In the ever-evolving financial landscape, technology is the bedrock of innovation, efficiency, and transformation within the banking sector. The complex dance between technology and finance has heralded an era of unprecedented change, defying traditional paradigms and propelling banks into the digital age. The growing use of technology in banks is not just a matter of operational enhancement; it is rather a fundamental shift in how financial services are delivered, accessed and experienced.
The integration of technology into banking has undergone a seismic shift, turning a once paper-driven industry into a dynamic ecosystem of digital transactions and real-time connectivity. The arrival of sophisticated software, data analytics, artificial intelligence (AI), and block chain has revolutionised every facet of banking, from reshaping customer interactions to redefining risk management and regulatory compliance.
The evolution of Information Technology (IT) in banking has opened new frontiers, accompanied by challenges that demand strategic attention. The growing dependence on technology brings forth a plethora of issues, spanning from the rapid flux of technologies to the…
