Abstract : This report consists of the different impacts and changes that have been brought on by the introduction of different types of disruptive technologies in the banking sector of India. Traditionally the banking industry has been a labor intensive industry with slow moving work speed and many delayed projects. Many banking instruments were not even available to the public for use . Banking was also considered as an industry for the rich and wealthy. But times have changed drastically and we have witnessed a broad spectrum of changes in banking and because of that the change in workforce is also pretty evident. The use of specialized softwares and internet technologies brought with itself huge disruptions in the banking sector and which brought about changes in the workforce that was employed in this industry as well.
Banks embrace new technology in order to enhance processes, reduce costs, and create value-added services. While technological investment is unavoidable, banks must be prepared to prioritize the difficulties of implementing new technology. The technological advancements that the banking industry is undergoing is posing considerable problems to the workforce.
The biggest Disruptive Technologies currently in the market are Blockchain, Fintech, Artificial Intelligence, Big Data, Cloud Computing and have already grasped a substantial marketshare and are looking to become the future pioneers in Banking.
The Empirical Economics Letters, 18(3): (March 2019) Disruptive Technologies and its Effect on the Workforce in Banks: A Framework of Assessment for Mitigation
Prajnan, Vol. XLVIII, No. 4, 2019-20 : Dynamics of Technological Evolution in Indian Banking
International Journal of Mechanical Engineering and Technology (IJMET) Volume 8, Issue 9, September 2017, pp. 510–515 :Impact of Disruptive Technology on Indian Banking Sector
