Navigating the Digital Transformation in the Banking Sector

Abstract

The COVID-19 outbreak has transformed the banking industry. Apart from adapting to the changing needs including social distancing, and remote working, banks are now envisioning the operational changes that will be needed to drive the banks to achieve goals and target post-COVID-19. Due to the pandemic digital transformation is shaping the entire financial industry including banks. In the years to come banks will need to become purpose-driven and create digital ecosystems in order to fulfil the requirement of the customers. The advent of artificial intelligence, robotic process automation, and cloud computing is paving a new path by Leveraging financial ecosystems and driving mass personalization.
The paper focuses on the progression of digitalization within the banking industry and examines the obstacles encountered during its implementation. The researcher utilized secondary data, encompassing a literature review, published sources, materials from websites, articles sourced from journals and books, newspapers, blogs, as well as podcasts. Results reveal that banks are transforming and adapting to digitalization. Despite the challenges, the banks are successfully paving their way in adopting digitalisation, implementing Artificial Intelligence, Robotic, machine learning and new-age technology to achieve success.