THE EMERGING TRENDS IN DIGITAL BANKING AND FINANCIAL SERVICES
Mrs .Jyoti Mainaji Sonawane and Dr. Manik Waghmare
Research Scholar, Faculty of Commerce and Management, Head Department of Commerce, Shri.A.B.College Deogoan(R)Tq.Kannad,Dist Aurangabad, Dr. Babasaheb Ambedkar University, Aurangabad
Abstract:
The banking industry had created a digital platform to adapt and full fill customer needs. Previously banking words is come with time consuming process .The customers are keep a track on the transaction or balance through a documents. Now the total scenario is change just due to the concept of digitalization. It try to fulfill the requirement of customer changing demand day by day. We can see everywhere paper less banking with 24*7 service availability. Day by day changing trends and technology is a major force behind that innovation in the digital banking sector. With the customer expectation banks are adapt the new digital changes in their product and services. The person can transfer money or purchase anything with one touch of button and get update of past and present purchase or transaction. Banking sector changes their working culture as per the transformation phases to fulfill the demand of customer. The banking doesent have any expectation to this shift. With making a digital transformation bank are try to shift a new business models and introducing fully digital banking services.Day by day modern technology changes the face of banking sector with advance and customer friendly services. As per the expectations of customer advance trends are come in the market like AI based security, customer centric culture, cloud computing, with developing ecosystem, addressing gap between customer and banking service. The customers and business which reshape the banking landscape relying more on the digital banking and their regular activities. On the other important factor with upcoming new trends cyber security will gain more importance in upcoming days.
Key words: Digital banking, Customer expectation, Trends, transformation phase, AI based security, customer centric culture, addressing the gap.
