Impact of Digitalization on Banks
- Mili Shah, Student, Faculty of Management, GLS University, Ahmedabad
- Dr. Amish Soni, Assistant Professor, Faculty of Management, GLS University, Ahmedabad
Abstract:
Digitization is conversion of data into digital format with the adoption of technology and digitalization is the use of digital technology to change the business model and provide new revenue and value producing opportunities. It is process of moving to digital business. This project provides an insight into the traditional banking system shift into digital banking. It also studies the importance of digital banking, reasons for banks adopting digital banking, trends and challenges involved in digital banking. The project focuses on the growth of digitalized services, increase of the customer base, increased productivity and innovations introduced in the process of digitalization over the period of years in the banking sector with respect to 3 private sector banks i.e. HDFC, ICICI, KOTAK and 3 public sector banks i.e. SBI, BANK OF BARODA, and PNB.
Keywords:
Digitalization, NEFT, RTGC, POS, Debit Card, Credit Card, Mobile Transactions, ATM’s