DIGITAL TRANSFORMATION IN FINANCIAL SERVICES: OVERVIEW OF BEFORE AND AFTER THE PANDEMIC

DIGITAL TRANSFORMATION IN FINANCIAL SERVICES: OVERVIEW OF BEFORE AND AFTER THE PANDEMIC

R.RAMAPRABHA

Assistant Professor&Research Scholar,

Vidhya Sagar Women’s College. Chengalpattu

Dr. B. VIJAYAKUMAR

Associate Professor & Research supervisor ,PG & Research Department of Commerce,

Dwaraka Doss Goverdhan Doss Vaishnav College (Autonomous), Chennai – 600 106.

Abstract

        This research examines the significant impact of digital transformation on the financial services sector, focusing on evolutionary changes that occurred before and during the worldwide pandemic. The core goals are to assess the scope of digital transformation in financial institutions, identify important obstacles and possibilities, and examine the techniques used to manage the changing landscape.  Data were gathered from a varied group of financial institutions to ensure a complete picture of the sector. The findings show a large increase in digital use before the pandemic, with the pandemic acting as a catalyst for digital activities. Data-driven methods were critical for improving client experiences, increasing operational efficiency, and resolving cyber security issues. The conversation focuses on the industry's resilience in the face of enormous shocks, highlighting the vital role of technology in crisis management. Significant results include a growth in remote banking services, a greater dependence on artificial intelligence for fraud detection, and the adoption of cloud-based solutions for scalability. These findings illustrate the revolutionary impact of digital technology in altering the financial services industry. This comprehensive overview contributes to our understanding of the dynamic relationship between digital transformation and the financial services sector, providing valuable insights for industry stakeholders, policymakers, and researchers.

Key Words:      World Pandemic, Operational efficiency, Financial Institutions, Stakeholders, Artificial Intelligence