Posted: February 17th, 2022
The Benefits of Combining Artificial Intelligence and Distributed Ledger Technology in the Banking Industry
The banking sector is currently undergoing a significant transformation brought about by rapid developments and the spread of new technologies. These technologies make the industry maximally benefit due to the many attributes after the combinations and integrations. The combination of technology and the finance sectors has even created a new word known as “FinTech,” which mainly describes organizations and innovations that employ new technologies to improve innovative banking services (Atlam & Wills, 2019). The combination of these technologies is being seen across all areas of the banking sector, including stock trading, financial infrastructure, investments management, insurance, and Small and Medium Enterprise (SME) lending. Among the crucial technologies combined in the banking sector are Artificial Intelligence and Distributed Ledger Technology.
The digital technology advancements in the banking sector are bringing greater convenience and access to financial services. More importantly, Artificial Intelligence and Distributed Ledger Technology advancements are transforming the banking sector in the stock market trading and supervisory (suptech) and regulatory (regtech) technology. Many organizations and firms have sprung up to utilize the new technologies to meet customers’ demands, and most incumbents indicate that digital transformation is a strategic priority (Atlam & Wills, 2019). Indeed, significant banks are closing gaps in the digitalization of customers offering internal processes to compete with “FinTech” and large technology firms that have joined the fray. The introduction of the new technologies has provided the banking and financial market with more competitive, efficient, inclusive, diverse, and increased services (Atlam & Wills, 2019).
The Covid-19 pandemic has come to accelerate the digital transformation and utilization of new technological innovation in the banking sector (Chiu & Lim, 2021). Specifically, the need for digital connectivity to replace physical interactions in financial and banking services has become more critical as financial services, individuals, businesses, and economies navigate the pandemic and perform activities in the post-Covid-19 world in areas like stock trading (Chiu & Lim, 2021). Artificial Intelligence and Distributed Ledger Technology also have gained a lot of attention. Due to the transformation, this is forming the basis of underlying infrastructures that are helping in conducting bank services. It is crucial to investigate all the potential benefits of the technologies in the coming years.
Therefore, the report aims to provide a critical analysis of the benefits of combining Artificial Intelligence and Distributed ledger technology based on applications in the banking industry in areas like stock trading and others services. The paper will also help to understand the two technologies and identify the opportunities and possible challenges linked with the technologies in the critical parts of the financial systems. Through the paper, the banking industry and various interested parties can better determine and understand the benefits they will accrue and make the banking market a more reliant and robust area.
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