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Published in:
2020 | OriginalPaper | Chapter
2. Technology Challenges: Impact Assessment
Author : Vasant Chintaman Joshi
Published in: Digital Finance, Bits and Bytes
Publisher: Springer Nature Singapore
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Abstract
Technology “Disruption” is the main fallout from developments on the technology front. Big Data Analysis, Artificial Intelligence and Machine Learning, and Augmented and Virtual Reality are increasingly being used and are affecting the working of FIs as never before. Cut throat competition from Google, Apple, Facebook, and Amazon as well as midsized tech savvy companies has impacted the profits and have drawn away the customers from the mainstream FIs. Customer attitude toward and expectations from are significantly different and have to be met as soon as possible. Sadly, the customers have lost trust in the FIs. It is not mere technology that they have to worry about but even “cultural” aspects of working.