JJEM: Special Edition 4 (May 2025)
JJEM: Special Edition 4 (May 2025)
2025-05-31
Technology in finance , banking and insurance sector: A Study
Manoja Sharma G , Shriram u gowda
Technology has revolutionized the finance, banking and insurance sectors, transforming how service are delivered, managed, and accessed. In banking, digital platforms like mobile apps and online banking have replaced traditional branch -based operation, making transactions faster and more accessible. Automated teller machines (ATMs), digital wallets, and payment gateways have further streamlined financial transaction. In the finance sector, technologies such as artificial intelligence (AI) and Big Data analytics help in risk assessment, fraud detection, and personalized financial planning. Algorithms in trading, known as algorithmic trading, enable faster and more efficient investment decisions. Blockchain technology is also reshaping the industry by offering secure, transparent, and tamper-proof systems for transactions and record -keeping. The insurance industry has similarly embraced technology to enhance customer experience and operational efficiency. AI and machine learning (ML) enable insurers to assess risk profile accurately, detect fraudulent claims, and automate process like underwriting. Telemetric and Internet of Things (IoT) devices, such as smart watches or connected cars, allow insurers to offer personalized products based on real-time data. Overall, technology fosters innovation and efficiency in these sectors, reducing costs while improving accessibility and customer satisfaction. However, challenges like cyber security risk, data privacy, and the need for digital literacy must be addressed to fully leverage its benefits.
Impact of Technology, machine learning, artificial intelligence