THE IMPACT OF DIGITAL TRANSFORMATION ON RETAIL AND COMMERCIAL BANKING (KEY IJP************496)

• Deep Raj

Abstract

AbstractThe rapid advancement of digital technologies has revolutionized the banking industry, reshaping the way financial services are delivered and consumed. In an effort to shed light on how technology is transforming financial institutions and their clientele, this study examines how digitization has affected the retail and commercial banking industries. This study aims to analyse the factors driving digitalization in banking, look at the trends in digital channel usage, and assess the effects on business models, customer experience, and operational efficiency.This study synthesizes existing research and identifies upcoming trends and issues in the digital banking ecosystem through a thorough analysis of the literature. The paper examines the tactics used by banks to use digital technology for client engagement and competitive advantage, based on empirical data and theoretical frameworks. Additionally, it examines how cyber security, regulatory frameworks, and data privacy issues influence banking institutionsdigitalization goals.The research methodology encompasses a mixed-methods approach, combining quantitative analysis of industry data with qualitative insights from interviews and surveys with banking professionals and customers. Through the utilization of sophisticated analytical methods and the triangulation of data sources, the research attempts to offer a comprehensive grasp of the many effects of digitalization on the banking industry. The study's conclusions add to the corpus of information about the digital transformation of the banking industry and have applications for regulators, legislators, banks, and other stakeholders. This study aims to provide information for strategic decision-making and to encourage educated discussion on the future of banking in a world that is becoming more and more digital by clarifying the benefits and drawbacks of digitalization.