Enhanced Banking Services using Blockchain and Artificial Intelligence

Abstract

The advancement of technology has given a new dimension to various sectors and this paper particularly talks about banking sector. The purpose of writing this paper is to understand how the technology such Artificial intelligence (AI) and Blockchain works in the various elements of the financial sector to make it more effective with optimum utilization of resources, accuracy of predictions and decisions. This study also discusses about the application of blockchain technology in the banking as it ensures faster, secure and authentic data transactions along with customer services as a result of which it is found that the introduction of technology has gave a new life to Banking sector by simplifying the complex works, managing huge volume of financial data, taking appropriate decisions for investors and traders and also generate predictions according to which they can invest their money to get maximum out of it . The adoption of AI and blockchain is unprecedently increasing from time to time in the banking sector. However, the blockchain implementation in the banking sector also face many challenges. This research provides certain recommendations one of which is adopting the integrated AI - Blockchain model, which will be proved to be a boon for all the banks to store huge financial data and perform complex task as this model is much safer and effective in providing maximum security, privacy and accuracy and certain other suggestions.