Digitization contributed to the development of banking and financial services.

Authors

  • Dr Satnam Singh Department of Computer Science Government College Aharwala Bilaspur District Yamunanagar Haryana
  • Ms Anita Department of Economics Government College Aharwala Bilaspur District Yamunanagar Haryana

Keywords:

Digitization, Banking,, Financial Services, Efficiency, Customer Experience, Automation, Machine Learning,

Abstract

There has been a shift in the manner in which clients get banking and financial services as a result of digitization. As a result of the use of digital technologies in the financial industry, efficiency has grown, expenses have decreased, and the quality of the customer experience has improved. for the purpose of investigating the role that digitalization has played in the evolution of banking and its associated services.
By utilising a variety of digital platforms, financial institutions are now able to provide a comprehensive selection of products and services thanks to the advent of digitalization. Using mobile banking, internet banking, or other digital platforms, customers are able to access their accounts, make payments, and transfer cash without having to leave the comfort of their homes or workplaces. Consequently, this has resulted in a decreased requirement for physical branches and an increase in accessibility, particularly for clients who are located in rural areas.

References

Accenture. (2020). Digital Disruption in Banking. Taken from https://www.accenture.com/_acnmedia/PDF-112/Accenture-Digital-Disruption-Banking.pdf

Deloitte. (2020). Digital Banking and Cyber Security. Recovered from https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/financial-services/deloitte-uk-digital-banking-and-cybersecurity.pdf

European Central Bank. (2021). Digital Transformation in Banking: What's New and What Are the Challenges? Taken from https://www.ecb.europa.eu/pub/economic-bulletin/focus/2021/html/ecb.ebbox202103_05.en.html

International Monetary Fund. (2020). The rise of digital money. Taken from https://www.imf.org/en/Publications/Fintech-Notes/Issues/2020/04/06/The-Rise-of-Digital-Money-49343

McKinsey & Company. (2021). Banking on the Future: The Rise of Digital Banking. Recovered from https://www.mckinsey.com/industries/financial-services/our-insights/banking-on-the-future-the-rise-of-digital-banking

World Bank. (2021). Digital Financial Services. Taken from https://www.worldbank.org/en/topic/digitalfinancialservices

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Published

2024-03-19

How to Cite

Dr Satnam Singh, & Ms Anita. (2024). Digitization contributed to the development of banking and financial services. Innovative Research Thoughts, 10(1), 118–121. Retrieved from https://irt.shodhsagar.com/index.php/j/article/view/767