Unfolding Finance 4.0 through Digital Innovation and Financial Automation

The financial services sector in India has leveraged the power of Industry 4.0 extensively on account of digital innovation and automation of financial processes. The rising competition in the financial services sector has compelled financial institutions to create value for their customers through...

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Bibliographic Details
Published in2023 5th International Conference on Advances in Computing, Communication Control and Networking (ICAC3N) pp. 983 - 986
Main Authors Singh, Ardhendu Shekhar, Pillai, Deepa, Doifode, Adesh, Bhosale, Trupti
Format Conference Proceeding
LanguageEnglish
Published IEEE 15.12.2023
Subjects
Artificial intelligence
Cloud computing
Digital innovation
Finance
Finance 4.0
Finance Services
Financial Automation
Fintech
Internet of Things
Product customization
Security
Technological innovation
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Summary:The financial services sector in India has leveraged the power of Industry 4.0 extensively on account of digital innovation and automation of financial processes. The rising competition in the financial services sector has compelled financial institutions to create value for their customers through new service offerings. To participate and prosper in the challenging business environment, traditional banks have to build new value propositions and business models for a leading edge. Digital technologies such as the cloud, the Internet of Things (IoT), analytics, automation, robotics, and artificial intelligence are the enablers of transformation in financial services. Fintech innovations coupled with mass personalisation and product customisation have led financial institutions to embark on the adoption of technology-led change. The paper aims to study the adoption of digital technologies by financial institutions to expand their scope and outreach of personalised services to enhance customer value.
DOI:10.1109/ICAC3N60023.2023.10541359