Evolution and Future of Banking Sector with Adaptation of Technology

Abstract

Problem: Due to new competition from fintech companies, changing business models, increasing regulatory and compliance pressures, and advanced technologies, the banking sector is undergoing tremendous changes. As data infringements become more common and privacy issues increase. These and other problems in the banking industry can be solved using the same technologies that bring about this destruction. Hence, this research paper aims to study the evolution of the banking industry, the factors that have contributed to its development, and the introduction of new services and technologies. Researcher gathered data from auxiliary data origins and modifies it to develop new concepts for future banking technology. Researcher used MSExcel 2019 to visualize the data and predict this trend. Although state-owned commercial banks have a tremendous amount of asset participation and branches, they can only cover 72.3% of units by 2021, while private commercial banks and foreign commercial banks gradually cover 99.5% and 100% of their components under computerized conditions. The research paper identifies the challenges facing the banking industry, technological development, and future integration of the banking industry in Sri Lanka and aims to solidify the financial sector vital to the economy.