DIGITAL TRANSFORMATION IN BANKING

DIGITAL TRANSFORMATION IN BANKING

Ms.S.Sathya, Assistant Professor, Department of Commerce

A.V.P College of Arts & Science, Tirupur.

Abstract: Digital transformation in the banking sector is a continuous process that affects both the external and internal environment by redesigning internal processes and existing methods. There are many reasons that digital transformation takes place, such as servicing remote areas without physical branches, differentiation from competitors or reduction of operating costs. In any case, there are a lot of doubts about the acceptance of digital technologies. The use of digital technology to improve present processes or introduce new methods of conducting company operations, which improves the customer experience and leads to better currency exchange rates for the firm, is referred to as digitalization. Digital transformation in digital age means redesigning corporate procedures. The four main parts of digital transformation are technology, software, data, and organizational reorganization. In India's banking system, banks play a critical role. They are in charge of managing public finances and investing in the expansion of business and trade. In emerging countries like India, where other financial sectors are still in their infancy, the banking industry accounts for the majority of the financial sector. Banks' stability is vital since they act as trustees of public funds, mobilizers, and funders of various operations at the regional and international levels. The banking business has grown from a basic middleman to a vast commercial enterprise..

Key Words: Digitalization, ICT, Rural Area, Bank Transformation and Banking Sector.