Banking – A futuristic Outlook Backed by Emerging Tech

Banking and Financial services & Insurance

The banking and financial services and insurance (BFSI) industry is set to be transformed by the integration of emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, and augmented and virtual reality (AR/VR) into the next generation of the internet, known as Web 3.0. These technologies will enable the processing of information in a more intelligent, human-like manner and bring significant benefits to the BFSI industry. For example, blockchain is expected to save banks $27 billion on cross-border transactions by 2030, while AI could save approximately $70 billion by 2025 for banks by automating routine office tasks. The IoT is projected to generate up to $550 billion in global revenue for BFSI institutions by 2025, and AR/VR technology is expected to generate $83 billion in global revenue by the end of 2022. The adoption of these technologies will bring increased efficiency and cost savings, as well as improved speed, connectivity, and security to the BFSI industry. In addition, these technologies will enable BFSI institutions to deliver optimal customer experiences in real time through personalization and interactivity.