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

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.

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Article Details

Category: BusinessFinance

Markets: India

Topics: BFSI Summit 2024 Cloud RPA Technology AI GenAI Blockchain

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 06:25:08 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 1697 words

Reading Time: 10 minutes read

Sentences: 88 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23439552

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 312 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 7 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #49

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