IMPACT OF DIGITALIZATION OF BANKS
Years ago, when people talked about the work of a bank, they would come up with answers such as accepting deposits and providing loans, but today the scenario has changed, nowadays it’s more like bankinganytime, banking anywhere. This requires an innovative, robust, secure, optimized and agile platform to meet the expectations of empowered and tech-savvy customers. This is due to digitalization of banks. Change of data into a digital database with appropriate use of technology is called as digitalization. The concept of digitalization is not a mere transformation from traditional methods of banking towards a digital method. It is a crucial change how banks and other financial institutions learn about, interact and satisfy customers. Banks are the backbone of any economy. Banking sector is the largest and vital player in financial sector, it plays a dominant role in the development of the individual as well as the nation. IT (information technology) has given a push new innovations and methods in the product development and their delivery in the banking and finance sector. The focus of banking is shifting from mass banking to class banking. The start of value added and customized products and services leads them to technology enable banking. The main objective of this paper is to understand the impact as well as the pros and cons of digitalization. KEY WORDS: Digitalization, Innovative, Banking sector, Information technology, Customized products