Using a GPU (Graphics Processing Unit) can accelerate trading by allowing for faster processing of large amounts of data. This can be particularly useful for traditional banks, capital market firms and fintech companies that rely on data-intensive trading algorithms and need to process large amounts of data in real-time. Running machine learning algorithms: Machine learning algorithms can be computationally intensive, and a GPU can speed up the training process. This can be especially useful for developing and testing trading strategies that rely on machine learning. Data processing: A GPU can process large amounts of data quickly, which can be useful for tasks such as real-time data analysis and market monitoring.

The last decade has seen around 400 launches of licensed neobanks, 1 1. "Simon-Kucher introduces the Global Neobanking Radar database to rank and track challenger banks and their path to profitability," press release, Simon-Kucher, May 27, 2022. Incumbent banks, nonbank challengers (such as fintech players), stand-alone digital attackers, and large consumer and payments platforms have all launched neobanks in recent years, making the competitive pool increasingly vast and diverse. The term neobank has been used at least since the mid-2010s to describe fintechs that are challenging traditional banks by providing an increasingly comprehensive suite of banking services (as opposed to just payments, personal financial management, etc.) through innovative and low-cost digital channels. Depending on geography, these institutions have also been called challenger banks, virtual banks, digital banks, online banks, and internet-only banks. Over the years, the definition of neobank has expanded and blurred. Many traditional banks have launched their own exclusively digital plays, and fintechs have partnered with traditional banks to provide banking services.

Digital-first banks have acquired eminence in India today and the financial inclusion reforms are ready to roar. Take a look into the scenario of the banking ecosystem and its expeditious journey towards branchless banking in India through this article. Branchless banking has been outlined as the strategy that delivers banking services to people outside the traditional physical premises through kiosks, mobile phones, or other channels. Banks across the country have often been seen grappling with various strategies to transform the current banking system in tune with the ever-evolving digital age. The pandemic led many physical banks to the realization that the digital customer experience was substandard.

The evolving banking landscape has pushed traditional banks to digitalize in order to cater to consumer demand for personalized and value-added services. This is especially prominent given the effects of the Covid-19 pandemic, which has driven a majority of the customer base towards digital services. Whilst many emerging technologies exist, there have been variations in adoption rates by traditional banks around the world, with trends showing that they have been generally slower to adopt these technologies. Typically, traditional banks have been rolling out their digitalization efforts conservatively, usually with a multi-channel approach. These include improving existing digital channels or ramping up efforts to launch independent digital banking businesses.

In a highly regulated industry like banking, innovation always existed within silos bounded by strict regulations. The risks were just too high to think beyond. Besides exorbitant fines and a loss of operating licenses, banks faced reputational risk. Trust, after all, is what banks trade in. Else, customers will simply switch to a more trustworthy bank.

Shameek Kundu, Head of Financial Services at TruEra, looks at whether AI's credibility gap could hold back the banking industry. Artificial Intelligence (AI) is widely seen as key to the banking industry's transformation. Industry surveys, including one from the Bank of England, suggest that two in every three financial institutions have adopted AI in some form. In most banks, neither the 2020 budget restrictions nor the failure of some AI systems during COVID-19 appear to have slowed down AI-related recruitment or technology spending. But is the reality of AI adoption in banking living up to the hype?

The rise of technology and digital services has led to increasing customer demands for simplicity and speed. Banks and financial services institutions are continuously searching for new ways to retain and attract customers while aiming to respond to heightened consumer demand for personalized services. For this reason, customer-centric offerings continue to dominate the financial technology (FinTech) landscape. Personalization takes advantage of real-time data and cutting-edge technologies to deliver product or service information to customers. In an extremely competitive financial services sector, there is more pressure than ever for FinTech companies to provide customers with a better experience.

I am an experienced digital marketing strategist & blogger. FinTech companies are posing a big threat to traditional banks and are set to replace them. They have gained immense popularity in a short period thanks to their flexible business practices, use of technology, and customer-focused services. Due to this, we are slowly seeing the market share of traditional banks slowly but surely decrease. Meanwhile, the market share of these FinTech companies is steadily growing.

While traditional banks advertise a 0.05% interest rate for deposits in their savings accounts, a growing number of consumers have turned to a new crop of mobile apps--automated or "self-driving" savings apps--to help them save. In a recent consumer study, Cornerstone Advisors found that savings apps like Acorns, Digit, and Qapital help consumers save an average of $600 a year above and beyond their regular level of savings--and one in five users saves more than $1,000. At a 0.05% interest rate, you'd need $1.2 million in a savings account in order to earn $600 in a year. These new apps help consumers figure out how much they could save (above and beyond what they're already saving)--and then take the money out of the user's checking account and put it in a savings account. The popularity of these tools shouldn't come as a surprise.

There is a fresh wave of disruption post COVID-19. Banks and financial institutions are adapting digital transformation at a blazing pace, this is a good and a progressive sign for us as this opens doors to the much awaited advancements in the financial sector. Lets just say – now the digital revolution has truly begun. The COVID-19 crisis has triggered customers to adopt digital interaction across segments. Nowadays branch loving customers are also using digital platforms to interact with their banks or NBFCs (Non-Banking Financial Companies) – this routine may become a trend in the future.