Assessing The Impact On Digital Transformation With Special Reference To Banking Sector

Abstract

The need for digital transformation arises from the increasing expectations of customers for seamless and convenient banking experiences. In an era where technology is reshaping every industry, the banking sector must embrace digitalization to stay competitive and relevant. The importance of digital transformation in banking lies in its ability to enhance operational efficiency, reduce costs, and streamline processes. Automated transactions, online banking, and digital payment solutions not only make banking services more accessible but also significantly improve the speed and accuracy of financial transactions. This study agenda may serve as a valuable tool for researchers and practitioners to traverse and investigate the intricate terrain of digital transformation across different industries and settings. The current corporate environment is being shaped by the tightly interwoven forces of digital transformation and artificial intelligence (AI). Digital transformation is the complete incorporation of digital technology into every facet of an organization, including its operations, procedures, and consumer interactions. AI, in contrast, denotes the use of sophisticated algorithms and machine learning to scrutinize data, formulate predictions, and mechanize activities.