Money, in the form of credit, account balances, and even cryptocurrency, is really nothing more than stored bits information, and so perhaps it’s no surprise that information technology has changed the banking sector more than any other.

Technology has opened up new markets, new products, and new services and provided more efficient delivery channels, writes  Santhosh Mahalingam at entrepreneur.com.

E-banking has drastically reduced  costs drastically and helped generate revenue, and soon banks will deploy artificial intelligence as the primary method to interact with customers, and the applications will extend to fraud detection, customer services, financial advisory and legal work. Industry professionals must understand how AI and robotics can work for and with them and be open to change.

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