ABCD technology- AI, Blockchain, Cloud computing and Data security in Islamic banking sector*

Abstract

The banking system gives the groundwork of current business. A well-working financial system is essential to an advanced economy, and banks fill significant roles for society. They should subsequently be secure. Artificial intelligence (AI) is steeply affecting innovation and skill. The financial industry is without a doubt to be the one to take on Artificial Intelligence. The Islamic banking sector is adopting this technology to evaluate vulnerabilities, perceive and prevent payment fraud, further develop against anti-money laundering (AML) processes, and play out extra administrative know-your-client (KYC) checks. Blockchain technology is centre, basic innovation with promising application possibilities in the banking industry. This could enable associations to settle and screen transactions more effortlessly than conventional methods like those of SWIFT. The emergence of cloud computing has modified the part that the Internet plays in a range of associations and organizations. Banks are slowly attempting to embrace cloud technologies to meet their varied prerequisites and to produce a versatile and light financial environment competent of rapidly response to arising business needs. For banks, physical and digital security along-with clients own data are vital to guaranteeing that banks can keep the cash and personal information they are entrusted with and the people who consistently are available in the establishment safe. Although these technologies have rapidly evolved and has the potential to revolutionise the banking industry. Some of these are fairly new concept and are therefore users should be aware of considerable risks and challenges linked with it. Thus, a systematic literature review was conducted to examine the challenges associated with these technologies, along-with the suggested solutions to mitigate them or lessen them.