MINI PROJECT REPORT-2

On

“BANKING INDUSRTY”

Submitted to:

Dr. A.P.J Abdul Kalam Technical University,

Lucknow
In the partial fulfillment for the award of the
degree of Master of Business Administration
(Degree Programme of AKTU,
Lucknow)
Batch: 2021-23

Under the Guidance of:

Dr. VASUDHA SHARMA
(DIRECTOR MAM, MBA DEPARTMENT)

Submitted by:
AKASH AGARWAL

MBA
2ND
SEMES
TER

ROLL NO. PREERN210015122

VIDYA SCHOOL OF BUSINESS

VIDYA KNOWLEDGE
PARK, BAGHPAT
ROAD, Meerut-250002
1
 ACKNOWLEDGEMENT

A project is never the sole product of a person whose name has appeared on
the cover. Even the best effort may not prove successful without proper
guidance. For a good project one needs proper time, energy, efforts, patience,
and knowledge. But without any guidance it remains unsuccessful. I have
done this project with the best of my ability and hope that it will serve its
purpose.

It was really a great learning experience and I am really thankful to

DR.VASUDHA SHARMA (DIRECTOR MAM ) who not only helped me
in the successful completion of this report but also spread his precious and
valuable time in expanding my knowledge base.

After the completion of this Project I feel myself as a well aware person about
the Research Procedure and the complexities that can arose during the
process. Also I get an insight of the advertising industry and its effectiveness
in promoting sales. Finally, I am also grateful to all those personalities who
have helped me directly or indirectly in bringing up this project report.

AKASH AGARWAL
)

2
 PREFACE

As a student of MBA (MASTER OF BUSINESS ADMINISTRATION) one of the

most reputed professional courses. The attractive feature of the MBA is that along
with theory we also get to have the exposure of the practical environment.

The topic for my summer project is:-

“BANKING INDUSRTY”
The Project Report revolves around the market opportunity, innovation
and consumer buying behavior. The objectives are predefined and the task is
to accomplish them.

The study was confined geographically to selected areas of Delhi &

NCR. The potential respondents are the students. The whole process during
the report is well planned, the primary data collection is done from the
respondents.

AKASH AGARWAL

3
 DECLARATION

I AKASH AGARWAL, a student of MBA of VIDYA SCHOOL OF

BUSINESS, MEERUT respectively hereby declare that the Project Report on

“BANKING INDUSTRY” is the outcome of my own work and the same

has not been submitted to any other University/Institute for the award of any

degree or any Professional diploma.

(AKASH AGARWAL)

4
 CERTIFICATE:

This is to certify that the report titled entitled “MINI PROJECT ON

BANKING INDUSTRY " being submitted by AKASH AGARWAL

& Reg. ROLL NO. - PREERN210015122 in partial fulfillment of the

requirements for the award of the Degree of Master of Business

Administration is a benefited record of the project work done by

AKASH AGARWAL of V.S.B in MBA.

Dr. VASUDHA SHARMA

(DIRECTOR MAM OF MBA DEPARTMENT)

5
 ABSTRACT

Embracing futuristic technologies has gained significant momentum across the banking and
financial sector

The banking industry in India is geared up for a transformational space with the
implementation of advanced technologies such as applications of Artificial Intelligence (AI),
Machine Learning (ML), BlockChain and Robotics

Robotic Process Automation is improving the user experience by allowing bots to handle
repetitive tasks without human intervention

Distinctive technological solutions and an ability to rapidly adapt gives companies a

competitive advantage. They are now developing and employing new technologies to move
aggressively and strategically to disrupt rather than be disrupted. Greater emphasis is being
laid on leveraging sophisticated technology to improve productivity and reach.

Embracing futuristic technologies has gained significant momentum across the banking and
financial sector as well. Streamlining services for the customers along with system upgrades
in terms of tech deployments are rapidly gaining acceptance. The banking industry in India is
geared up for a transformational space with the implementation of advanced technologies
such as applications of Artificial Intelligence (AI), Machine Learning (ML), BlockChain and
Robotics.

So, let us have a look at how the BFSI sector is transforming with emerging technologies:

6
 INDEX

S. No. Chapter/ Particulars Page No.

1. INTRODUCTION 6

2. LATEST TECHNOLOGY USED IN 7

BANKING SECTOR’S

3. AUGMENTED REALITY 9

4. BLOCK CHAIN 14

5. ROBOTIC PROCESS AUTOMATION 19

6. QUANTUM COMPUTING 22

7. ARTIFICIAL INTELLIGENCE 24

8. API PLATFORMS 27

9. PRESCRIPITIVE SECURITY 33

10. HYBRID CLOUD 34

11. INSTANT PAYMENTS 35

12. SMART MACHINES 38

13. SWOT ANALYSIS 41

14. CHALLENGES FACED 44

15. IMPORTANCE OF LATEST 45

TECHNOLOGY USED IN BANKING
SECTOR’S

16. LIMITATIONS OF LATEST 46

TECHNOLOGY USED IN BANKING
SECTOR’S

17. CONCLUSION 47

18. REFERENCES 49

7
 INTRODUCTION

As the banks recognize this skill gap that stops them from transforming to meet the potential
presented by technology – they are beginning to invest significant amounts into banking
technologies they seem most relevant for their business models.

For example, blockchain might not be a priority for most industries today, but banks and
financial institutes foresee a great advantage in implementing these. Therefore, the financial
services industry as a whole sees them as a high priority investment.

Further, the evolution of the banking industry makes it imperative that technology becomes a
“core competency” with enterprise-wide engagement. The technology focus cannot be
limited to the top alone, or even to an IT department cutoff from the rest of the operations.

Finally, the focus of technology implementation must be customer experience – and not
revenue or cost savings. Those are important but will come automatically if you can retain
customers in the years to come.

In the years to come, bankers will have look at FinTech startups as partners rather than
competitors. Remember that a bank can be the biggest customer for a FinTech company and
can help them reach a newer customer base.

This is where developing a banking platform will come in handy and result in better customer
satisfaction. Bankers should work towards new business models where they own the
customer relationships and pull together FinTech resources from around the globe to generate
the most value for the end customer.

8
 LATEST TECHNOLOGIES USED IN BANKING SECTORS

These are the few latest Technologies used in Banking Sectors

1. Augmented Reality

2. Blockchain

3. Robotic Process Automation

4. Quantum Computing

5. Artificial Intelligence

6. API Platforms

7. Prescriptive Security

8. Hybrid Cloud

9. Instant Payments

10. Smart Machines

9
Let’s explain one by one what are effects happening when these latest
technologies emerging in Banking Sector’s.

10
1. Augmented Reality

The possibilities of the implementation of augmented reality technology in banking sector are
only limited by imagination, though these are still in a very early stage of development. The
end-state is to give customers complete autonomy in actions and transactions they could
perform at home. Hybrid branches are envisioned by technology experts who believe that
bank branches as we know them today are a thing of past.

11 Banks That Have Successfully Adopted Augmented Reality

1. Axis Bank

2. Westpac Bank

3. Citi Bank

4. Commonwealth Bank

5. Standard Chartered

6. Deutsche Bank

7. Desjardins Bank

11
8. Visa

9. Capital One

10. BNP Paribas

11. ASB Bank

1. Axis Bank - Augmented Reality Navigation to access ATMs, Branches,

and Food Outlets

India’s leading bank in adopting new technologies and innovations in banking sector, with
their mobile banking app offering multiple augmented reality services. Using the ‘AR View’
option in the ‘Near Me’ tab, customers can define a geographical radius and the banking app
can show them the nearest ATMs and branches and provide directions to an ATM.
Not restricting to only cash withdrawals from ATMs, they also wanted to encourage their
customers to use other perks that they offer such as special discounts at food outlets and
eDGE reward points. For that they offered navigation options to the nearest food outlets as
well and allowed users to pay with their reward points at these partner outlets.

Your bank can use similar augmented reality features to help your customers locate the
nearest branches and ATMs and use your navigation services to give your brand a positive
image. Furthermore, you can encourage your users to pay using your payment wallets and
cards thereby keeping them engaged with your banking services.

2. Westpac Bank - AR Data Visualization, AR Account Management,

Budgeting, AR payment gateway, and more

Embracing the power of Augmented Reality technology and taking it to an international

level, with lot of interactive features that reformed the way customers manage their bank
accounts. Their app allows the customers to scan their debit or credit card with their phone’s
camera.

Overlaid on that card, customers can see their current balance, spending in the last two
weeks, categories they have spent most on and future payments due on their credit cards.
They can also complete their due payments through the Augmented Reality payment
gateways seamlessly.

Going the extra mile, this banking app’s UI provides the customers useful analytics and
transaction details through augmented reality data visualisations that help them understand
their spending patterns over time. Their HotPoints catalogue is also integrated into the
banking app which allows customers to shop using Augmented Reality .

10
They have also added an augmented reality navigation feature to help users get to their
nearest ATMs in all of their international locations across the globe.

3. Citi Bank's Holographic Workstation - Using AR Data Visualization for

Finance and Trading
While most AR solutions in the banking industry are focused on the end customers who use
banking apps on their smartphones, a Proof of Concept that is focused on financial traders as
end users.

Using Microsoft’s HoloLens technology, they created a 2D-3D integrated system that allows
financial traders to visualise real time financial data and records through holograms and to
monitor and track past trends of stock indices so they can make financial decisions based on
these. Users can also share their interactive, augmented reality data visualizations with
someone in real time to work in teams and analyse the markets.

For real world usage, real time communication and visual data sharing is also facilitated by
the Augmented Reality system that works on voice commands given by the users. In the end,
users can finalise trades and investments through the interactive holographic system itself.

This whole setup is called the Holographic Workstation and it aims to increase the efficiency
of financial trades. This example helps us in understanding how banks can engage segments
of users that are not their direct customers, but can use their banking and financial services in
an interactive way.

4. Commonwealth Bank AR Property Guide app - Insights on Real Estate;

Home Loans

With the motive of easing the process of finding a new home in Australia, Commonwealth
Bank launched their which has the data of about 95% residential properties in Australia.
Using the Augmented Reality real estate app, users to scan a property near them in real time
and get all possible information such as detailed suburb profiles revealing demographics,
median price, buying/selling conditions, property hotspots, and capital growth trends, thus
enabling buyers to gain deeper insights on a location and on whether it will suit their lifestyle.

.
5. Standard Chartered's Breeze Living - Sharing Coupons and Discounts
To engage their customers in China, Standard Chartered came up with a unique idea
for Breeze Living, their AR enabled mobile application. They created an open social network
to find and share coupons and offers from all across China by partnering with local coupons
platforms.
They allowed users to sign up and create ‘Tribes’ where they can share these coupons with
their friends as well. Using Augmented Reality, they simulated kites across the skyline and

11
users could catch those kites to get exclusive offers all across the country. Users could also
flaunt their offers to their ‘Tribes’ using the social media aspect of the AR app.

6. Deutsche Bank - Augmented Reality Marketing Campaign

Unlike other examples in this article, Deutsche Bank's augmented reality marketing campaign
engaged customers in an offbeat way and left a positive impact on them. They set up a large
Magic Mirror in Alexa Mall in Germany which was powered by Augmented Reality to give
customers visual surprises.

As customers stood in front of the Mirror, they got transported to the sea as they surfed in
Augmented Reality, got the chance to meet unicorns in real (well, virtual) life, and ended up
playing virtual football. People got transported to an alternate reality and recorded themselves
doing these fun activities.

7. Desjardins Bank - Delivering Financial Literacy using Augmented

Reality Persona

The Insurance division of Desjardins Bank decided to make the experience of Retirement
Planning fun and simple for its customers. They created an Augmented Reality application
called.
It is powered by a fictional character named ‘Penny.’ Penny’s sole job is to help and educate
the customer about various methods of saving for their future retirement irrespective of what
stage of life they are currently in.

Using a smartphone’s camera, this fictional character comes to life by pointing to a

customised bank note and offers multiple learning options to its users to choose from. Be it
starting early on or regularly contributing towards your retirement, Penny instructs the users
on how to get started with interactive videos and also guides them through the whole process.

8. Visa - Augmented Reality Payment

Visa, the leading payments provider in the world used the power of Augmented Reality
technology to demonstrate how payments can be integrated with any service to facilitate
seamless and immersive payments.
This was presented at the Mobile World Congress. Integrating with a food ordering service,
they demonstrated the AR app over a simulated map of a city. Using the AR app, users can
point to specific parts of the city and pick a food outlet.

Then, users can go over the menu of the outlet and have a look at the various dishes to
finalise their order. Once the order is placed, users can process instant payment in AR using

12
Visa. Such applications help financial institutions in offering features built on top of their
payment systems to potential users.

9. Capital One - AR app for Car Loans

What Commbank did for house loans, Capital One Bank has done for car loans. They have
launched using which users can go to retail showrooms of cars or just be on the street and
point to any car to get view details superimposed on the car.
Details such as year, model number and make of the car will appear on their screen to help
them with their buying decision. Users can pre-qualify themselves for a car loan after which,
the car-loan app will show them customised pricing based on their eligibility, preferences and
financial health.

The intention behind such an augmented reality car-loan application was to bring the whole
customer journey of buying a new car on a single app that takes the user from exploration or
awareness to decision or buying stage through the mobile app itself, thereby creating a direct
sales funnel for the bank. This offers a great opportunity for a bank to create augmented
reality applications that facilitate loans through immersive interface.

10. BNP Paribas Fortis – Introducing & Comparing Products & Services

A huge problem faced by bank employees is that of remembering the details of all the
products and services they offer. To help their employees, BNP launched an interactive print
app that recognizes the photos of bank employees and overlay videos on their photos
explaining various products of the bank, thereby eliminating the need for employees to
remember details about all the services.

11. ASB - Recruiting Banking Talent Using AR

Last and probably the most surprising use of Augmented Reality technology in the banking
industry has been by ASB in recruitment of corporate bankers for their organisation through
The bank wanted to communicate their story and innovative spirit in all their future
endeavors to woo high-potential candidates to apply to their bank. Using the AR app, a
potential candidate can scan the pamphlet and bring it to life.

Then, the candidate can witness the Executive General Manager of the Bank himself, talking
about the bank’s values, future hopes and why their bank is the perfect destination for a high
potential candidate to work at. Using AR in recruitment and brand communication is not the
most intuitive use-case, but certainly a very novel one that can go a long way in
differentiating your bank from the rest.

13
 2.Blockchain

Blockchain technology provides a way for untrusted parties to come to agreement on the state
of a database, without using a middleman. By providing a ledger that nobody administers, a
blockchain could provide specific financial services — like payments or securitization —
without the need for a bank.

Further, blockchain allows for the use of tools like “smart contracts,” self-executing contracts
based on the blockchain, which could potentially automate manual processes from
compliance and claims processing to distributing the contents of a will.

For use cases that don’t need a high degree of decentralization — but could benefit from
better coordination — blockchain’s cousin, “distributed ledger technology (DLT),” could
help corporates establish better governance and standards around data sharing and
collaboration.

Blockchain technology and DLT have a massive opportunity to disrupt the $5T+ banking
industry by disintermediating the key services that banks provide, including:

14
1. Payments: By establishing a decentralized ledger for payments (e.g. Bitcoin), blockchain
technology could facilitate faster payments at lower fees than banks.
2. Clearance and Settlement Systems: Distributed ledgers can reduce operational costs and
bring us closer to real-time transactions between financial institutions.
3. Fundraising: Initial Coin Offerings (ICOs) are experimenting with a new model of
financing that unbundles access to capital from traditional capital-raising services and
firms.
4. Securities: By tokenizing traditional securities such as stocks, bonds, and alternative assets
— and placing them on public blockchains — blockchain technology could create more
efficient, interoperable capital markets.
5. Loans and Credit: By removing the need for gatekeepers in the loan and credit
industry, blockchain technology can make it more secure to borrow money and provide
lower interest rates.
6. Trade Finance: By replacing the cumbersome, paper-heavy bills of lading process in the
trade finance industry, blockchain technology can create more transparency, security, and
trust among trade parties globally.
7. Customer KYC and Fraud Prevention: By storing customer information on
decentralized blocks, blockchain technology can make it easier and safer to share
information between financial institutions.

1. Payments
Today, trillions of dollars slosh around the world via an antiquated system of slow payments
and added fees.

If you work in San Francisco and want to send part of your paycheck back to your family in
London, you might have to pay a $25 flat fee for a wire transfer, and additional fees adding
up to 7%. Your bank gets a cut, the receiving bank gets a cut, and you’re charged exchange
rate fees. Your family’s bank might not even register the transaction until a week later.

Examples of improved payments through blockchain

While cryptocurrencies are a long way from completely replacing fiat currencies (like the US
dollar) when it comes to payments, the last couple of years have seen mostly upward growth
in transaction volume for cryptocurrencies like bitcoin and ether. In fact, the Ethereum
network became the first to settle $1T in transactions in one calendar year in 2020.

Some companies are using blockchain technology to improve B2B payments in developing
economies. One example is BitPesa, which facilitates blockchain-based payments in
countries like Kenya, Nigeria, and Uganda. The company has processed millions of dollars in
transactions, reportedly growing 20% month-over-month.

2. Clearance and Settlements Systems

The fact that an average bank transfer — as described above — takes 3 days to settle has a lot
to do with the way our financial infrastructure was built.

It’s not just a pain for the consumer. Moving money around the world is a logistical
nightmare for the banks themselves. Today, a simple bank transfer — from one account to

15
another — has to bypass a complicated system of intermediaries, from correspondent banks
to custodial services, before it ever reaches any kind of destination. The two bank balances
have to be reconciled across a global financial system, comprised of a wide network of
traders, funds, asset managers, and more.

If you want to send money from a UniCredit Banca account in Italy to a Wells Fargo bank
account in the US, the money transfer will be executed through the Society for Worldwide
Interbank Financial Communication (SWIFT), which sends 37.7M messages a day for more
than 11,000 financial institutions.

3. Fundraising
Raising money through venture capital is an arduous process. Entrepreneurs put together
decks, sit through countless meetings with partners, and endure long negotiations over equity
and valuation in the hopes of exchanging some chunk of their company for a check.

In contrast, some companies are raising funds via initial coin offerings (ICOs), powered by
public blockchains like Ethereum and Bitcoin.

In an ICO, projects sell tokens, or coins, in exchange for funding (often denominated in
bitcoin or ether). The value of the token is — at least in theory — tied to the success of the
blockchain company. Investing in tokens is a way for investors to bet directly on usage and
value. Through ICOs, blockchain companies can short-circuit the conventional fundraising
process by selling tokens directly to the public.

Some high-profile ICOs have raised hundreds of millions — even billions — of dollars
before proof of a viable product. Filecoin, a blockchain data storage startup, raised $257M,
while EOS, which is building a “world computer,” raised over $4B in its year-long ICO.

4. Securities
To buy or sell assets like stocks, debt, and commodities, you need a way to keep track of who
owns what. Financial markets today accomplish this through a complex chain of brokers,
exchanges, central security depositories, clearinghouses, and custodian banks. These different
parties have been built around an outdated system of paper ownership that is not only slow,
but can be inaccurate and prone to deception.

Say you want to buy a share of Apple stock. You might place an order through a stock
exchange, which matches you with a seller. In the old days, that meant you’d spend cash in
exchange for a certificate of ownership for the share.

This grows a lot more complicated when we’re trying to execute this transaction
electronically. We don’t want to deal with the day-to-day management of the assets — like
exchanging certificates, bookkeeping, or managing dividends. So we outsource the shares to
custodian banks for safekeeping. Because buyers and sellers don’t always rely on the same
custodian banks, the custodians themselves need to rely on a trusted third party to hold onto
all the paper certificates

16
5. Loans and Credit
Traditional banks and lenders underwrite loans based on a system of credit reporting.
Blockchain technology opens up the possibility of peer-to-peer (P2P) loans, complex
programmed loans that can approximate a mortgage or syndicated loan structure, and a faster
and more secure loan process in general.

When you fill out an application for a bank loan, the bank has to evaluate the risk that you
won’t pay them back. They do this by looking at factors like your credit score, debt-to-
income ratio, and home ownership status. To get this information, they have to access your
credit report provided by one of three major credit agencies: Experian, TransUnion,
and Equifax.

Based on that information, banks price the risk of a default into the fees and interest collected
on loans.

6. Trade Finance
Trade finance exists to mitigate risks, extend credit, and ensure that exporters and importers
can engage in international trade.

It is a pivotal part of the global financial system, and yet it frequently operates on antiquated,
manual, and written documentation. Blockchain represents an opportunity to streamline and
simplify the complex world of trade finance, saving importers, exporters, and their financiers
billions of dollars every year.

Blockchain technology has had an increasingly regular presence in trade programs for a few
years now, but its mainstream role in bills of lading and credit has only recently begun to
firm.

Like many industries, the trade finance market has suffered from logistical setbacks due to
old, outdated, and uneconomical manual documentation processes for years. Physical letters
of credit, given by one party’s bank to the other party’s bank, are still often used to ensure
that payment will be received.

Blockchain technology, by enabling companies to securely and digitally prove country of

origin, product, and transaction details (and any other documentation), could help exporters
and importers provide each other with more visibility into the shipments moving through
their pipelines and more assurance of delivery.

One of the greatest risks to trade parties is the threat of fraud, which is greater because of a
lack of confidentiality and little oversight on the flow of goods and documentation. This
opens up the possibility of the same shipment being repeatedly mortgaged, an unfortunate
occurrence that happens so often that commodity trade finance banks write it off as a cost of
business.

17
7. Customer KYC and Fraud Prevention
Apart from the day-to-day activities of clearing transactions, processing payments, and
trading, a bank also needs to onboard customers, verify their identity, and ensure their
information is in order. This process is called “know your customer” (KYC).

Banks can spend up to 3 months executing all KYC proceedings, which include verification
of photo IDs, documents such as address proofs, and biometrics. A delayed KYC process
may cause some customers to terminate their relationship. According to a Thomson Reuters
survey, 12% of companies said that they had changed their bank because of delays in the
KYC process.

Apart from time and effort, complying with KYC rules also costs banks money. Banks end
up spending up to $500M annually on KYC compliance and customer due diligence.

18
 3. Robotic Process Automation

The volume of unstructured data that the bank has to process is increasing exponentially with
the rise of the digital economy. This is not just banking transaction data, but also other
behavioral data that could potentially allow the banks to improve and innovate customer
experience.
This has made bankers realize that they need to find technologies that can mimic human
action and judgment but at a higher speed, scale, and quality. The answer that has emerged is
a combination of various technologies that enable cognitive and robotic process automation
in banking.

These technologies consist of machine learning, natural language processing, chatbots,

robotic process automation, and intelligent analytics in banking that allow the bots to learn
and improve.

It is no surprise that Deloitte’s 2017 State of Cognitive survey found that 88% of financial
service professionals believe that such technologies are a strategic priority. That said, the
current state of the art in robotic automation is still quite weak at the cognitive and analytical
aspects of the processes.
In the years to come, we would see the current cognitive capabilities being bundled with the
robotic process automation to achieve even better results. This is already being implemented
in point-of-sale solutions that automatically suggest marketing promotions that would be
most effective for an individual customer.

Robotics in banking & finance is primarily defined as the use of a powerful robotic process
automation software to –
• Install desktop and other end-user device-level software robots

19
 • Build artificial intelligence workforce or virtual assistants

RPA in the banking industry serves as a useful tool to address the pressing demands of the
banking sector and help them maximize their efficiency by reducing costs with the services-
through-software model.

To seize this opportunity, banks and financial institutions must adapt a strategic, and not
tactical, approach. McKinsey foresees a second wave of automation and AI in the next
couple years where machines & software bots will execute 10% to 25% of tasks across a
myriad of bank functions, expanding the overall capacity and giving the workforce an
opportunity to focus on higher-value tasks and projects.

The exponential growth of RPA in financial services can be estimated by the fact that the
industry is going to be worth a whopping $2.9 billion by 2022, a sharp increase from $250
million in 2016, as per a recent report.

20
4. Quantum Computing

Quantum computing is a way of using quantum mechanics to work out complex data
operations. As is common knowledge today, computers use bits that can have two values – 1
or 0. Quantum computing uses “quantum bits” that can instead have three states – 1 or 0 or
both. This unlocks exponential computing power over traditional computing – when the right
algorithm is used.
This represents a huge leap in computing power, but any commercial implementations are
still decades away. Nevertheless, firms like JPMorgan Chase and Barclays are investing
in quantum computing research in partnership with IBM

any financial services activities, from securities pricing to portfolio optimization, require the
ability to assess a range of potential outcomes. To do this, banks use algorithms and models
that calculate statistical probabilities. These are fairly effective but are not infallible, as was
shown during the financial crisis a decade ago, when apparently low-probability events
occurred more frequently than expected.

In a data-heavy world, ever-more powerful computers are essential to calculating

probabilities accurately. With that in mind, several banks are turning to a new generation of
processors that leverage the principles of quantum physics to crunch vast amounts of data at
superfast speed. Google, a leader in the field, said in 2019 that its Sycamore quantum
processor took a little more than three minutes to perform a task that would occupy a
supercomputer for thousands of years. The experiment was subject to caveats but effectively
demonstrated quantum computing’s potential, which in relative terms is off the scale.

Financial institutions that can harness quantum computing are likely to see significant
benefits. In particular, they will be able to more effectively analyze large or unstructured data
sets. Sharper insights into these domains could help banks make better decisions and improve
customer service, for example through timelier or more relevant offers (perhaps a mortgage
based on browsing history). There are equally powerful use cases in capital markets,
corporate finance, portfolio management, and encryption-related activities. In an increasingly
commoditized environment, this can be a route to real competitive advantage. Quantum
computers are particularly promising where algorithms are powered by live data streams,
such as real-time equity prices, which carry a high level of random noise.

The impact of the COVID-19 pandemic has shown that accurate and timely assessment of
risk remains a serious challenge for financial institutions. Even before the events of 2020, the
last two decades have seen financial and economic crises that led to rapid changes in how
banks and other market participants assessed and priced risk of different asset classes. This
led to the introduction of increasingly complex and real-time risk models powered by
artificial intelligence but still based on classical computing.

The arrival of quantum computing is potentially game changing, but there is a way to go
before the technology can be rolled out at scale. Financial institutions are only just starting to
get access to the necessary hardware and to develop the quantum algorithms they will need.

21
Still, a rising number of initiatives suggest a tipping point is on the horizon. For banks yet to
engage, and particularly those that rely on computing power to generate competitive edge, the
time to act is now.

Applying emerging quantum technology to financial problems

Financial services has a history of successfully applying physics to help solve its thorniest
problems. The Black-Scholes-Merton model, for example, uses the concept of Brownian
motion to price financial instruments – like European call options – over time.

Applying emerging quantum technology to financial problems—particularly those dealing

with uncertainty and constrained optimization—should also prove hugely advantageous for
first movers. Imagine being able to make calculations that reveal dynamic arbitrage
possibilities that competitors are unable to see. Beyond that, greater compliance, employing
behavioral data to enhance customer engagement, and faster reaction to market volatility are
some of the specific benefits we expect quantum computing to deliver.

22
What gives quantum computing this enormous advantage? The solution space of a quantum
computer is orders of magnitude larger than traditional computers—even immensely
powerful ones. That’s because doubling the power of a classical computer requires about
double the number of transistors working on a problem. The power of a quantum computer
can be approximately doubled each time only one qubit is added.

While broad commercial applications may remain several years away, quantum computing is
expected to produce breakthrough products and services likely to successfully solve very
specific business problems within three-to-five years.

Quantum computing can also enable financial services organizations to re-engineer

operational processes, such as:

– Front-office and back-office decisions on client management for “know your customer,”
credit origination, and onboarding,

– Treasury management, trading and asset management,

– Business optimization, including risk management and compliance.

Quantum computing’s specific use cases for financial services can be classified into three
main categories: targeting and prediction, trading optimization, and risk profiling.

We explore potential use cases in each of these categories, providing examples that apply to
three main industries in financial services: banking, financial markets, and insurance.

Powerful quantum use cases

Quantum computing’s specific use cases for financial services can be classified into three
main categories: targeting and prediction, trading optimization, and risk profiling.

We explore potential use cases in each of these categories, providing examples that apply to
three main industries in financial services: banking, financial markets, and insurance.

23
5. . Artificial Intelligence

The explosive growth that the last decade has seen in the amount of structured and
unstructured data available with the banks, combined with the growth of cloud computing
and machine learning technologies has created a perfect storm for Artificial Intelligence to be
used across the spectrum of banking and financial services landscape.
Business needs and capabilities of AI implementations have grown hand-in-hand and banks
are looking at Artificial Intelligence as a differentiator to beat down the emerging
competition. Artificial Intelligence allows banks to use the large histories of data that they
capture to make much better decisions across various functions including back-office
operations, customer experience, marketing, product delivery risk management, and
compliance.

WEF report “the New Physics of Financial Services” has identified the following sector-
specific opportunities that will be opened thanks to AI deployment in banking and financial
services. These opportunities are spread across deposits, lending, payments, investment
management, capital markets, and market infrastructure.

Artificial intelligence would revolutionize banks by shifting the focus from the scale of assets
to scale of data. The banks would now aim to deliver tailored experiences to their customers
rather than build mass products for large markets.

Instead of retaining customers through high switching costs, banks would now be able to
become more customer-focused and retain them by providing high retention benefits. Most
importantly, banks would no more just depend on human ingenuity for improving their
services. Instead, performance would be a product of the interplay between technology and
talent.

24
Discussions, articles, and reports about the AI opportunity across the financial services
industry continue to proliferate amid considerable hype around the technology, and for good
reason: The aggregate potential cost savings for banks from AI applications is estimated at
$447 billion by 2023, with the front and middle office accounting for $416 billion of that
total, per Autonomous Next research seen by Business Insider Intelligence.
Most banks (80%) are highly aware of the potential benefits presented by AI, per an
OpenText survey of financial services professionals. In fact, many banks are planning to
deploy solutions enabled by AI: 75% of respondents at banks with over $100 billion in assets
say they're currently implementing AI strategies, compared with 46% at banks with less than
$100 billion in assets, per a UBS Evidence Lab report seen by Business Insider Intelligence.
Certain AI use cases have already gained prominence across banks' operations, with chatbots
in the front office and anti-payments fraud in the middle office the most mature.

Impact of Artificial Intelligence in the Banking sector: How is AI transforming

the baking industry

AI minimizes operating costs

One inevitable thing the banking sector has to deal with is the paperwork. Banking
employees need to handle loads of paperwork daily. Such time-intensive and repetitive tasks
can cause an increase in operational costs and are more prone to human errors. This can be
solved with the use of AI. It eliminates these error-prone and time-consuming human
processes. A research report published in Business insider suggests that by switching to an
AI banking system, banks can save an estimated amount of USD 447B by 2023. For instance,
with the help of machine learning (ML), automation tools, and AI assistants, banks can
streamline many aspects of human jobs. AI also plays a crucial role in enabling banking
institutions to add a new spectrum to their existing array of operations, thus reducing
operating costs as well as providing new opportunities for revenue.

AI improves customer support

The impact of Artificial Intelligence in banking, especially in the customer support segment
has helped the financial institutions shape customer’s perception of them. Customer
satisfaction directly impacts the performance and revenue of any organization and the
banking industry is not an exception. With the help of AI chatbots and voice assistants, banks
are now able to serve their customers 24/7 irrespective of their time zone or location.
Moreover, using AI and ML for faster and granular analysis, banks can effectively address
the customer’s need by drawing compelling insights from the customer’s digital footprint and
payment behavior. AI also helps customize the bank’s offerings for an entirely different
audience, ever-expanding their existing base. Thus, AI helps financial institutions in
providing their clients with the right services when they need them most.

AI improves risk management

In banking, AI is a major game-changer in risk management. Financial institutes like banks

are prone to risk due to the type of data they handle each day. For example, banks employ AI-

25
powered solutions that can analyze data in massive volumes and can quickly spot patterns
from several channels. This helps predict and prevent credit risks and can identify individuals
and businesses who might default on their obligation to repay their loans. It can also identify
malicious acts such as identity theft and money laundering. AI tools and algorithms have
revolutionized risk management in providing a safer and more reliable banking experience.
Thus, it is clear that the impact of Artificial Intelligence in banking has improved risk
management.

AI provides better regulatory compliance

This is one of the most overlooked impacts of Artificial Intelligence in banking. The banking
industry is one of the highest and strictly regulated industries globally. Banks need to comply
with strict laws, regulations, and guidelines to prevent, detect and address any and all
deviations, illegalities, and nonconformities in their operations. Moreover, compliance
regulations are subject to frequent change and banks need to constantly update their process
and workflows in accordance with these regulations. But by harnessing the power of AI in
regulatory compliance, banks can simplify, automate and streamline the regulatory
compliance activities and workflows. Thus, by strategically leveraging AI-powered
regulatory compliance solutions, banks can overcome the daunting regulatory compliance
challenges faced today.
The future of banking is now. As the world is pacing briskly towards complete digital
transformation, advanced technologies like AI will be an even bigger imperative for the
banking industry in the future. Thus, the impact of Artificial Intelligence in Banking is huge
and it will continue to play a huge role in the banking industry providing more flexible and
agile business models for growing needs in this digital world. At Intone, we provide
innovative expertise and capabilities needed to deliver the future of banking today. Whether
we’re helping to transform and modernize core banking operations, enable a mobile banking
experience to become a social one, create world-class payment and credit processes, or
provide data monitoring, analytics, and quality assessment and compliance and assurance
reporting, our banking consulting services empower our clients with data-driven insights and
the right tools to excel in today’s digital landscape.

26
6. API Platforms

It’s no secret that the last decade has been one of the most transformative periods for the
global banking industry, at least from a regulatory perspective. Financial institutions have
been forced to evolve under this new era of transparency, with authorities taking
unprecedented steps to ensure that consumer protection is maintained in the face of all of the
business activity being conducted by banks. Among the most comprehensive transparency
drives is Open Banking, which requires big banks to share their customer data with third
parties. And at the heart of Open Banking lie application programming interfaces (APIs).
APIs traditionally refer to technical interfaces for software programmes. Today, they have
become increasingly sophisticated, representing integral components of the Internet of Things
(IoT), whereby smart devices utilise APIs to deliver solutions to customers.

Three main types of APIs are being deployed by banks at present:

1. Private API: This API is accessible only within the financial institution and is therefore used
to improve internal processes, such as boosting operational efficiency.

2. Partner API: A more open API that can be accessed by the bank’s preferred third-party
partners. As such, partner APIs can facilitate greater expansion through new channels than a
private API. Such partners could include clearinghouses, brokerages and custodian banks,
and they can provide services to their customers using the bank’s platform.

3. Open/public APIs: Not as commonly used at this stage, this API involves making business
data available to third parties. Banks can deploy such APIs to generate additional business
and grow their customer bases. For example, the bank could enable an API for a loan-
comparison app, which would allow it potentially to acquire new business from customers
shopping for new loans.
4.
As such, banking APIs—especially open APIs—are now playing a crucial role in helping
lenders transition from traditional banking to open banking, allowing third parties to utilise
banks’ services or indeed offer the same services to their own customers. They also enable
businesses to more seamlessly connect with their consumers than was previously possible,
which in turn should improve the customer experience. A digital wallet, for instance, helps to
provide payment services. Or the customer could use GPS (Global Positioning System)
tracking with the bank’s API to locate the nearest branch or automated teller machine.
Customer-specific APIs are also being created with the appropriate levels of security to
provide customers with their own individually tailored banking information—such as account
alerts, bill payments and fund-transfer services—allowing them ultimately to gain better
control of their finances.
As is often the case these days, data analytics lies at the heart of the banking API revolution.
Banks can now collect substantial quantities of data relating to customer behaviour, which
should, in turn, enable them to create more tailored marketing initiatives. Through using
networked accounts, for instance, banks can gain a more realistic picture of customers’
financial situations, which in turn should inform them more accurately of the types of lending
products that would be most suitable for them. Customers can also now indicate their banking
preferences directly to their bank, indicating exactly which offerings they do and do not like.

27
As an example, the Canadian digital bank Tangerine partnered with IBM to develop its
mobile-banking app, which provides an opt-in “shake to feedback” feature. “It offers
customers an immediately accessible way to provide personalized feedback directly to the
bank,” according to IBM. “This capability gives personal attention to the banking consumers
who may not believe they are heard when they post in a generic app store comments area.”
Importantly, IBM notes, Tangerine “gains insight on any patterns for app defects and design
improvement ideas straight from their customers”.
Third parties can also leverage banks’ financial information to build applications that
facilitate a connected network of financial institutions and third parties. But while this should
prove beneficial in most instances, it also means that a large network of parties could be
impacted adversely should the bank fail to perform. India’s Yes Bank provides an apt
example of this problem. After being placed under moratorium in March by the Reserve
Bank of India (RBI), the troubled lender caused service disruptions to payment-services
providers and other partners of the bank that were using its APIs as well as its B2B (business-
to-business) API service. Speaking to Indian start-up publication Inc42, the chief executive
officer of payments firm Razorpay noted that “Yes Bank has one of the best API networks in
the country which explains the large dependence of ecosystem players on the bank. While our
services have not been directly impacted, the broader ecosystem will be hit due to the
interconnectedness of the participants”.
Nonetheless, APIs are now having an increasingly significant impact on the global banking
system, and things look set to only grow further from here. This seems especially likely given
the encouragement that Open Banking has received from not only the banking industry but
also from regulators and government entities. Indeed, through PSD2, there is now a
regulatory incentive for banks to adopt APIs sooner rather than later.
Initiatives such as the Open Bank Project, founded by Berlin-based software company
TESOBE, are certainly expediting this adoption rate. The Project, which has already worked
with more than 40 bank customers around the world, enables banks to offer an ecosystem of
third-party apps and services to their customers. “We provide banks with an open API (for
partners and 3rd party developers), an app store (through which end-customers discover the
Apps made available by the bank) and a strong community of 3rd party developers already
familiar with the API,” the Project explains.
By enabling financial institutions to connect with businesses and consumers, to transfer
information securely and conveniently, and to boost the scope of products and services they
can offer to a potentially wider customer base, APIs could ultimately have a profound
transformative effect on the future of banking.

28
The time when banks could control the whole customer experience through a monolithic
system that controlled everything from keeping records to every customer interaction is long
gone. Both the regulatory requirements and the revolving customer needs have turned this
humongous system into dinosaurs.

Today banks need to instead build “banking stacks” that allow them to be a platform to which
customers and third-party service providers can connect to deliver a flexible and personalized
experience to the end user. To do so, they can use API platforms for banking.

API Banking Platform is designed to work through APIs that sit between the banks' backend
execution and front-end experiences provided by either the bank itself or third party partners.

This allows the banks to adopt completely new business models and use cases (for example,
enabling salary advances) and experiment with new technologies like blockchain at low cost.
APIs also help banks to future-proof their systems as the front-end is no more tightly coupled
with the backend.

29
7. Prescriptive Security

The nature of cyber risk changes at a great speed. This makes the traditional approaches to
risk management obsolete. It is now clear that it is impossible for organizations to eliminate
all possible sources of cyber threats and limiting the attack footprint at the earliest is the best
way to deal with these. The banks will have to be nimble in the way they approach
cybersecurity.
Increasingly banks are deploying advanced analytic, real-time monitoring and AI to detect
threats and stop them from disrupting the systems. The use of big data analysis techniques to
get an earlier visibility of threats and acting to stop them before they happen is called
prescriptive security.

While the disruption brought by implementing the new technique may lead to an increase in
vulnerability at the start, this is the way forward to stop the ever increasing data breaches that
various organizations are reporting.

The global prescriptive security market is poised to witness significant growth during the
forecast period. Prescriptive security continues to create high growth perspective with

30
growing concern towards the safety of financial institutions, due to rising cyberattacks and
cybercriminal activities. In spite of sustainable research and development, many financial,
industrial, and government information systems continue to be attacked by cybercriminals.
Moreover, enterprises are continually seeking the products incorporated with the perspective
and predictive analytics technologies.
In the age of digitalization for addressing the increasing safety concern, prescriptive security
is vital. This technology leverage the augmented variety and velocity of information to guide
identity and react to threats before they occur. Such factors are expected to play a significant
role for market growth. Nevertheless, there are some hindrances factor in the market
expansion including cost, data protection, and regulations. Moreover, there are specific rules
and regulations enforced by the government organizations mandating prescriptive standards
for all market participants; this is expected to become one of the restraining factors for the
Perspective security market.
Perspective security is typically based on some measure of effectiveness using objective and
subjective indicators and prioritized to address security vulnerabilities based on severity and
prevalence. Prescriptive security managed services bring a comprehensive security ecosystem
for or more streamlined threat detection and accelerated security outcomes. Adobe Systems’
Secure Product Lifecycle2 (SPLC), Microsoft Security Development Lifecycle1 (SDL), and
SAFECode’s “Fundamental Practices for Secure Software Development” are some of the
prescriptive method example used nowadays. This proactive method to safety uses
automation and big data analytics to detect security events more precisely. Prescriptive
security requirements include broad obligations regarding the use of multi-factor
authentication and encryption.
The Prescriptive security market can be segmented on the basis of application, and
deployment mode and industry vertical type. On the basis of application type, the market can
be segmented as incident detection, pattern recognition, surveillance and person of interest
screening. The market is further segmented on deployment mode including hosted and on
premise. Industry verticals served by the prescriptive security, are law enforcement and
intelligent agencies, public transport security, critical infrastructure security and border
control. As there are numerous security problems detected in the organizations owing to the
potential security incidents, industries and vendors are opting for the more advanced
analytical capabilities.
Presently, North America is expected to remain a prominent region in prescriptive security
market. Significant investment in safety and security system in various organizations, by
vendors and consumers in U.S. and Canada is estimated to deliver positive growth outlook
for the prescriptive security market. Industrialization in European countries is projected to
create sustainable traction for prescriptive security market. Developing countries including
China, India, and others in the Asia Pacific region have shown significant demand for
prescriptive security, owing to the emerging trend of the common security framework in
smaller and mid-sized organizations.
Key market participants of the Prescriptive security market include Hexagon, Cisco System
Inc., IBM, NEC Corporation, SAS Institute Inc., Nice Systems Ltd., SAP ERP, ESRI, Splunk
Inc., Verint Systems Inc., ATOS amongst others.

31
8. Hybrid Cloud

One of the biggest challenges that the digital age has brought to banking is the need to
respond quickly. The constantly evolving market that banks operate in requires them to be as
agile as possible. They need to be able to provide resources across the enterprise in a timely
manner to address business problems faster.
High performing banks have discovered that the most cost-effective way of achieving this is
through an enterprise-wide hybrid cloud. This allows them to pick benefits of both public and
private while addressing issues like data security, governance, and compliance along with the
ability to mobilize large resources in a matter of minutes.
Hybrid cloud also allows banks to offer innovative new offerings to its customers. For
example, ICICI Bank has partnered with Zoho to allow businesses to automate the basic
reconciliation process through Zoho Books, a cloud accounting software. The partnership
does away with the need for data entry and also makes it easier to offer multiple payment
options to the customers.

Abundant services (PaaS, SaaS Product services) are available at public cloud. Consumption
of any such services without the control of bank IT leads to major security breach. Careful
decision needs to be followed by the bank while adopting public cloud services. Applications
which are truly hybrid faces threats in terms of log analysis, key management, and data
encryption by having multiple tenants – few on premise and few on public cloud.
Though, there are plenty of encryption techniques available to adopt hybrid cloud, the
banking system faces significant challenges in performance. For example, search capabilities
and business intelligence capabilities are some areas of concern in adopting hybrid cloud
while following strict encryption methodologies/solutions.
Legality – Banks follow obligations imposed by the law of the land to ensure protection of
citizen rights. Every bank needs to adhere to local legislation right from data security to
bookkeeping of records (record maintenance for x number of years before it is
purged/archived). Banks have good control on who can access data and what they can do

32
with it for applications hosted on-premise. However, tracking data access on public cloud is
not 100% possible.
While meeting ever greater regulatory requirements, banking sub-systems such as payments
and transfers, financial reporting, as well as audit and taxes are the areas where banks prefer
to operate in the private cloud infrastructure. Customer credit analysis are nowadays
outsourced to third party service providers by keeping part of the data on premise and by
providing secure connectivity to third party service providers with the rest on public cloud to
ensure legal compliance.
Currently, banks show increased appetite to use business process outsourcing (BPO)
offerings using hybrid cloud infrastructure by having core systems at their on-premise
infrastructure and data for BPO at public cloud infrastructure. This setup ensures all legalities
are followed and met, while allowing BPO call centers to operate from remote locations
thereby cutting costs.
On mortgage and loans, systems such as loan booking, disbursal servicing, and collared
management are the areas where public cloud offerings are utilized by the banks. Foreclosure
management and associated systems are on premise considering the legal requirements that
need to be followed by the bank.
Standards- Banks need to adhere to the code and standards of the host country. Areas such as
customer awareness programs, credit counselling services, ‘customer matters’, and customer
forums to address grievances are normally designed to use public cloud infrastructure. For
data collection – from signature capture and verification, document capture, document
generation and account opening, the natural choice is on-premise deployments.
Banks need to shed their legacy approach and build an iterative, design intuitive hybrid cloud
infrastructure, which will help them ultimately deliver simpler services to their customers.
Customer record bookkeeping (e.g. for x number of years) and physical deletion formalities
need to be verified by the bank’s audit team and it evolves as a major risk since public cloud
service providers follow different deletion procedures. This forces bank’s systems to adopt to
on-premise cloud infrastructure for those applications which must run through stringent audit
procedures (e.g. credit card data provisioning systems). Talent management and training,
social media data analysis, and smart customer/social analytics are the areas of work
completely done on public cloud to leverage various benefits of third party service providers
and SaaS benefits of public cloud service providers.
Consumer banks get more benefits by adopting hybrid cloud in support services such as
human resources administration, and procurement services such as vendor and IT service
management. Most banks prefer public cloud in such areas which benefits them in terms of
cost savings, leveraging benefit of work/support from remote, and bringing new areas of
innovation (innovative bots in training and IT services)
Consumer banking systems now rely more on open banking standards to build APIs that
share data securely with third party applications; bringing more value to customers accessing
bank data and leveraging the benefits offered by these third party service providers.
Naturally, hosting such APIs goes to public cloud infrastructure.
Regulation – Success of hybrid cloud enablement purely depends on how bank identifies the
risks and manages them. There are regulations to hold the data and access them within a
country. This forces the banking industry to adopt hybrid cloud. Apparently, the cloud service

33
provider is forced to host their servers locally and cost of maintaining them is passed on to
the bank. This further forces the bank to adopt slice-and-dice approach when deciding to
move only part of the application to public cloud infrastructure for meeting regulatory
requirements. Hence, international banks increase their footprints across the globe by
adopting local data centers or setting up data centers locally on their own.
Banks follow a closed approach by having systems and customer data, that need to follow
regulatory requirements, on premises. Host-to-host, point of sale corporate payment access,
and SWIFT need to follow the regulatory act of the country of operation and so the choice is
private cloud for banks.
Consumer bank credit card subsystems such as account services, authorization and charge
back, claims settlement and billing are usually hosted in-house to meet regulatory
requirements of the bank.
Innovation such as artificial intelligence-driven fraud monitoring helps the bank in regulatory
compliance and many consumer banks adopt hybrid-based data analysis to improve fraud
detection and reporting.
Competition
To meet stiff competition, branding and marketing are designed in a way that some portion
lies in private cloud (rebrand positioning, customer/prospect marketing) and some in public
cloud (e.g. campaign delivery, surveys, advertising and branding communications). For
benefit of the customer, many banks have chosen to implement open APIs in areas such as
interest rates, loan offerings etc. that can be consumed by the third party application/service
providers to give real benefit to the customers. Today it has become a lifeline for banks to
leverage technology so that both bank and the third party application/service provider benefit
from open APIs. Many banks prefer to host the APIs in the public cloud rather than on-
premise data centers due to various technical reasons including security and scalability (scale
up as and when needed).
Adopting new technological trends range from intelligent bots to artificial intelligence in
digital marketing, where consumer banking system relies mostly on hybrid cloud
architecture. Business process automation (RPA) in customer servicing (account payable,
know your customer) and various report automation are the areas where hybrid cloud
architecture is being adopted. However, to meet the compliance requirement, areas such as
account pre-closure, fraud detection and credit card processing are still largely on-premise
data centers in closed proximity with the bank’s IT network.
Finally, designing and building a hybrid cloud should be an iterative approach, where the
bank enterprise needs to satisfy (rather than compromise) different IT teams and the user
base. Hybrid cloud is the right choice for the banks and with confidence in the ever-growing
technology, it will become a common practice in the banking system to use hybrid cloud
infrastructure.
My final point: No Bank is ready to compromise customer (data) against cozy deployment of
its application/data either on premise or at public cloud.

34
9. . Instant Payments

As the world moves towards a less-cash economy, the customer expectations around
payments have changed dramatically. Both customers and business expect payments to
happen instantaneously, and this is where instant payment systems step in.
Instantaneous online payments need to replace cash transactions. Therefore, banks around the
world are finding ways of providing their customers options for instant payment, even when
the infrastructure required payment is a must if for the service is lacking.

For example, banks in Kenya are partnering together to provide P2P payment experience to
their customer base. You would soon see banks combining their instant payment capabilities
with third-party e- and m-commerce solutions to develop a new portfolio of services.

Customer expectations have already shifted to a 24/7 mindset, expecting companies to move
faster and to be more decisive in customer support functions. With Instant Payments quickly
becoming the new normal this is now going one step further.
This year, many Dutch banks introduced the possibility for their customers to
make ‘Instant Payments’. ING, ABN AMRO, Rabobank, SNS Bank, ASN Bank,
RegioBank and Knab all have enabled their customers to send and receive payments in a
matter of seconds. Within the Netherlands the maximum amount for Instant Payments is

35
uncapped and processing the payment will take around 5 seconds. For international Instant
Payments within European borders the maximum amount is € 15.000,- and processing will
take around 10 seconds. This new service is available 24 hours a day, 365 days a year and
allows the amount to be credited immediately to a beneficiary. The beneficiary has access
to the funds within seconds.

Consumers are increasingly expecting to get what they want quickly, round the clock and
at the push of a button. This also goes for their payments and that is why Instant
Payments will quickly become the new normal. Instant Payments have many benefits but
also bring about challenges for the organizations that provide these payments. Payment
providers should prepare themselves for the impact Instant Payments will have on their
business.

Instant Payments worldwide

The Netherlands is not the only country that has been involved into creating an Instant
Payments scheme. Instant Payment schemes have been introduced in a wide range of
countries, with very different levels of integration and readiness. Currently, according to
instapay.today, a website that brings together the latest insights from across the payments
world, there are 46 payment schemes live, 12 planned, and 8 hybrid schemes. Instapay
categorizes a scheme as hybrid when there is a live payments system but is not a true
Instant Payments system. The worldwide frontrunner, according to the annual Instant
Payments report ranking by FIS, is India. Over 5.2 billion transactions were recorded
during 2018. For two years in a row, they have been recognized as the leading provider of
Instant Payments because of the system’s standard, published API and strong participation
from third-party vendors. With the ‘go live’ of several SEPA countries, we can clearly see
that Instant Payments are becoming the new normal and that now is the time for people
and companies to act to get the most out of the opportunity.

Benefits for both business and consumers

Let’s start off with the business benefits. First benefit could be an even lower amount of
cash payments for merchants: customers can pay in-store through bank transfer, next to the
regular card options. The same is already happening in Sweden through a mobile
payment solution called ‘Swish’, launched in 2012 by six large Swedish banks in which a
customer’s phone number is connected to his/her bank account and payments can be
transferred in seconds. Another benefit is cashflow improvement: businesses will be able
to receive payments during the weekend and immediately spend and/or invest this money
again. Furthermore, businesses can serve their customers better by offering them an
additional safe and quick way of paying. Lastly, for certain B2B markets, doing
business over the weekend becomes a lot easier: the value of all kinds of raw materials (for
example grain) can now be determined during the weekend and sold based on this.

For consumers, one of the benefits is an instant bank transfer between you and your
friends: this can be convenient in many situations (for example splitting the bill in a

36
restaurant). Also, purchases through platforms such as online auctions
website marktplaats.nl become easier and safer: it can be done on the spot. Both the buyer
and seller instantly know that the payment was processed. Another benefit is a reduced
necessity for large cash payments: creating new opportunities to pay on the spot for goods
such as a car or even a house. Lastly, in certain unexpected situations Instant
Payments can be of great value, think of using your travel insurance and needing an instant
pay-out to be able to pay for a hospital bill.

Challenges for organizations

Especially in the adoption phase of Instant Payments there will be considerable challenges
for organizations. The overarching challenge for both banks and organizations is to focus
on safety, integrity and trust. On the side of banks, the focus will be on screening and
monitoring transactions. We have summarized the top 3 challenges that organizations will
face.

1. Increased pressure on Service Level Agreements: Pressure on SLA’s, in terms

of invoices, where both companies and customers alike will be getting more and more
used to instant repayment (e.g. credit invoices). This also means that a company will
have increased pressure on cashflow and cash positions and because of that might have
to rethink its cash management.
2. Interoperability between payment schemes: Interoperability between the different Instant
Payment schemes is still quite a far away. For companies this means that the banks they
choose can be of strategic importance with regards to offering Instant Payments to their
clients. A worldwide coverage of Instant Payments for your multinational might require
you to have a spread of different payment schemes.
3. Fraud: It is considerably more difficult to deal with fraudulent payments if they are
irrevocable. For this reason, the UK has started a campaign designed to tackle financial
fraud. Furthermore, the interoperability and fragmentation of the different payment
solutions can become the cause of not meeting customer demands. Therefore, it should
not come as a surprise that a new study has shown that 93% of US companies fail to
meet the consumer demands regarding Instant Payments, with customer satisfaction
suffering because of it.

Because there will still be many business solutions to follow the first steps into Instant
Payments, the ever-changing mindset of both the customer and companies should be
considered. Customer expectations have already shifted to a 24/7 mindset, expecting
companies to move faster and to be more decisive in customer support functions. With
Instant Payments quickly becoming the new normal this is now going one step further.
Businesses need to be ready for this this change in order to keep up with customer
demands. Organizations need to act now and overcome the challenges mentioned earlier to
reap the full benefits of Instant Payments and catch up with the already shifted mindset of
retail and commercial clients.

37
 10. Smart Machines

You must have already seen assistants like Amazon’s Alexa and Google Home in action. Can
you imagine the impact these could have on banking applications
In fact, Bank of America has already developed Erica as a virtual assistant specifically for
banking operations. These smart machines are beginning to act as digital concierges for the
customer in interacting with banks as well.

Banks will have to invest in digital engagement to ensure long lasting relationships with the
customer. Remember that customers will gravitate towards banks that are easiest to work
with when they are using technologies that they have become habituated to.

Benefits of Machine Learning in Banking

Artificial Intelligence and Machine Learning are able to provide unprecedented levels of
automation, either by taking over the tasks of human experts, or by enhancing their
performance while assisting them with routine, repetitive tasks. But what are the main
benefits of Machine Learning in Banking? This question has many possible answers, and
what is even more interesting, the number of answers will continue to expand as the newest
technological solutions hit the market. Here is an attempt to highlight the most important
ones:

1. Greater Automation and Improved Productivity

Artificial Intelligence and Machine Learning can easily handle mundane tasks, allowing
managers more time to work on more sophisticated challenges than repetitive paperwork.
Automation across the entire organization will ultimately lead to greater profits.

38
2. Personalized Customer Service

Automated solutions with Big Data capabilities can track and store as much information
about the bank’s customers as needed, providing the most precise and personalized customer
experience. Optimizing the customer footprint allows banks to leverage analytical capabilities
of Artificial Intelligence and Machine Learning to detect even the most subtle tendencies in
customer behavior, which helps create a more personalized experience for each individual
client.

3. More precise Risk Assessment

Having an accurate digital footprint of each customer also can help banks reduce uncertainty
for managers working with individual clients. The automated system is more accurate than a
human in such areas as analysis of loan underwriting, eliminating any possible human bias.

4. Advanced Fraud Detection and Prevention

This is probably the top benefit of AI/ML for any financial institution because there has
historically been, and will continue to be, criminals who are devising methods to commit
financial fraud. Fortunately, there are currently a wide range of proven methods and
techniques of ML-powered Fraud Detection on the market. We will talk about all of them in
greater detail in this article, and you will find out how to make your bank even more secure
thanks to these technological innovations!

How Artificial Intelligence is Used for Fraud Monitoring in Banks

The data that banks receive from their customers, investors, partners, and contractors is
dynamic and can be used for different purposes, depending on which parameters are used to
analyze them. Basically, the scope of AI for banking can be grouped into five large groups.

1. Improving Customer Experience

When banks and other financial organizations got the opportunity to learn everything about a
user and his behavior on a network, they simultaneously gained the opportunity to improve
the user experience as much as possible.

2. Chatbots

For example, if a user has difficulty working with a website or application, chatbots are used
to lead him along the right path and at the same time reduce bank support staff’s workload. In
addition, modern chatbots can perform simple operations such as locking and unlocking cards
as well as send notifications to the user if he has exceeded the overdraft limit — or vice versa
if the account balance is higher than usual.

3. Personalized Offers

Having a variety of information about user behavior allows financial companies to find out
what customers want at the moment, and moreover what they are willing and able to pay for.
So, for example, if a client was looking at ads from car dealers, then it might make sense to

39
develop a personalized loan offer — of course, after analyzing his solvency and all possible
risks.

4. Customer Retention

Modern AI systems working with big data in banking can not only analyze, but also can
make assumptions. For example, in a number of cases, it is possible to predict the intentions
of the client if he wants to refuse the services of a banking organization. The knowledge of
this intention signals that it is necessary to take additional retention measures, create even
more targeted and personalized offers, and as a result, improve the customer experience.

5. Banking Fraud Detection

Banking Fraud Detection is in the first place linked to the detection and prevention of
damaging operations that deal with transaction failures, returns, disputes, and money
laundering, among others. A much safer strategy for every payment service is to set a
reliable fraud prevention system rather than deal with the consequences of bad
customer experiences and fraud losse

40
 SWOT Analysis of Banking Industry

Strength
• Banking Industry is the Oldest Industry : Due to Technological advancement
Industries are changing their structure. Banking has also changed its structure and
system. Banking Industry has proved to be one of the wide spread and widely
acknowledged industry. It has also supported the human race. Banking has adapted
and updated itself to suit the new needs. Banks today play a critical and indispensable
role in society, from inculcating the habit of savings to helping people with financial
instruments.
• Financial Stability of Nation:In ensuring a nation’s economic growth and financial
stability, the banking industry plays a vital role. By fostering prosperity, banks
contribute to the economy. They assist the masses to maintain their resources and
become important contributors to both the national and international economy.
• Supplier of Financial Instruments:Banks have a wide range of financial instruments
for their customers. Fixed Deposits, Stocks, bonds, insurance and savings accounts

41
 are some of the varied products sold by banks. Furthermore, to provide online
banking solutions, banks have also embraced and incorporated digital technologies.
• Good Employment Source and Helps in GDP growth: There is a widespread
consensus that perhaps the improvement of the financial system leads to economic
growth. Financial development establishes encouraging conditions for growth by
either supply-led (financial development stimulates growth) or demand-driven
growth. It is this industry that works constantly to ensure financial stability, encourage
foreign trade , promote jobs and reduce poverty around the world.
• Financial Assistance: whether natural calamity or man-made calamity banks alleviate
the after-effects of disaster by offering financial assistance to victims to rise up and
lead a peaceful life again.
• Diversified services: the banking sector provides insurance, loan and investment
services from Current and Saving Accounts.
• Connecting People: With the advent of a modern century, technological innovation
Banks have made life simpler for a common man. People can transact in many places
on a real-time basis.
• Changing from the position of simple savings & credit facilitator: today’s top bank
priorities include regulatory enforcement, improving asset quality, enhancing
customer focus, concentrating on digital convergence, and addressing competition
from non-banks. Banks are now investing in business and technology to improve their
business models.

Weakness
• Global Economics Susceptibility: Due to Exchange Rate changes and changes in
world economy banking Industry is effected. It is also seen that slight shifts in the
exchange rates of currencies or the spending and saving patterns of the citizens of one
major nation can directly impact the entire banking industry.
• Non Performing Assets: The major weakness of the banking sector is NPAs (Non-
Performing Assets). Typically, NPAs denote loans that are not recoverable. This leads
to financial losses for the bank, inevitably. For the banking sector and the economy as
a whole, NPAs can have a debilitating impact. Developing countries like India face
instances of high NPAs that have dealt a significant blow to the nation’s banking
industry.
• Lack of coverage in rural areas: It has been observed that the banking industry focuses
more on urban areas in most countries, while rural regions are ignored. In the banking
sector, this is a considerable weakness. Villages are now home to a significant
majority of the world’s population. In developed countries, this is more. Banks are
working in main stream don’t want to concentrate on mainstreams. Banks must try to
capture Rural Markets.

42
Opportunities
• Advancements in Technology: The banking industry has always based on technology.
This is evident that digital services provided by banks today are totally based on
technology. However, banks should continue to adopt the latest technological
advances. To draw future generations, they should focus on putting out newer goods
and services.
• Opportunities for rural growth: One of the banking industry’s weak points is its
limited presence in rural areas. But this vulnerability can actually be turned into an
opportunity. Banks will increase their customer base considerably by expanding into
villages and providing their services to the rural population.
• Societal Evolution: Both economically and culturally, human society is changing. The
needs and demands of customers with increasing income levels are bound to change
in this complex landscape. It is necessary for banks to adapt to this changing society.
The sector will solidify its position in the future by offering better services.
• Rising in the private banking sector: the banking industry around the world is highly
regulated by Public sector banks and their respective central banks. With the
emergence of private sector banks, this sector is experiencing structural and functional
shifts, primarily due to the adaptation of new technology and intensified competition,
thereby benefiting end-customers.

Threats
• Lack of Cyber Defence Proper: The current banking industry relies entirely on the
cyber-world. Whether it is data storage, monetary transactions or personal
information, everything is stored digitally. This makes the banking sector a primary
target for hackers who are seeking to benefit financially by leveraging flaws in the
banks digital infrastructure. Unless banks take effective cybersecurity steps to
safeguard their records, they will face a significant cyberspace threat.
• Competition Stiff: Worldwide, banks face stiff competition. Not only from other
banks, but also from institutions like Non-Banking Financial Companies that sell a
range of financial products that are not available to all banks. This has contributed to a
change of the consumer base from banks to NBFCs, which are more embraced by the
new skilled breed.
• Global Uncertainty in Economics: The world is going through difficult economic
times at present. The international banking sector has all been affected by trade wars,
protectionist policies, and economic downturns. If the world’s economic conditions
do not change, banks will face a bleak future.
• Recession: This is one of the biggest challenges to the nation’s financial system. The
traumatic shock of economic crises and the collapse of a number of companies will
impact the banks and vice versa.
• System stability: the failure of certain poor banks has also undermined the stability of
the system.
• Government Regulations can directly effect the Banking Sector of a country

43
 Challenges faced

They say buying an elephant is easier than owning it and this line fits perfectly well in
Banking Sectors. The banking industry is undergoing a radical shift, one driven by new
competition from FinTechs, changing business models, mounting regulation and
compliance pressures, and disruptive technologies.

The emergence of FinTech/non-bank startups is changing the competitive landscape in

financial services, forcing traditional institutions to rethink the way they do business. As
data breaches become prevalent and privacy concerns intensify, regulatory and compliance
requirements become more restrictive as a result. And, if all of that wasn’t enough,
customer demands are evolving as consumers seek round-the-clock personalized service.

These and other banking industry challenges can be resolved by the very technology that’s
caused this disruption, but the transition from legacy systems to innovative solutions hasn’t
always been an easy one. That said, banks and credit unions need to embrace digital
transformation if they wish to not only survive but thrive in the current landscape.

These are few main challenges faced by the Banking Industry—

• Increasing Competition. ...

• A Cultural Shift. ...
• Regulatory Compliance. ...
• Changing Business Models. ...
• Rising Expectations. ...
• Customer Retention. ...
• Outdated Mobile Experiences. ...
• Security Breaches

44
 Importance of latest Technology in Banking Sector

• Globalisation:
Information Technology has brought the world closer and allowed for information to be
shared easily, quickly and effectively. Allowing for transactions to be performed regardless
of where an individual or business are located. Information Technology has broken down
geographical boundaries making the global village so small.

• Communication:

Information Technology has made communication easier, quicker, cheaper and more
efficient. People are now able to communicate with each other from anywhere around the
world. For example through video conferencing, email, texting, instant messaging, social
networking, radio on the go, television on the go, voice calls and VoIP.

• Cost Effectiveness and Operational Excellence:

Automation of processes for individuals and businesses means our daily lives have been
transformed. Our daily lives have been made so much easier and economically effective.
Cost effectiveness gives rise to profits realised and better pay for employees. Making daily
lives easier and less strenuous working conditions. Transactions are achieved in the less
amount of time compared to the days before automation. Fewer errors are made by the use of
IT.

• Bridging the Cultural Gap:

People from different nationalities and cultures are able to communicate amongst themselves
and this allows for exchange of views and opinions which could better their lives, increase
awareness and decrease prejudice.

• Longer Working Hours:

Business hours are extended from the normal Monday to Friday and 8-5 working days. The
business is virtually open 24 hours and 7 days a week. This applies to all businesses around
the globe. The extended hours allows for business transactions to be conducted from
anywhere and anytime of day. People are now allowed to purchase anytime and anywhere.

• Creation of New and Exciting Jobs in the Field of IT:

Creation of new and interesting jobs within the Information Technology field. For example,
would have computer programmers, system administrators, system analysts, technical
specialists of hardware and software, web development, computer engineering and network
administration.

• Business Intelligence:

IT in banking gives competitive lead amongst other rivals. Crucial and essential information
obtained will be used in making strategic business decisions. Information attained from
competitors, individuals, business environment, internal operations and business partners.

45
Limitations of Technology used in Banking Sector’s
Mobile banking customers are at great risk of receiving fake SMS messages and scams from
hackers and scammers. The loss of a person’s mobile device often means that the customer’s
information can be accessed unlawfully. Gaining access to customer’s mobile banking PIN
and sensitive information. In order to have better experience with mobile banking customers
need to have access to more Modern mobile devices such as Smartphone, PDA’s and tablets.
From the literature attained on Mobile Banking Adoption there are several key problems that
were stated in the research. There are various problems customers face when using mobile
banking. The problems being:

• Security and Risk:

Mobile customers are susceptible to scammers. A customer receives a fraudulent email or

SMS from a sender posing as a bank or financial institution. Requesting for the customer to
send their bank account details. If and when a mobile device is stolen the customer is at great
risk. Most customers automatically set their devices to save their personal information
leaving the customers vulnerable to scammers. As consistent with Chitungo and Munongo
customers of mobile banking are uncertain with issues such as loss and theft by hacking thus
discouraging the customers to adopt mobile banking.

• Compatibility:

Banks offer the mobile banking services to all customers, some customers are limited to the
number of services offered as they do not have compatible devices, consistent with research
conducted by Al-Jabri and Sohail . Thus the customer is limited to several services only with
the constraint of the type of mobile they have. Mobile applications designed can also be
exclusively available to certain mobile phone brands.

• Cost:

The cost of mobile banking occur if the customer does not have a compatible device, though
if the customer does have a compatible device they may still incur data and text messaging
costs. Extra costs for mobile banking service, for software.

• Scalability and Reliability:

The banks need to ensure that mobile banking systems are working for customers to access
the service from anywhere and anytime. There can be loss of customer confidence if mobile
banking services are not met continuously, found to be consistent.

• Application Distribution:

Customers would expect that the mobile application would be updated, upgraded and
downloads being available. On the other hand, there are numerous issues to ensure that the
upgrade, update and downloads are implemented successfully.

46
 CONCLUSION

In conclusion, the banking sector is now using new technologies to provide better services to
customers. The banking sector realises that customers’ needs have changed with the
advancements in technology and their own needs. IT has allowed for improved banking
products, competitive markets, implementation of consistent methods for control of threats
and has aided mobile banking services to reach geographic distance and varied markets.
Extensive work needs to be done in the acceptance of IT in the banking sector so that the
risks are eradicated. Customers need to be informed on suitable precautionary measures for
safety. To avoid failure regular security checks are also required. Back-up and recovery plans
to restore customer confidence in IT. For inclusive growth, the benefits of mobile banking
should reach to the common man at the remotest locations in the country. Mobile Banking is
a very powerful tool that is used to deliver payment services and account queries for those
with accounts

1. The mobile and wireless market has been one of the fastest growing markets in the
world. The arrival of technology and the escalating use of

2. mobile and smart phone devices, has given the banking industry a new
platform. Connecting a customer anytime and anywhere to their

3. money and needs is a must have service that has become an unstoppable necessity. This
worldwide communication is leading a new

4. generation of strong banking relationships. The banking world can achieve superior
interactions with their public base if they accommodate all

5. their customer needs. They have a unique challenge to keep their customer alliances and
keeping up with the new technologies, and

6. competitive strategies that other banks also have to offer the public. Conveniences of
services plus outside locations like ATMS are crucial to

7. every banks success. Meeting all challenges including safety and security are perfect
examples of good banking strategies. In order for the

8. financial institutions to effectively grow they must embrace the new technologies and
customize them to suit their economic success and the.

9. Online banking is certainly here to stay. Online banking is a necessity for the bank's that we
studied and others in order for them to stay in

As we venture into the future, the internet will undoubtedly continue to change the banking
industry. Mobile Banking has brought-in enormous benefits to customers, banks, and staff
particularly in terms of increase in productivity, speedy and efficient service delivery, cost
reduction and increased profits. With the advancement of IT in the banking sector, customers
do not always want to visit banks branches. They are able to utilise the IT services provided

47
to make transactions. Banks now are facing serious challenges in stiff competition, security
issues, making potential customers aware of the mobile banking and also keeping the old
customers satisfied. More focus needs to be done on enhancing customer’s awareness and
intention to use mobile banking services by more research being conducted using the
adoption theories. The mobile phone developers and the operating software providers need to
design more advanced technologies. The developers of the mobile banking applications need
to be aware of security, risk and trust issues that customers have. Solutions need to be
developed to solve security and trust issues customers may have with mobile banking issues.

48
 References

1- Aggarwal, C.C., 2015. Data Mining: The Textbook. Springer. Biau, G., 2012. Analysis of
a random forests model. J. Mach. Learn. Res. 13 (1), 1063 1095.

2- Bohte, W., Maat, K., 2009. Deriving and validating trip Purposes and travel modes for
multi-day GPS-based travel surveys: a large-scale application in the Netherlands. Transport.
Res. Part C: Emerg. Technol. 17 (3), 285–297. 3- Breiman, L., 2001. Random forests. Mach.
Learn. 45 (1), 5–32.

4- Breiman, L., Friedman, J., Stone, C.J., Olshen, R.A., 1984. Classification and Regression
Trees. CRC Press.

5- Cambridge Systematics, Inc., 2014. Metropolitan Council Travel Behavior Inventory

Final Report. <http:// metrocouncil.org/Transportation/Planning-2.

6- Transit-Plans,-Studies-Reports/Other-Studies-Reports/Tr avel-Behavior-Inventory/TBI-
Household-Survey-Report.asp

7- Google Places Library. https://developers.google.com/

maps/documentation/javascript/places#place_details(Access ed on August 30, 2015)

8- Aboelmaged, M.G., & Gebba T.R. (2013).Mobile banking adoption: an examination of

TAM and Theory of Behaviour. International Journal of Business Research and
Development, 2(1), 35-50.

9- Acholiya, R., & Keshari, V. (2013). Benefits of IT in Banking Sector. Pioneer Journal,
2013. Retrieved from: http://pioneerjournal.in/conferences/tech-knowledge/15th-
national-confernce/3899benefits-of-it-in-banking-sector.html

10- Al-Jabri, I.M., & Sohail, M.S., (2012). Mobile Banking Adoption: Application of the
Diffusion Innovation Theory. Electronic Commerce Research, 13

11-379-391. [4] Ajzen, I., & Fishbein, M., (1980). Understanding attitudes and
predicting social behaviour. Englewood Cliffs, NJ: Prentice-Hall.

12- Cano, M.D., & Domenech-Asensi, G. (2011). A security energy-efficient m-banking

application for mobile devices. The Journal of Systems and Software, 84, 1899-1909.

13- Chitungo, S.K., & Munongo, S. (2013). Extending the Technology Acceptance Model
to mobile banking adoption in Rural Zimbabwe. Journal of Business Administration and
Education, 3(1), 51-79.

14- Dahlberg, T., Mallat, N., Ondrus, J., & Zmijewska, A. (2008). Past, present and
future of mobile payments research: a literature review. Electronic Commerce Research
and Applications, 7(2), 165-181.

15- Davis, F.D. (1989). Perceived usefulness, perceived ease of use and user acceptance
of information technology. MIS Quarterly, 13(3), 319-340.

49
16- Gu, J., Lee, S.C., & Suh, Y.H. (2009). Determinants of behavioural intention to
mobile banking. Expert Systems with Applications, 36, 11605-11616.

17- Kemp, R. (2008). Mobile payments: current and emerging regulatory and
contracting issues. Electronic Commerce Research and Applications, 7(2), 165-181.

18- Khajeh dangolani, S. (2011). The impact of information technology in banking

system: a case study in Bank Keshavarzi IRAN. Procedia - Social and Behavioural
Sciences, 30, 13-16.

19- Krugel, G.T. (2007). Mobile banking technology options: an overview of the different
mobile banking technology options, and their impact on the mobile banking market,
2007. Retrieved March 18 2015, from:
http://www.gsma.com/mobilefordevelopment/wpcontent/uploads/2012/06/finmark_mbt
_aug_07.pdf

20- Luarn, P., & Lin, H., (2005). Toward an understanding of the behavioural intention to
use mobile banking. Computers in Human Behaviour, 21, 873-891.

21- Lin, H.F. (2011). An empirical investigation of mobile banking adoption: the effect of
innovation attributes and knowledge-based trust. International Journal of Information
Management, 31, 252-260.

22- Luo, X., Li, H., Zhang, J., & Shim, J.P. (2010). Examining multi-dimensional trust and
multi-faceted risk in initial acceptance of emerging technologies: an empirical study of
mobile banking services. Decision Support Systems, 49(2), 222-234.

50