ABSTRACT
This chapter focuses on the banking and finance industry changes in the past few decades. They have been a major beneficiary of the digital revolution. Technology has played a significant role in this industry to transform the services provided by the banks to the customers. The core philosophy of banking has changed to make technology a fundamental component. Digitisation in the banks has driven agility, cost optimisation, and better risk management, enabling them to be more proactive in planning and immersive experience to the customers. The most significant change anyone would have noticed is online banking which is now a standard feature. Another major revolution in this space in this decade is digital payments. Data analytics and big data have played a significant role in how the bank operates its core and Fraud Analytics. The chapter presents a case study on system vulnerabilities, social engineering attacks, scams and data breach.
