to the banks. And given challenges that are facing by banks like security risks, customer awareness, fear
factor, training and so on.

35
 His finally given conclusion about their study was Information Technology offers enormous potential
and various opportunities to the Indian Banking sector. It provides cost-effective, rapid and systematic
provision of services to the customer. The efficient use of technology has facilitated accurate and timely
management of the increased transaction volumes of banks which comes with larger customer base. Indian
banking industry is greatly benefiting from IT revolution all over the world.

Dr. Navleen Kaur, Ms. Supriya Lamba Sahdev, Dr. Monika Sharma, Laraibe Siddiqui
|THE INFLUENCE OF ARTIFICIAL INTELLIGENCE ON THE BANKING
INDUSTRY & HOW AI IS CHANGING THE FACE OF MODERN DAY BANKS

Artificial intelligence consists of generally two fundamental ideas. First it involves studying human
brains like how their thought process works and secondly it helps representing those processes through
machine learning. Artificial Intelligence in finance is more than about chat bots. This research mainly
focuses on the concept of AI in the field of banking, how it has brought revolutionary changes in banking
and its impact on human manpower. As we are aware that humans tend to commit errors, but the world is
evolving so does the innovations, there is lack of skilled talents required to handle the automation. Several
Banking 4.0: ―The Influence of Artificial Intelligence on the Banking Industry & How AI is Changing the
Face of Modern Day Banks.

. AI work just like a human brain it can think and make decision with more accuracy rate, based on
the data it is being fed. The banks use algorithms to generate accurate results which in turn help in enhancing
customer service and generate better sales performance to deliver profits. AI includes machine learning and
profound learning which helps to reduce errors caused by emotional and psychological factors.

They explained why AI in banking industry like

• Enormous challenges in the banking sector.

• Thrust for a process-driven operation.
• Initiate self-service in the branches.
• Customer desire to deliver different personalized solutions.
• Build functional efficiencies.
• Escalating the productivity of employees.
• To support focus on productivity and efficiency.
• Visualization to extend human function with the use of robotics tools.
• To minimize the chances of fraud and scam.

36
 • Manage an immense volume of data at record speed and gain valuable insights.
• To carry out effective decision-making.

They majorly focus on to study the influence of artificial intelligence in the banking sector & how AI
is changing the face of modern-day banks. Application of artificial intelligence in banking like,

Drive thru banking:

Drive thru banking allows you to do banking transaction without getting out from car. There is lane
where the customer can do transaction through a window. Voice AI system is being developed to replace
humans in drive thru banking.

Bank stations:

Banks can incorporate artificial intelligence at the front office, middle office and back office. The
bank stations are a system of self-service terminals that delivers a wide range of value-based e-services to
consumers example bill payments, government e-services etc.

Passbook updating kiosks –

The Indian banking industry has been evolving from people driven to machines controlled in the past
few years. Passbook printing kiosk is an automatic kiosk which enable customers to print their passbooks.
Indian banks such as SBI and Bank of Banking 4.0: ―The Influence of Artificial Intelligence on the
Banking Industry & How AI is Changing the Face of ModernDay Banks Baroda have installed this facility
in a big way. They have installed self-service passbook kiosks wherein customers can print passbooks on
their own.

Chatbot-

The Intelligent Banking Assistant: Chatbots or virtual assistants are new tools designed to simplify
interaction between humans and computer. Chatbots are examples of AI in banking that are replacing the
front-desk scenes at the banks. These AI-led machines provide next level digitized and customized
interactive experiences to the customers.

Cash Deposit Machine-

The Cash Deposit Machines are self-service terminals which allow to deposit cash at any time. This
facility ends the problem of standing in long queues at banks to deposit cash. Banks offer the fastest and

most reliable way to deposit cash round the clock. Both state-owned and private banks offer this
facility where account balance is credited instantly.

37
ATM Machine Helpline-

These help the customers to contact their respective banks in case of emergency these helplines are
provided in ATMs. AI has been introduced in ATMs too. The following segments have been introduced in
ATMs: Machine learning for cybersecurity in ATMs, machine vision ATM cameras, facial recognition for
security and improving customer experience, predictive maintenance of ATM machines, forecasting ATM
cash demand.

They conclude that the world of banking is shifting faster than ever, with Artificial Intelligence (AI)
leading the way in bringing in sea change in the banking industry. Various AI technologies have been
applied in banking in fields such as core banking, operational performance, customer support and analytics.
The introduction of new banking services by modern day banks is helping them to grow and expand.
Technology is enabling increased penetration of the banking system, increased cost effectiveness and is
making small value transactions possible.

38
 3. Research Methodology

A. Objective of study:

• To know the importance of use of technology in banking sector and also to analyse the use of
technology and its impact on banking business.
• To understand the awareness, perception and the level of satisfaction of customers towards the use
of technology as well as to suggest some measures to improve the customer service through
technology based on the findings of the study.
• Not only to determine the technology in the banks used by customers but also to examine the
awareness of technology in accessing banking products.
• To analyse the banking innovation after computerisation of banks in India.
• To analyse the usage of technology in banking. And to determine the factors that influences a
customer towards technology in banking services.
• To suggest measures to improve effective utilisation of technology in banking services with study
of the impact of artificial intelligence, machine learning, deep learning etc on financial services.
• To study the methodology of artificial intelligence in private banks and to understand how
artificial intelligence helped betterment of customer service in private banks, know about how
this artificial intelligent work with Machine learning, and with other algorithms and with other
technologies to improve customer experiences or find solution of customer problem or bank
problem factors or impact of future.
• To know the concept of artificial intelligence and its role in financial factors with study of the
influence of artificial intelligence in the banking sector & how AI is changing the face of
modern-day banks.
• This research work was conducted with the objective to find out whether the selected Indian
Banks are using technique of Data Warehousing, Data Mining, Business Intelligence (BI) and
Data Analysis on the transaction data of customers to provide customize rewards, services,
products and investment solution to their customers.
• To know which are function are affecting the process of banks services and their profit margin.
• Find detail about how factors are most valuable or affect the cost bank turnovers or how they
change bank technologies that are suitable for all services.

39
 • My Aim was to determine how banks are use technology, what type of strategies or method they
are use, and how they determine customers’ needs or their problems or satisfaction or their vision
about banks services.
• Aim to determine what are expectations or bank or customer from current available technologies
or future technologies. And how they use or interpretation and how they enhance features. And
what to be add for best performance and high security.
• Determine to how they give value to the customers. And how they serve their service to a
customer.
• This work is set out to find out the major cause of information technology in the banking
industry.
• This find out whether the information technology is efficient or not in the achievement of certain
objectives of the banking industry in particular
• To see if the non-realization of the information technology objective is due to chosen instrument
or in appropriate application of the instrument.
• To recommend solution based on the finding.
• the policy recommendation based on the finding will be used as a guide in the further application
of information technology.

B. Scope of study

In the present scenario major economic and technical changes are undergoing in bank industrial and
financial revolution through the new information-processing technology. Especially in bank sector it has a
significant role for overall development. After identifying the subject (research area) and referring the
relevant literatures, it has been found that in most of the literature, the information technologies have a wide
application area. However, in bank sector major changes have been made. Due to these drastic changes, we
have chosen to do the study on Role of technology in banking.

For this wide study I have choose many sources and collected many data from all available resources.
I have assumed time duration of study are one month and in this one month many things are has changed.
Then my parameter is applicable in duration of my study after that it may changes.

The study covers the services offered by customers by the use of technology and This study gives very brief
idea about how technology affected banking sector, how they use and why they want. This study on only
applies for in India. And their bank infrastructure and available technology. In this paper I have explore

40
many things about bank technologies and what factor affecting bank services and what services are provided
by bank with the help of technology.

For this research I have chosen many parameters with right consideration. The study it has covered
many technologies like AI, ML, DL, data analysis, blockchain, web application, mobile application, cloud
computing, cryptosecurity, API, internet of things, NLP, AR, quantum computing etc. for this study I have
read many research papers, articles, magazine, journal etc. This all things are may be affecting some point
because technologies are changing rapidly. In a future might be some points are invalid or volatile. This
project is an analytical based on random sampling to ascertain satisfaction level and customer attitude
channels. The study also gives an idea secure, 24 X 7 X 365 E-banking services at without compromising
with the quality resulting in the widening of customer base. With the help of online banking, there are
several indispensable services which are made available to customers, without them having to personally
visit the bank. Customers can perform financial transactions like transfer funds online, pay bills, apply for
loans and open a savings account among various other debit card transactions. Under non-financial
transactions, customers can carry out several activities which may require going to the bank like applying for
a new cheque book, getting account statements, update contact information, start/stop payment, etc.

From this study I got clear idea about bank working with technologies, bank and customer security with
mutual hand shake. And what type of information they shared and how this possible and what kind of
efficiency or factors are required, how they take customer requirements their problems and feedback with
satisfaction. And what type of right have given by the bank to the customer with time duration.

People used information technological tools to manage and process the information. Atomization process
use in the financial or bank in sector for transaction system. This type of working methodology is used in the
financial Institute since long years. The Urban Co-operative bank sector is mostly related to all classes of
people like businessmen, industry, agriculture, labour, small entrepreneurs, workers etc. It has been changing
complete culture and working methodology. Therefore, it has a wide scope to study the existing modern
transaction system in the financial sector mainly in urban cooperative bank system.

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 C. Significant of study:

Since information technologies have been found to play a major role in increasing the efficiency of
banking services in the various industries or firms including banking industry the research into the
significance of information technology in the banking industry becomes important. This is necessary
because it would give very good understanding of what information technology is all about and their
contribution to increases efficiency in our banking system.

From this valuable study we can get clear cut and edge cutting technologies that bank are using. How
much they efficiency, how they upgrade their facilities or technologies as market demand, what kind of
services thry provided to a customer, what kind of problem are arises in daily basis, how they deal with this
via technologies or human interfaces. From this we got result and we know in which are they wants to be
improve, what customer kind of need are demanding in markets. From this we understand how technologies
are play very role in the banking, how this are working in co-ordination manner, how to handle this with
which controllable techniques.

I got importance of E-banking provides many advantages for banks and customers. E-banking has
made life much easier and banking much faster for both customers and banks.

Main advantages are as follows., It saves time spent in banks, it provides ways for international
banking throughout the year 24/7 days from any place have internet access. And it provides well-organized
cash management for internet optimization as well as convenience in terms of capital, labour, time all the
resources needed to make a transaction. Taking advantage of integrated banking services, banks may
compete in new markets, can get new customers and grow their market share.

This get what technologies pattern are used by banks for customer. One of the most promising
significance of this study is that several banks today are many technologies to detect credit fraud or other
fraud. Information technology in banking sector has made it possible for home banking smart phones with
screen built in moderns and programmable micro-processors to enable the customers access a verity of
financial services from home. Information technology in banking industry has made possible for the use of
electronic funds transfer at point of sales with pay-now-buy-later and credit cards had “buy-now-pay-later.
Information technology in banking sector has help through electronic data interchange (EDI) this is
typically denotes paperless financial transactions across the location. Electronic data interchange (EDI) is
fast becoming the standard for inter-company transaction.

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 Electronic data interchange (EDI) is an example of the almost complete automation of an e-
commerce supply chain process.

Efficiency and effectiveness are two important terms as far as banking sector or any establishment is
concern. While efficiency refers to resources productivity in the organization, the bank can not compete
favourably with other well – know banks in the banking sector without having it operations
computerized. This is because the success of these perturbing banks lies on the computerized operation, this
then a bound impetus in the customer services.

There is serval significant are available to this topic, Here I have covered few of them. And in the
above I have touched many things. but this not means only this much importance are available there are
many applications are available in the market.

D. Limitation of study

There are some limitations of my study. There are always two flip coins of possibility in the situation
like good or bad. Here I have cover bad things of my study. This badness is occurring because lake of
resources, knowledge of topic, some inconsistency in the data collection, or lake or support from people that
are working in this field.

Here, I have few of limitations of my study that are majorly important to talk. From few years AI
made huge change in the all firms but AI upgrading on daily basis with new functionality, new model, new
architecture, new concept or with new way implementation, because of this I have not got too much
information, I have study only from available information. Likewise, all technologies are changing on
regularly that my paper has not cover much information or in future this may be volatile or wrong. A greater
depth of information may have been obtained by conducting focus group.

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 E. Hypothesis

Here, I have assumed many thigs before the study start, but while i have I been wrong in the many
points i.e., my assumption is wrong in some points.

This paper work in conducted for prove that banks are not using well technologies in their services or
in low cost with high efficiency. After serval study my hypothesis was right. Banks are not using
technologies so much efficiently and not investing to much value in the technologies research or automation.
They are only adopting technologies but not want to invest in development.

The research work was conducted to prove the assumption that the Indian Banks do not use
techniques such as Data Warehousing, Data Mining, Business Intelligence (BI) and Data Analysis on the
transactional data of customers to provide rewards, customized products, services and investment solutions
to its customers.

Public sector, Regional Rural Banks & Cooperative Banks in India are not are using any technique of
Data Warehousing, Data Mining, Business Intelligence (BI) and Data Analysis on the transaction data of
customers, therefore, it proves that the Hypothesis assumed by the researcher, is TRUE for Public sector,
Regional Rural Banks & Cooperative Banks in India.

I have taken some assumption about quantum computing and it was false. Because this technology is
not too much developed and not widely available to the market. My many hypotheses are wrong or may be
right is depend on the situations.

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 4. Data Analysis and Interpretation

Data collection

The Data is collected from primary sources only. Since all the information could not be obtained
from secondary sources therefore for the collection of first-hand information for primary data, then I
prepared a questionnaire containing various questions regarding the role of technology in a banking.
For this their some people are selected by the Me taking into consideration the size and perception of the
branch. This collection of data is done via survey form and personal interview with selected peoples.

Analysis and Interpretation

There are 73.7% peoples are satisfied with web service (Internet banking) of banks. From this
primary data source, I can conclude that bank is use web technology with other technology efficiently.

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 From this primary data source 38.6% peoples are much satisfied with mobile banking and f more
than few peoples are satisfied with mobile banking. From this chart I can clearly see that peoples are
partially satisfied with mobile banking services.

There are many peoples those are never compromise with their security of information their
transaction detail and so on. From this chart 40.4% peoples are not wanting to compromise with security
few of peoples are not sure with their security they will see in a future.

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 For efficiency and easy to use online facilities of bank there are 54.4% peoples are very much
satisfied and 21.1% peoples are almost satisfied and comfortable to use online services. And 19.3% peoples
are wants to improve user interface and reliable to use.

Majority peoples are happy to use bank suggestions or recommendations around 50.9% peoples. And
17.5% peoples are not getting any suggestion or recommendation because of issue in AI, ML, DL and so on
their algorithms and implementations. this clearly indicate that bank has to be improve their intelligence
system.

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 Mainly people are not aware of technologies and all services of bank. Because of this only 12.3%
people are not taking full benefit of technology but some peoples are taking full benefit of technology almost
38.6% are. And 21.2% people are agree to be improve technology they feel current technology not
sophisticated to use and not have trust.

From above chart 63.2% are agree adopting new technology can be improves customers experience
and 19.3% peoples are strongly agreeing that bank should adopt new technology for better services
environment and 12.3% persons are have taken better experience. from this analysis of chart, I concluded
that adopting new technologies has given benefit to both banks and customers.

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 36.8% persons are strongly recommended that bank should have to be adopt new technology and
UpToDate with current era. And 31.6% wants small adopt and 22.8% persons has given rights to banks that
bank has to be decide for adoption as per requirement and market problems.

We all know visiting bank is too much boring activity. That’s why many peoples are visiting bank
personally is very less from collected data 80.7% persons are not visiting bank many times. but 14% people
are visiting bank on weekly basis. Here I concluded that most of people don’t want to visit bank for small
activity. they have happy with online services.

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 64.9% peoples are preferring to online payment and 17.5% people are visit bank 5 times in a month
and only 5.3% people are visit ATM 10 times and 12.3% are visit to bank for their payment. From this we
clearly see that majority are preferring online payment and they feel comfortable to use and save valuable
time. Online mode transition is very fast and anytime and anywhere we take benefit of banks facilities.

Majority are preferring to use mobile banking services from collected data there are 43.9% mans
are use mobile banking and 22.8% mans are use net banking but as compare to this ATM card are use in
large scale approximately 29.8% and very few of them use credit card. From this primary data I conclude
that most are trust on mobile banking and ATM card and net banking are use almost equally that means
mobile give better user interface and experiences. and for cash they referred ATM card not want to visit
bank.

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 There are 54.4% are comfortable with ATM location but there are 14% persons are not
comfortable. And chart indicate that 22.8% moderate comfortable but 8.8% very much comfortable with
location. Means Bank are so focus on ATM location are improving infrastructure on regular basis. ATM
location is important for bank cash flow if bank is developed ATM facilities on silent place, then this is
waste of work because there is no crowd to use ATM but if bank put this ATM to crowd area like highway
or near mall or market etc. then this very benefit for bank as well as customer. choosing ATM location very
important for this work they use many technologies like Deep learning, data warehouse etc. And various
analysis method or strategy.

There 47.4% persons are comfortable to share their information with bank but their it should be one main
condition if it’s safe. but 26.3% not want to share information as well as 15.8% mans are comfortable to
share they are agreeing to comprise with their information and 10.5% are not sure about there value of
information. From this study I can conclude that majority are doubt about their shared information they not
trust if we give information, they will be secure or not. That mean bank has to mainly focus on their security
and safety and always ready to prevent from hacking. bank should be invested on their security.

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 There are 5.3% mans are not get better experience but 56.1% are get good experience from bank
services. And there are 12.3% customer are getting very good experience and there few people
approximately 10.5% have got excellent experience and 15.8% people are fair to use service. here. we saw
bank provide better service with the help of available technology. but bank should have to improve their
service and how to serve they should well know.

There 61.4% people want to improve web or mobile application and 33.3% mans want to prove AI
and 15.8% person wants to improve cloud storage and 24.6% want data analysis to be improve. This indicate
that if web and mobile demand may be increase in q future and AI fulfil all problem solution.

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 5. Finding and Conclusion

Finding is main part of any study it stands from any other available studies. I have found many
differences between my study and other study. Here, i have covered few them. Bank are providing services
in very low cost but they not give too much satisfaction about security, suggestions, quires or any other
problems. They take lots of time to understand customer need but they not taking proper action to enhance
services and factor that are affecting rising all problems. Some technologies are too much costly but that
technologies provide more efficient models for all needs of banks as well as customers. Many banks are
depending on the central bank action or suggestion or recommendation or help. They not have any rights to
take any big decision for enhancement or change. This may cause serval issue like bank are waiting for
response.

Findings on the swiftness of transactions with the implementation of new technologies in the
banking sector reveals that mobile money or Paytm is the most frequently used digital method. ATM
services were considered to be comparatively not preferred due to non-availability of hundred-rupee
currency notes. This is one of major areas that needed to be addressed by the banks. On convenience of
digital technology in banking, that ability to transact anytime was considered the most important factor in
accessibility.
Majority of the respondents stated that accessibility to them is to obtain goods or services at the
time of need. With regards to accessibility in using mobile banking, customers already started accessing
mobile banking.
The bank customers rated on the level of competence the digital technology they use in internet-
banking. It is incurred that customers are satisfied with respect to faster log-in facility, performance of
debit/credit cards, transfer of online funds and clearing services.
The customers are very satisfied with respect to the information and process of transactions are
accurately processed and indexed precisely. Also, customers are satisfied with respect to the products and
services provided by their respective banks.
The customers were asked to rate the level of consistency in the banking sector of any digital technology
they use. It deciphered that those customers are satisfied with respect to domestic bill payments, hazel free
transactions, problem solving and good service.
On convenience attribute of using technology in the banking sector, it was found that customers are
mostly involved in mobile banking with a feel that digital banking gives access to low or moderate options
in their personal bank accounts. Furthermore, ability to bank anytime and anywhere, check account balances
and access statements is also interpreted as convenience. Use of technology will breakdown the major

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barrier towards ease of access to banks and thus technology enables the bank customers to use digital
platforms without any special skills to cope with this new phenomenon. The study thus concludes that
increase in convenience leads to an increase in customer contentment or customer satisfaction.

Blockchain are really hard to those who are not worked with technology and software
development. So, one of the future improvements is build tools to make the transactions easier. Storing data
in the Blockchain is quite expensive so make a solution for store the data off the chain and send them to the
blockchain periodically.

It is clear that cloud computing has completely transformed the face of banking. Cloud computing
have brought more affordable and reliable means through which banks can rely on to ensure that their
customers information is well protected. Other positive impacts include its high scalability levels and vast
capacities to support collaboration different shareholders in the organization by allowing free exchange of
information among them. Despite the positivity, cloud computing has also brought along some among them
including that the costs are still extremely high for micro enterprises to adopt it.
Data mining is a preclude banks from each system set found in the database and extract the information
needed to find the correlation between various data and rules to provide effective decision support solutions.

Management system is proposed based on the data warehouse, data mining techniques, the data
warehouse to obtain initial data from the various sources of information systems, through the data
processed, stored in the database of the banking system by system access tools to provide a unified and
integrated data information to the user, the enterprise global depth and comprehensive analysis of the
decision-making process and contribute to business management, in order to provide customers with
services and products adjunct marketing.

The world of banking is shifting faster than ever, with Artificial Intelligence (AI) leading the way
in bringing in sea change in the banking industry. Various AI technologies have been applied in banking in
fields such as core banking, operational performance, customer support analytics. For AI, banking is no
longer just physical branches, but a brand-new world of modern banks. The introduction of new banking
services by modern day banks is helping them to grow and expand. Technology is enabling increased
penetration of the banking system, increased cost effectiveness and is making small value transactions
possible.

A variety of developments have taken place in Indian Banking sector, among the various
developments, technology has influenced the way customer intermingles with banks. Electronic channels
and products such as ATMs, debit/credit cards, Net banking or internet banking, mobile banking, and phone

54
banking are offered along with traditional branch channel. Differences in the usage of channels exist
between developed countries and developing countries. Evidence suggests that there is a shift from
traditional channel to electronic channels in the developing countries. In order to have faster processes in
digital banking, there is need by banks to invest more on robust reliable systems to reduce incidents of failed
transactions and transactional hazels in ATMs, Mobile banking and POS terminals. Banks should further
automate most services like loan recovery, loan disbursement and introduce queue management systems.
Banks need to come up with a mobile phone application/Smartphone application that can be used to enhance
digital banking which will be considered safe and private in order to boost the operations, Availability and
accessibility of digital banking. The banks should teach individuals and cooperates on the changing world of
banking technologies. Appraisals on customer satisfaction must be carried on regular intervals to see how
customers are adapting to technology. Suitable techniques can be devised from the survey and preference
shall be given to what customers’ needs and what is convenient for Banks. Recent developments on neural
networking, robotics, sensor devices, business analytics, machine learning, natural Language Process
technologies can be considered as possible implementation plan for create new strategy with latest
technology to fulfil the customers need. Finally, the issue of cybercrimes and cyber security need to be
addressed by the banking sector with strict cyber security rules while implementing and creating new
technologies.

Finally, I summarized everything’s in just one line is bank should have taken rights decision for
develop technologies and make more invest in this. And from current services most of are satisfied nut have
some gap between customer problem.

6. Suggestion and Recommendation

All the Indian Banks should initiate the process of analysis of the transaction data of its customers
by using techniques of Data Warehousing, Data Mining, Business Intelligence (BI) and Data Analysis to
provide customized as well as better services, rewards, products and investment solutions and not just for
suggesting some suitable loan products to the customers; they must utilize it more extensively. Effective
use of technology has a multiplier effect on growth and development of banks. Hence with the
introduction of artificial intelligence, more customers are attracted, and it is helping the banks to grow
more. Banks can apply AI to improve the client experience by empowering frictionless, round the clock
client association - however AI in banking applications isn’t simply restricted to retail banking services.
The back and middle office of investment banking and all other money related supervisions are gaining
by AI.

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 Banks should invest more in technology research or grow. Banks should adopt more technologies
or spread awareness of this. Banks should be enhancing their services with technologies and not afraid to
use this. They have to use as many technologies in the firm to develop the infrastructure of customer
support or their queries or solve their problems in less time with the help of better understanding from
technologies.
Technologies provides up to date market demands or product value or market need or scope or
future aware. This are possible only through technologies and it is majorly benefit for banks or customer.
Bank should mainly focus on AL, ML, cloud computing and data mining because this has many abilities
to recognize all market or customer or banks problem without any interfere of human. This provides all
system work automation with highly coordinated synchronized manners.
Blockchain is decentralized digital ledger which cannot achieve hacker’s objectives. Therefore, Security
wise, it is very important technology to adopt in financial industries like banks. This also helps to
enhance the efficiency of the banking industry. There are lot of opportunities with Blockchain
technology with immeasurable values. Make laws for adopt blockchain technology for the industry is
necessary for revolution of banking industry. Blockchain will hope to reduce their prices and improve
their quality of services with new features in near future.

Banks try to ensure customers to shift from customary methods to new digital methods by passing
information on how to use digital banking. Finally, the study concludes that there exists a significant
relationship between compliance of digital technology and customer satisfaction. While compliance to
new technology increases, customer satisfaction also increases eventually. The negative minimal
correlation implied that affordability does not influence the customer satisfaction. It is therefore
concluded affordability is not only key factor that is looked at while carrying a digital banking
transaction. Customers will transact using any other channel that is swift, convenient and easily
adaptable.
The bank customers were asked to rate the level of consistency of any digital technology they use.
It is found that customers are satisfied with respect to domestic bill payments, hazel free transactions,
quick problem solving and service fees. most important is Customer satisfaction surveys
should be conducted to learn customers behaviour on adapting to new technology.

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 7. Bibliography

Aswin Raj. T (2018) | International journal of Trend in scientific research and Development (IJTSRD)

Dr. G. Tulsi Rao, T. Lokeswara Rao (Volume 17, Issue 5.Ver. I (May. 2015), PP 80-84) | IOSR Journal of
Business and Management

Dr. Leela Kumari v.v., B. Suresh Kumar | International Journal of Research in Social Sciences Vol. 8 Issue
8, August 2018

RAKHI SHARMA AND AJIT MITTAL | Indian Journal of Economics & Business, Vol. 17, No. 3, (2018)

Dr. Navleen Kaur, Ms. Supriya Lamba Sahdev, Dr. Monika Sharma, Laraibe Siddiqui |THE INFLUENCE
OF ARTIFICIAL INTELLIGENCE ON THE BANKING INDUSTRY & HOW AI IS CHANGING THE
FACE OF MODERN DAY BANKS

Dr. Munish Sabharwal Executive Director- KITE Group of Institutions, Meerut INDIA

| The use of techniques such as Data Warehousing, Data Mining, Business Intelligence (BI) and Data
Analysis on the transaction data of customers by Indian Banks to provide customized customize rewards,
services, products and investment solutions to its customers.

Professor (Dr) Sameer Sharma (Assistant Professor, SSIM, New Delhi) | (Director, PIMR People’s
University, Bhopal (M.P.) A STUDY ON ROLE OF TECHNOLOGY IN INDIAN BANKINGSECTOR
Neerja Nigam and

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Dr Priyanka Singh associate professor | Manav Rachna international university. Role of technology in
banking industry - a comparative study of public and private bank -post demonetization. (Volume 4, issue
5,2019)

Manjusha Goel (2012) Impact of Technology on Banking Sector in India

Jag Eshwar Singh Kohli, Amity University (2015)

| Emerging Role of Technology in Indian Banking Sector: A Phase of Digitalization in the Sector

Reshma KJ, Dr. Dunstan Rajkumar A ()

School of Social Sciences and Languages, VIT University, Vellore, Tamil Nadu, India

| Influence of Technology on the Performance of Indian Banking Sector - A Review 2018.

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 8. Appendix
AI – Artificial Intelligence
DL – Deep Learning
BI – Business Intelligent
CDs – Certificate of Deposits
CBS – Core Banking solution
Chatbot – Automatic chat system
Algorithm – Sequence of process
FINTECH – Finance Technology
ML -Machine Learning
DW – Data Warehouse
IOT – Internet of Thinking
LAN – Local Area Network
Cognitive Ability – Mental Process to understand
things
Unlabelled data – Not specify data
NN – Neural Network
Authentication – Verify user
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THANK
YOU

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