ADVANCEMENT IN BANKING TECHNOLOGY: ENHANCING BANKING SERVICES AND RISK MANAGEMENT

Abstract

The banking industry is undergoing a profound transformation, driven by rapid technological advancements. This paper delves into the evolving landscape of banking technology and its significant impact on enhancing banking services and risk management within financial institutions. This study aimed to explores the benefits of technology adoption and the role of emerging tools in enhancing operational efficiency and risk management.

The analysis explores the diverse advantages of technology for customers, banks, and traders. It delves into how emerging digital tools have enhanced transaction processing, customer service, and the banking sector as a whole. Key technologies like AI, block chain, and data analytics are examined for their contributions to risk mitigation.

The paper concludes that the technological developments is reshaping the banking industry and emphasizes the importance of banks. also highlights that banks are fully leveraging technology's potential to enhance operational efficiency and maintaining a robust approach to risk mitigation.

Keywords: Transformation, banking, Technological advancements, risk management, risk mitigation