NOVEMBER 201819et of finance that is currency or in a more meaningful sense ­ `the medium of exchange'. Having gone through its own cycle of being looked upon as another tech fad to something that is destined to fail acquiring its evan-gelists to scepticism to excitement everywhere to early industry applications & adoption to now global insti-tutions each trying out their owns POCs to make it a mainstay in at least some facet of their technology infra.In a report compiled by PwC, 77 percent of financial institutions will increase internal efforts to innovate, with many businesses embracing the disruptive nature of FinTech. Let's investigate some of the areas where technology has significantly changed the way financial institutions conduct their business.Customer ServiceA key area which has seen massive disruption in the way customers are served, new as well as existing, is customer service. In less than a decade, chatbots have virtually taken over many of the tasks that were tra-ditionally supposed to be performed by a trained cus-tomer service executive. It would be difficult to imagine any financial institution to be not using Bots to manage at least certain customer service functions end to end. Given an AI system evolves and only gets smarter the more it interacts with its constituents, the only direc-tion this trend seems to be going in seems up-wards.Online BankingGone are the days when people would need to a visit a branch to withdraw money, transfer funds from one place to another. Internet & Mobile banking has virtual-ly become a bank branch where almost any task can be performed & things are getting intelligent by the day.Fraud DetectionThe investigation and identification of frauds has al-ways been a mammoth challenge for Financial In-stitutions. However, new age technology tools have moved the exercise from post event to a pre-event investigation where these tools help to ascertain the probability of someone defaulting before even the fraud
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