Pre and post changes of AI, IOT & cloud computing in financial services and banking sector during pandemic COVID-19
Keywords:
Banking Industry, AI, IOT, COVID-19, cloud computing, financial institutionsAbstract
When the COVID-19 Pandemic hit our country in February, where southern parts of India came into contact with such a novel virus whose treatment revealed, our prime minister sanctioned a curfew on 24th March 2020 and declared a nationalize lockdown. As a result, our country's economic and financial growth came into a deep crisis. Therefore, Artificial Intelligence, cloud computing, and the Internet of things came into the picture to overcome such a crisis. Artificial Intelligence and IOT help reshape the traditional system of banking and financial institutions into technological advancement. We all know about the essential clouds in today's economy as it reaps a high value of security and confidentiality. To get benefits, the financial industry must incorporate cloud computing. Banks must exercise caution when entering the cloud computing sector because cloud computing will provide many advantages to banking companies. Although the financial industry's the using cloud computing seems to be helpful to the company and market, the financial sector must address difficulties such as privacy preservation, security, regulatory compliance, standard interoperability, and service quality. This paper highlights the benefits of AI, IOT during COVID-19 and the data privacy of cloud computing in the Banking Sector.
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