Leveraging the New Business Model: The Blockchain World of Banking

Abstract

Artificial Intelligence is the new prima donnaof the business world. AI has many application platforms which cater to the ever-dynamic needs of the modern world of business. It is helping the corporates to leverage and develop new business models, which will transform the manner of conducting business. Fintech is an adaption of AI platforms which caters to financial services in aspects of reducing cost, increasing the reach and maintaining the stream of ever-changing customers. The fintech revolution has redefined the market by breaking the old collaboration platforms and by creating a new outlook to the business. One such AI application platform, the blockchain technology has proven potential to provide anamicable solution to banks by reducing their cost and increasing transparency. Blockchain technology ensures an enhanced level of customer service by facilitating the sharing of the common database across all participants, real-time transactions and the immutable log of transactions. This study is an attempt to explore the potential benefits of blockchain technology in banking and the challenges it rolls out for the successful adaption and implementation in various process of banking services.