A study on digitalization and technology environment and its impact on banks

Banking system plays a very dominant role in the Indian economy. It is like a principal nerve to the nation’s economy as it serves to the financial requirements of credit in all the spheres of the society. The growth and innovations in technology has led to a paradigm shift in the entire banking operations and systems. The digital revolution is dramatically changing the business environment and the financial services industry is no exception. Moreover, the evolution of e-banking has led to the substantial change in terms of fulfilling customers’ divergent and ever growing needs. Further, our government is giving a lot of thrust to digital banking as it is the future of tomorrow. The present study explores the influence of technology in banking sector among customers by reviewing the relevant literature from the earlier studies. An extensive study on the impact of technology on banking, highlights the factors such as effectiveness of data management, value added services, level of knowledge and awareness, security, safety, service quality, productivity, and profitability.