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Blockchain and Artificial Intelligence for Banking and Financial Services.

The banking industry has been experiencing an impeccable transformation in technology over

the past few years, resulting in an evolution of digitalization focusing on better customer

experience and maintaining customer-relationship with optimal resource management to a more

considerable extent (Arockia, 2018). Artificial intelligence (AI) focuses on the cognitive

application in the functional area of business with the financial services industry`s investment

and compliance sectors and it deals with representing those processes via machines like

computers and robots and many others. On the other hand, Blockchain technology is a

technology in which digital information is stored in a public shared database.

Integrating Artificial Intelligence (AI) Blockchain Technologies

Considering the popularity of AI and Blockchain and the advantages they have provided, some

firms are investing in research to integrate the two to obtain solutions that are more effective.

Although Blockchain technology is new, some companies are already building towards

integrating it with AI technology in a user-friendly, transparent, energy-efficient, digital ledger

that maximizes security while remaining immutable by employing AI agents that govern the

chain (Shirodkar, 2017).

In summary, AI and Blockchain technologies are the future as they bring the power of advanced

data analytics to combat fraudulent transactions and improve compliance in financial institutions.

These technologies can contribute hugely to the financial sector since they have the potential to

fulfilling customer demand faster and easier. They also have the capability to meet regulatory

compliance, detect fraud, and assess individual creditworthiness.

References
Meghani, K. (August 2020). A STUDY OF SCHEDULED COMMERCIAL BANKS IN INDIA.

USE OF ARTIFICIAL INTELLIGENCE AND BLOCKCHAIN IN BANKING, 4.

Shirodkar, A. S. (2017). Artificial Intelligence and Blockchains in financial services. Potential

applications, challenges, and risks, 51.

Vedapradha , R., & Hariharan , R. (May 2021). Innovation in banking: fusion of artificial

intelligence and blockchain, 3.