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Digital Banking Revolution: Challenges and Opportunities of Banking Industry

Malini Krishnakumar, Research Scholar, Kerala University of Fisheries and Ocean Studies (KUFOS) and Assistant Professor, Holy Grace Academy Of Management Studies, Mala, Kerala 680732, India. , Malini Krishnakumar

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Journal of Social Welfare and Management 10(3 (Special Issue)):p 605-608, Sep-Dec 2018. | DOI: http://dx.doi.org/10.21088/JSWM.0975.0231.10318.47

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Abstract

Traditional banks are changing their internal policies and processes, while becoming capable of solving customer problem digitally. Digital transformation that has upended industries from retail and media to transport and business to business commerce is now sweeping the financial services industry. Banks that learn to adopt new technologies adapt their products and processes and become more adept at delivering tailored solutions to their customers will succeed. Mobile banking and digital payments service providers such as FreeCharge, Ola money, Oxigen, and Paytm. Globally, the digital transformation of banking services allows an expansion of access by leveraging digital channels and customer information, and a reconfiguration of a product and process value chains to offer new products and serve customers more efficiently. While the final structure of a digitally transformed financial services sector could take different forms, the degree to which banks continue to play a role will depend on a combination of initial conditions and adaptability.

 

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DOI: http://dx.doi.org/10.21088/JSWM.0975.0231.10318.47

Keywords

Digital Transformation; Financial Services Industry; Tailored Solutions; Mobile Banking; Digital Payments; And Digital Channels.

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