AI, GenAI, and blockchain: How technology is transforming BFSI sector

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AI, GenAI, and blockchain: How technology is transforming BFSI sector - Business Standard

Quick Summary:

Data management and real-time analytics present ongoing challenges as BFSI firms generate massive amounts of data.

Banking institutions are gradually moving core functions to the Cloud to enhance scalability, cost efficiency, and data management, while mission-critical applications remain on private Clouds due to RBI’s data sovereignty requirements.

This demands BFSI firms adopt RegTech solutions that leverage AI and Blockchain for real-time transaction monitoring, fraud detection, and automated compliance reporting.