Journal of Statistics Applications & Probability


This research paper aims to highlight the progression of the technological advancements emerging in the BFSI sector across the globe, evaluate them, and find the merits and shortcomings in this sector using literature review assisted by the prior knowledge from the renowned works published in reputed journals. The information was obtained from secondary sources, thereby helping us draw a picture of the existing state of technology in the BFSI sector and its future potential/applicability within the field. We have used advanced search criteria of two levels to comprehensively cover the existing research papers on the topic for evaluation. With the rising need for digital change, banks look up to speed up the existing plans to arrange authoritative changes driven by the new initiatives. Artificial intelligence companies in the upcoming years will thrive. Banks will make all the efforts to utilize their advances to lessen the cost, mechanize all ordinary procedures, and separate administration levels through personal information which was not accessible before.

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