scispace - formally typeset
Search or ask a question

How has digital banking changed the banking industry? 


Best insight from top research papers

Digital banking has had a significant impact on the banking industry. It has transformed how customers use financial services and pushed banks to adapt quickly to the wave of digital transformation . The Indian banking sector, in particular, has seen a move towards digitization, with all banks making significant investments in digital projects to offer better services to their customers . Digital banking has opened the door to a new range of banking services, allowing clients to carry out their financial activities conveniently . The development of digital banking applications has disrupted traditional banking operations, attracting more customers and providing personalized and commercialized banking transactions . Overall, digital banking has improved customer satisfaction, increased efficiency, and lowered costs for both banks and customers . It has also enhanced the relationship between customers and banks, leading to improved operating revenue .

Answers from top 5 papers

More filters
Papers (5)Insight
The paper states that digital banking applications have significantly disrupted the traditional banking industry by providing personalized and commercialized banking transactions.
The paper discusses the impact of e-banking services on the performance of banks before the pandemic. It shows a positive correlation between cashless payments and banks' return on assets (ROA), and highlights the restriction on banks' ability to generate revenue from assets due to increased mobile transactions. However, it does not specifically mention how digital banking has changed the banking industry.
The provided paper discusses the impact of digitalization on service marketing in the Indian banking industry. It mentions that digitalization has led to the replacement of manual processes with digital services, benefiting customers with convenience and time savings. However, the specific changes brought about by digital banking in the banking industry are not mentioned in the paper.
The paper discusses the benefits of digital banking, such as easier customer outreach and lower costs for financial institutions. However, it does not explicitly mention how digital banking has changed the banking industry.

Related Questions

How has digital transformation manifested in the banking sector?5 answersDigital transformation in the banking sector has led to significant changes in processes and customer interactions. Banks have embraced digital technologies to improve internal efficiency, add value to customers, and increase profitability. This transformation has resulted in the introduction of innovative services such as online banking, mobile banking, and easier transaction methods. The use of digital tools and processes has increased society's trust in the economy. Bank employees have improved their talents and skills in parallel with the digitalization of banking activities. The adoption of intelligent digital systems has become imperative for banks, leading to the transition to intelligent operating models of the future. Financial institutions have focused on transforming employees and investing in information technology infrastructures to meet customer needs and enhance customer experience. Overall, digital transformation has revolutionized the banking sector, enabling banks to adapt to changing customer demands and improve their operational efficiency.
What is the impact of digital innovation on banking and finance?4 answersDigital innovation has a significant impact on banking and finance. It has the potential to reshape the future of the financial sector, both in terms of public and private digital currencies. The development of new financial services and products, such as e-banking services, has been shown to positively affect bank performance. The digitalization of the financial system has led to ecosystem-wide competition in the banking industry, necessitating the need for a comprehensive framework to guide strategic decisions and organizational structures. Banks are adapting to the digitalized world by using innovative technology and collaborating with FinTech companies to enhance customer experience and increase client satisfaction. Overall, digital innovation is transforming the banking and finance sector, influencing the operations of financial institutions and the way customers interact with financial products and services.
How does digital banking affect the banking sector?4 answersDigital banking has a significant impact on the banking sector. It has been found that the development of e-banking services positively affects the performance of banks, leading to increased profitability and efficiency. However, digitalization also has negative effects, such as a potential decrease in the number of bank personnel due to the increasing number of digital services and customers using them. Digital banking services have been shown to have positive effects on the financial performance of banks, improving their overall competitiveness and expanding their service scope. Additionally, digital finance reshapes the competitive structure among banks, intensifying inter-bank involution and increasing homogeneous competition. The rollout of digital currencies, whether through the public or private sector, can significantly reshape the future of banking and financial intermediaries, triggering both benefits and risks that need to be carefully assessed and controlled.
What is the significance of digitalization in the banking industry?4 answersDigitalization has significant implications for the banking industry. It has been found that the development of digital financial services and products has a substantial impact on bank performance. Banks are investing heavily in digital projects to stay competitive and provide the best service to their customers. Digital transformation enables quick, secure, and cost-effective banking transactions, leading to higher customer satisfaction. However, there are also challenges associated with digitalization, such as the potential decrease in the number of bank personnel due to the increasing use of digital services. The emergence of digital banks and the digitization of bank operations are important trends in the industry. Overall, digitalization is reshaping the banking industry, driving innovation, and transforming the way banks operate and serve their customers.
What is the history of digitization in the banking sector?5 answersThe history of digitization in the banking sector dates back to the late 1980s when Indian banks recognized the need for digitalization to improve customer service and streamline transactions. By the 1990s, Chinese banks began implementing comprehensive technical informatization deployment. The development of new financial services and products significantly impacted bank performance, leading to a positive correlation between cashless payments and banks' return on assets (ROA). The emergence of digital banks and the importance of digitization in bank operations have been analyzed, highlighting the current state and existing problems in the transformation. The recent pandemic has accelerated the digitalization of the banking sector, with a shift towards remote service delivery and the development of neobanks that operate exclusively through online channels. Overall, digitization in the banking sector has evolved over time, driven by the need for improved customer service, technological advancements, and changing consumer preferences.
What is the meaning of digital banking?5 answersDigital banking refers to the process of conducting financial transactions digitally without visiting a physical bank branch. It involves the use of digital technology, such as computers, smartphones, and other gadgets, to perform banking activities and replace traditional paper transactions. Digital banking offers several benefits to users, including convenience, the ability to access banking services anytime and anywhere, and the development of a transparent competitive environment. It has also led to the transformation of traditional banking into technology-driven banking, increasing efficiency and positively impacting customer preferences and perceptions. Digital banking has become a tool for creating customer value and supporting the government's goal of a cashless economy. Overall, digital banking enables users to perform virtual banking functions through internet banking systems, connecting to their bank's website and accessing a range of services.

See what other people are reading

What factor impact on wildlife in Cambodia?
4 answers
The wildlife in Cambodia faces multiple threats impacting its conservation. Factors such as hunting behaviors within local communities, driven by the use of wire snares and hunting with domestic dogs, and the presence of free-roaming dogs with activity ranges overlapping native wildlife habitats, contribute significantly to biodiversity loss. Additionally, the surge in fire activity, primarily fueled by deforestation, poses a severe threat to wildlife habitats across Cambodia. Moreover, external influences like Chinese investments through the Belt and Road Initiative have led to increased land encroachment, illegal deforestation, and heightened demand for illegal wildlife products, further endangering Cambodia's unique wildlife. These combined factors underscore the urgent need for enhanced conservation efforts and effective management strategies to safeguard the diverse wildlife in Cambodia.
How does global warming affect human health and well-being, both directly and indirectly?
4 answers
Global warming, driven by climate change, significantly impacts human health and well-being directly and indirectly. Rising temperatures and deteriorating air quality exacerbate cardiovascular diseases and increase heat-related illnesses and deaths. Extreme weather events like heatwaves, floods, and wildfires lead to injuries, loss of life, and mental health issues. Vulnerable populations face heightened risks, including heatstroke, adverse pregnancy outcomes, respiratory illnesses, and infectious diseases. The Intergovernmental Panel on Climate Change stresses the urgency of limiting global temperature increases to safeguard human health, emphasizing that even a 1.5°C rise poses significant dangers. Policy solutions must consider historical environmental injustices and racism to address the health impacts of climate change equitably. Adaptation and mitigation efforts are crucial to protect health from the worsening effects of climate change.
How does geopolitics create new opportunities and threats for the multinational firms? Focus on free trade agreements.?
4 answers
Geopolitics presents both opportunities and threats for multinational firms, particularly in the realm of free trade agreements. Multinational corporations (MNCs) face uncertainty and volatility due to the changing geopolitical landscape. Understanding and assessing geopolitical risks at various levels - supranational, international, national, industry, and firm - is crucial for MNCs to gauge their exposure and make strategic decisions effectively. The reciprocal relationship between multinational firms and geopolitical systems forms a unique international system that influences and is influenced by geopolitics and international markets. Geopolitical changes impact business operations, necessitating innovative management approaches and influencing areas like public administration, finance, and law. Integrating geopolitics into business school curricula can enhance understanding of how states' strategies and the global order affect business activities, emphasizing the importance of a geopolitical perspective for sustainable value creation in business and society.
Do online marketing capabilities affect the identification of international opportunities?
5 answers
Online marketing capabilities do influence the identification of international opportunities. Specifically, the study by Yanina Rashkova et al. emphasizes the importance of communication consistency across online channels for international brands seeking recognition in different markets. Moreover, the research conducted by Felix Septianto et al. highlights how the selection of marketing channels, including online channels, impacts brand authenticity and purchase likelihood in international markets. These findings collectively suggest that leveraging online marketing capabilities can enhance the identification of international opportunities for firms, especially in the context of small and medium-sized enterprises (SMEs). Therefore, developing strong online marketing strategies can play a crucial role in facilitating the internationalization process and improving performance in global markets.
What are the psychological barriers that athletes face in utilizing sports psychology services?
4 answers
Athletes face various psychological barriers in utilizing sports psychology services. These barriers include internal factors like beliefs in self-reliance and lack of time, as well as external factors such as negative attitudes towards mental health from coaches. The sport culture emphasizing toughness and winning at all costs can create a stigma around help-seeking, leading athletes to suffer in silence. Additionally, collegiate student-athletes may perceive a lack of timeliness for appointments, inadequate advertisement, and incomprehension of counselors to athlete demands as barriers to accessing mental health resources. Implementing athlete-centered mental health resources with annual advertisements could help reduce these barriers and increase utilization of sports psychology services among athletes.
What are the positive impact of Drones in terms of Enhanced Marketing for Tourism industry?
5 answers
Drones have positively impacted the tourism industry by enhancing marketing efforts through aerial photography and videography. They provide a unique and captivating perspective of tourism destinations, intensifying emotional responses and attracting global attention. Drones are increasingly used by tourists to capture extraordinary moments and sites, enhancing their overall experience. Additionally, drones play a crucial role in promoting tourism destinations by creating visually appealing films that showcase the beauty and uniqueness of various locations. These films not only attract tourists but also contribute to the overall marketing strategy of tourism entities like congress centers, attractions, and hotels. Overall, drones have become valuable tools for marketing tourism destinations, offering innovative ways to engage and attract visitors.
What are the positive impact of Drones in terms of Improved Safety for Tourism industry?
5 answers
Drones have positively impacted safety in the tourism industry by enhancing security measures at attractions like coastal areas and national parks. They can perform monitoring and patrol missions to protect assets and tourists, improving overall safety and security. Additionally, drones equipped with safety monitoring equipment can assist tourists in scenic areas, solving problems promptly and ensuring a happy and comfortable experience for visitors. Furthermore, drones have the potential to support long-duration missions, contributing to the safety and security of tourists at various attractions. Overall, drones play a crucial role in enhancing safety measures, monitoring, and security protocols in the tourism industry, ultimately improving the overall experience for tourists.
Does joining obor cooperation promote trade between china and african countries?
5 answers
Joining the OBOR (One Belt One Road) cooperation has significantly promoted trade between China and African countries. The deepening China-Africa trade relationship since 2000 has led to substantial growth in bilateral trade, with African countries exporting consumer, intermediate, and capital goods to China while importing raw materials and natural resources. China's economic engagement with Africa, especially Sub-Saharan countries, has shown a positive impact on economic growth, with countries highly involved in trade with China experiencing higher growth rates. Additionally, China's financial engagement augmented gravity model has revealed that economic cooperation activities and outward foreign direct investment (OFDI) have significantly contributed to the growth of China's exports to and imports from Africa. Overall, OBOR cooperation has played a crucial role in enhancing trade relations between China and African countries.
How does the implementation of an industrial parameter monitoring system impact overall process efficiency and cost savings?
5 answers
The implementation of an industrial parameter monitoring system significantly impacts overall process efficiency and cost savings. By utilizing sensors to measure various parameters like temperature, gas levels, and production numbers, these systems enable real-time monitoring and management, enhancing safety and preventing accidents in hazardous environments. Incorporating IoT and wireless communication technologies like ZigBee, these systems facilitate remote monitoring, reducing human intervention, improving performance, and lowering operational costs. Moreover, the use of trend recognition algorithms in semiconductor production processes enhances data efficiency and accuracy, leading to early warning prompts for potential issues. Overall, these systems streamline operations, optimize resource utilization, and ensure uninterrupted processes, ultimately driving efficiency and cost-effectiveness in industrial settings.
Has covid-19 aided a digital transition?
5 answers
The COVID-19 pandemic has indeed accelerated digital transitions across various sectors. Involvement in research, such as Participant and Public Involvement (PPI) groups in dementia research, shifted to digital platforms due to the pandemic's disruptions. Higher education in Uzbekistan experienced a rapid digital transformation during the pandemic, emphasizing online teaching and learning adaptations. Similarly, social work in Sweden saw a sudden shift towards digitalization prompted by COVID-19, highlighting the importance of involving communities in adapting to new standards. Educational institutions globally responded by moving teaching and learning activities online, although the transformative impact of online education remains a work in progress. The pandemic's influence on digital transformation and organizations seeking competitive advantages is evident, as seen in the growing interest and interactions between COVID-19 and digital transformation.
What does an effective cultural policy look like?
5 answers
An effective cultural policy is one that recognizes the intrinsic relationship between culture and policy-making. It should encompass a wide range of policies, understanding policy as a cultural production representing certain ideological outlooks. Such a policy should address the challenges of contemporary society by promoting effective cultural practices and viewing culture as a policy and policy as culture. Additionally, in countries with a legacy of coloniality, cultural policy should focus on identity formation and address the asymmetrical relationship between the ruling 'hegemon' and the marginalized 'other' to ensure authenticity in national identity. Effective cultural policy-making involves embracing differentiated strategies, knowledges, and outcomes, adapting to centralization in creative city/industries and cultural diversity agendas while also considering marginalization in broadcasting and film policy deliberations.