A STUDY OF DIGITALIZATION IN BANKING SECTOR: OPPORTUNITIES AND CHALLENGES

Abstract

In the current scenario, World has now entered and being sustained in modern culture with more advancements and developments which makes people to buy, sell, communicate etc. from one place . The demand of banking is anytime, anywhere banking, this requires innovative enthusiastic secure optimized and ready to meet the expectations of empowered and tech savvy customers. Digital transformation is just moving from traditional banking to a digital world. It is a dynamic change in how banks and other financial institutions learn about, how to interact with and satisfy the customers. An effective digital transformation begins with an understanding of digital customer behaviour, preferences, choices, requirements, and aspirations etc. This paper covers role of digitization, scope, trends, and technological milestones in Indian banks. The present study is based on secondary data. The data has been extracted from the various sources like research articles, publications from government of India, various bulletins of RBI and authenticated websites. The paper constitutes the role of digitalization in banking sector.