“A Study on Challenges and Opportunities of Emerging Technologies in the Indian Banking Sector”

Abstract: In recent times, a multitude of technologies have surfaced and are currently being extensively employed within the banking and financial industries. Among the various technologies available are robotic process automation (RPA), machine learning (ML), artificial intelligence (AI), big data, block chain integration, cyber security, cloud computing, and cryptocurrency. These technological advancements ease human lives. On the other hand, some people are not aware of them in the public domain. This study aims to educate readers on the benefits of these technologies in financial services and how they can be used to their advantage. The data from this study will assist different stakeholders in developing plans for growing their businesses and acquiring new clients while gaining a competitive edge. Since the descriptive technique was most suited for this topic, it was used to perform the research. Information was gathered from a variety of sources, including websites for listed businesses, RBI, SEBI, and published reports. Credit evaluation, check payments, money transfers, merchant services, currency exchange, wealth management, stock market, portfolio management, and insurance are only a few of the processes that heavily rely on the chosen technologies. Therefore, this is beneficial to all parties involved in these companies. One significant outcome of this study is the rapid growth of digital accounting, which in the future may totally replace human labor.