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41 GenAI in Banking & Finance : Digital Payments as a Business Function in FinTech

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From Physical Instruments to Real-Time Digital Platforms 1. Introduction Payments constitute the most fundamental business function within any financial system. Every economic exchange—whether between individuals, businesses, or institutions—ultimately requires a reliable mechanism for transferring value. Historically, payment systems evolved slowly, constrained by physical instruments, manual processes, and geographic boundaries. However, the emergence of FinTech and the digital economy has transformed payments into a fast, secure, and always-available digital service. In the FinTech ecosystem, digital payments are no longer a back-office banking operation. Instead, they function as core infrastructure , enabling commerce, financial inclusion, platform-based business models, and innovation across lending, investments, and insurance. To understand this transformation, it is essential to examine the evolution of payment instruments—from cash and cheques to modern real-time digital ...
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40 GenAI in Banking & Finance : The Ten Building Blocks of a Sustainable Digital Financial Ecosystem

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The Ten Building Blocks of a Sustainable Digital Financial Ecosystem Abstract The growth of Financial Technology (FinTech) is inseparable from the broader transition toward a digital economy. Unlike traditional process-driven economic systems, the digital economy relies on data, connectivity, and trust among participants who often interact without physical presence. This paper examines the ten foundational building blocks required to enable FinTech development within a digital economy. These building blocks include trusted digital identity, data hubs, consent architectures, public digital infrastructure, data governance policies, scalable computing, open architectures, digital talent, experimental policymaking, and cybersecurity. Together, these elements create the institutional, technological, and regulatory framework necessary for secure, inclusive, and innovative financial services. Keywords Digital Economy, FinTech Building Blocks, Digital Identity, Consent Architecture, Open APIs,...
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39 GenAI in Banking & Finance : The Evolution of FinTech

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 The Evolution of FinTech Fundamental Drivers, Technologies, and Market Transformation Abstract The evolution of Financial Technology (FinTech) is closely linked to advancements in connectivity, computing power, and digital infrastructure. These fundamental drivers have reshaped the structure of financial markets, altered traditional value chains, and enabled the emergence of new business models. This paper examines the evolution of FinTech by analyzing its key technological drivers, including mobile connectivity, cloud computing, big data, and artificial intelligence. It further explores how these drivers have led to the unbundling of financial services, the rise of platform-based ecosystems, and significant changes in market structure and financial infrastructure. The study highlights the implications of FinTech evolution for financial institutions, market competition, and financial inclusion. Keywords Evolution of FinTech, Connectivity, Cloud Computing, Big Data, Artificial Inte...
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38 GenAI in Banking & Finance : An Introduction to FinTech

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An Introduction to Financial Technology (FinTech): Digital Transformation of Financial Services Abstract Financial Technology (FinTech) has emerged as a transformative force reshaping the global financial services industry. By leveraging digital technologies such as mobile platforms, cloud computing, artificial intelligence, and digital identity systems, FinTech enables faster, more efficient, and more inclusive financial services. This paper provides an introductory overview of FinTech, examining its definition, evolution, ecosystem, and core functional layers including payments, platforms, lending, and identity systems. Special emphasis is placed on real-world applications and the role of digital identity infrastructure, particularly Aadhaar, in enabling secure and scalable financial services in India. The paper aims to build foundational understanding for students and early researchers exploring the FinTech domain. Keywords FinTech, Digital Financial Services, UPI, Digital Payments,...
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37 GenAI in Banking & Finance : Governed Hub-and-Spoke

Governed Hub-and-Spoke: The Enterprise Control Plane for Agentic Risk Management As banks and organizations move from early experiments with agentic AI to large-scale deployments, the nature of the challenge changes. When you are running one or two intelligent agents inside a single team, already previously discussed orchestration patterns on this blog and clever prompts are usually enough. But when that number grows into the dozens—spanning AML, fraud, credit risk, operational risk, cyber, and conduct—the problem is no longer about intelligence alone. It becomes a problem of governance . At enterprise scale, agentic AI is not just a technical capability. It is an operational, regulatory, and organizational concern. Leaders need to know what agents exist, what data they touch, who owns them, how they perform, and how they interact across risk domains. Regulators expect transparency. Boards expect control. Risk functions expect defensibility. This is where the Governed Hub-and-Spoke...
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36 GenAI in Banking & Finance : Consensus & Adversarial Panels for Financial Crime Investigations

Consensus & Adversarial Panels for Financial Crime Investigations In last two posts we discussed  Supervisor-based agent hierarchies & event-driven orchestrations of multi agent.   Event-driven architectures work well for transaction screening and alert generation. Supervisor-based agent hierarchies work well for deterministic workflows. Financial crime investigations, however, frequently require subjective judgment under regulatory scrutiny. Decisions must be explainable, defensible, and reproducible months or years after the fact. In these scenarios, a single LLM agent is insufficient. Different stakeholders interpret the same facts differently, and regulators expect evidence that competing viewpoints were considered. The Consensus & Adversarial Panel pattern addresses this by running multiple independent agents on identical inputs, aggregating their conclusions mathematically, and applying a critic agent to evaluate the quality of agreement. The Financia...
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