My research paper will highlight technology and innovation in Banking and Finance Industry. I chose this topic because I am majoring in Finance and wanted to research the technology currently available in the banking industry along with research into new technology trends. I believe that the financial and banking industries must remain continually evolving and innovative in their technology to keep pace with advancements and growing user communities' expectations for an optimal experience. In a report compiled by PwC, 77% of financial institutions will increase internal efforts to innovate, and many companies are embracing the disruptive nature of FinTech. That said, financial institutions will need to keep up with the latest trends to remain competitive. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay During my research, I learned that there is a growing amount of technologies and tools that banks will need to consider and/or adopt to retain customer satisfaction, remain competitive, and increase revenue. New technologies combined with operational innovation are important to the lasting health of the banking sector. Bankers and financiers innovate to continue to make profits despite a rapidly evolving financial environment, including changes in competition, regulation, technology and macroeconomics. With technological innovation on the rise, the banking sector is transforming and undergoing crucial changes. Banks are moving into the future by trying to engage with new technological solutions, which include the digitalization of their processes. They are also investing in FinTech companies to improve their services and improve customer experience. There are several new trends in banking technology. Data monetization is one of the major trends in banking technology that helps businesses realize various revenue opportunities. Data monetization allows a company to tap into and measure economic benefits as well as reduce expenses and increase revenue. Some companies, such as information service providers, have always sought to derive value from data. However, the ability to use and monetize data is now impacting almost every type of business. Most banks have traditionally had a standardized system, but customization has become a major new banking technology trend. API banking gives banks the flexibility to provide viable personalization to their customers. As Financial Brand points out, APIs “provide the gateway to innovative, contextual solutions that would be difficult to offer without open banking.” According to Goldstein, by the end of 2018, 50% of global Tier 1 and Tier 2 banks will offer at least five external APIs. Another trend to watch out for in the banking industry is artificial intelligence and data analytics. According to Sorrentino (2018), “the debate about how artificial intelligence (AI) and big data promise to transform the world will not end soon.” Artificial intelligence has demonstrated the ability to collect and use data to predict activities that can make our lives and businesses run more efficiently. Banks use technology to populate the documentation associated with completing a loan document with information they have already recorded. There are also risks related to artificial intelligence or the use of any technological advancement. But fortunately, predictive analytics can be a great tool for detection.