Industry 4.0 : Impact of artificial intelligence and blockchain technology on services transformation in banking and financial sectors

Abstract

Safe and Secure money transaction is the primary key of satisfaction to the customer in today’s rising of cyber crime over the last 5 years as well as high expectation of customers towards fast services serving in financial sectors is also accountable in enhancing customer experience. Gradually, Digital transformation is changing the structure of banking services worldwide. Driven by the digital technology evolution, controlling of process optimizing and customer is no longer option, it is necessity of banking sectors providing safe ,secure and fast services to the customers. Industry 4.0 is the new development of changing the phases of banking through larger shift in banking services to provide secure and safe environment to meet the customer satisfaction level and helps in saving time both for the customer as well as for the bank. Today’s emerging technologies Artificial intelligence, and Block Chain technology as Industry 4.0, will not merely speed up transactions and reduce their cost through automation. They will also drive a significant restructuring of the entire financial sectors and will play particularly influential roles in transformation of services. This paper highlights on how Artificial Intelligence (AI) and Blockchain technology can be a game-changer for business generally and professional services in particular and shows the perspective of employees and customers towards implementation of artificial intelligence and Blockchain technology in banking and financial sectors and this paper also focuses on impact of Artificial intelligence and Blockchain technology to enhance the business structure in banking and financial sectors.