The Role of Technologies on Banking and Insurance Sectors in the Digitalization and Globalization Era—A Select Study

Abstract

Soon the world is entering into the third decade of the twenty-first century (3D/21C) with advanced technologies (such as FinTech, InsurTech, and Blockchain Technologies) in all the fields. Globally 3D/21C Technologies are going to affect the financial services in a multitude of ways in the Globalization and Digitalization era. The present research study is an attempt to list out and study the role of the advanced technologies which are going to drive and affect greatly the financial services especially in the Banking and Insurance sectors in the period of 3D/21C globally. We tried to describe various aspects of the phenomenon in this context; hence, we followed the descriptive type of research methodology in the present study. Although there are many existing studies in nature, Banking and Insurance fields are the main focused sectors in the current research study. Researchers examined the role of FinTech and InsurTech on these sectors and concluded.