Technological Transformation and Digitalization in Public Sector Banks

Abstract

With the development of information technology, banking system has undergone a huge change. Technology has given new dimensions to the banking system. With the help of card and telephone access, banking can be done anytime, anywhere through 24-hour ATM, credit card, debit card access. Digital has made digital lending very easy and simple for both bank and customer, able to develop other loans like technology product service, which will enable bank to get strategic advantage. The main objective of this research is to review the impact of technology on public sector banks in India. For the study, the researcher has collected secondary data from various sources such as articles and websites. The study reveals that adoption of technology by public sector banks brings both benefits and challenges. Cost-effective, seamless banking, new products and services, data barring houses, a sustainable banking are some of the benefits accruing from adoption of technology by public sector banks. Cyber-crime, customer feedback, choice of technology, data integration and fraud are some of the challenges faced by public sector banks in adopting technology.