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The recent banking landscape is moving towards the stage of digital dominance. India’s banking sector has been transitioning from traditional brick-and-mortar models to more technology-driven approaches over the past decade. The sector and its customers are quickly adapting to different and new aspects of digitalisation across services and transactions, with new technologies being catalysts. Banking 4.0 is about utilising technologies such as cloud, GenAI, APIs, and while leveraging on data to help change the way banking business is conducted with a focus on lowering costs and providing an omni-channel experience and personalized services at scale. The industry has been through significant shifts from, early computerisation, and mobile to today’s gen-next technologies creating interconnected systems. The banking system is shifting from self-service through internet banking and mobile banking, to today’s Banking 4.0 principles, which include new technologies to smoothly embed itself into the customer’s life and monetary journeys. CIBC, the Canadian bank, for instance, has seen customer acquisition rates in three primary lines of business increase by 65% due largely to personalization efforts. Banking 4.0 goes beyond , which refers to the adaptation of new technologies and digital systems that can optimise operation and elevate the customer experience. Today’s banking services and operations require an integrated digital banking ecosystem. An advanced model that combines technologies across different sectors of the banking experience to offer customers a seamless and fully interconnected experience. While AI helps streamline operations, rendering it more efficient and reliable, it is also able to learn customer behaviour, offering a more customised service in the digital domain. This is limitless when addressing customer needs that are current as well as those that can be identified for the future to be addressed long before they are realised. Chatbots and virtual assistants, like HDFC Bank’s EVA and ICICI Bank’s iPal, are streamlining customer interactions by providing 24/7 service for queries, transactions, and problem resolution.
