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International Journal of Trend in International Journal of Trend in Scientific Research and Development (IJTSRD)Research and Development (IJTSRD)
International Open Access JournalInternational Open Access Journal | www.ijtsrd.comwww.ijtsrd.com

ISSN No: 2456 ISSN No: 2456 - 6470 | Conference Issue – ICDEBIICDEBI-2018

INTERNATIONAL CONINTERNATIONAL CONFERENCE ON DIGITAL ECONOMY AND FERENCE ON DIGITAL ECONOMY AND

ITS IMPACT ON BUSINESS AND INDUSTRYTS IMPACT ON BUSINESS AND INDUSTRYTS IMPACT ON BUSINESS AND INDUSTRY

Organised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, Sangli

Digital Transformation iDigital Transformation in Financial Servicesn Financial Services and

Challenges aChallenges and Opportunities

Dr. Anand Patil
Associate Professor, Associate Professor, School of Business Studies and Social SciencesSchool of Business Studies and Social Sciences,
CHRIST (Deemed to be University), BGR Campus, Hulimavu, CHRIST (Deemed to be University), BGR Campus, Hulimavu, HRIST (Deemed to be University), BGR Campus, Hulimavu,
C
Bangalore, Karnataka, India

ABSTRACT KEYWORD: A Customers, ustomers,
Acceptability, cceptability,
C
The economic development of any country depends The economic development of any country depends Digitalization, Innovations and Services,Digitalization, Innovations and Services,
on the well structured and innovative financial system on the well structured and innovative financial system
of the country. Innovation is the need of the hour in of the country. Innovation is the need of the hour in INTRODUCTION
any segment. The word is continuously experiencing any segment. The word is continuously experiencing The financial services are at the transmission phase. The financial services are at the transmission phase.
unbelievable innovations in all the areas. Finanunbelievable innovations in all the areas. Finance The financial service sector has undergone drastic The financial service sector has undergone drastic
which is said to be integral part of all the sectors has which is said to be integral part of all the sectors has changes due to the transmission phase. Digitalization changes due to the transmission phase. Digitalization
witnessed rapid technological innovations. India witnessed rapid technological innovations. India has brought new concepts, business models new areas has brought new concepts, business models new areas
which stands in the list of top developing countries is which stands in the list of top developing countries is of focus in the financial service sector. Thof focus in the financial service sector. The
presently under the deeper shadow of digitalization. presently under the deeper shadow of digitalization. implementation of new develops arising out of mplementation of new develops arising out of
i
d
digitalization demands the acceptability by all who igitalization demands the acceptability by all who
The digitalization in the financial services is not a services is not a are involved in the financial services sector. Therefore are involved in the financial services sector. Therefore
new development but the application is widened with new development but the application is widened with everyone who is a part of the process needs to adjust everyone who is a part of the process needs to adjust
the new developments in the Fin-tech services. The tech services. The their own operations to fit the needs of digitheir own operations to fit the needs of digitalization.
Adhar linkage and e KYC have simplified the life of Adhar linkage and e KYC have simplified the life of The key to survival in this sector is depends on the The key to survival in this sector is depends on the
the Indians. The digitalization has brought the Indians. The digitalization has brought ability to adapt and adjust with the digitalized ability to adapt and adjust with the digitalized
satisfaction in the minds of the people about the real le about the real developments.
time transactions because of tools like Immediate time transactions because of tools like Immediate
Payment Services (IMPS). Digitalization or digital Payment Services (IMPS). Digitalization or digital Digitalization:
transformation in financial services refers to the transformation in financial services refers to the Digitalization is a recent trend which began during Digitalization is a recent trend which began during
process of adopting cloud, social media social process of adopting cloud, social media social 1980s when home computers were introduced to in 1980s when home computers were introduced to in
Medias, mobiles, big data for ease and efficient based efficient based the consumer markets which opened new channels for er markets which opened new channels for
results in the financial services. c
consumers to become more communal and aware of onsumers to become more communal and aware of
before. efore.
c d issues ssues t than han e b
democratic emocratic
i
ever ver
civil ivil
The different financial services providers in India The different financial services providers in India Digitalization is an opportunity for companies and Digitalization is an opportunity for companies and
have stared adopting new technology in order to meet have stared adopting new technology in order to meet organizations to improve their business activities.organizations to improve their business activities.
the fast growing needs of the customers The digital the fast growing needs of the customers The digital Digitalization can be defined as the use of digital efined as the use of digital
transformation in the financial services in ttransformation in the financial services in the country technologies in order to create new business models technologies in order to create new business models
by the different players has provided opportunities by the different players has provided opportunities and to provide new revenue and valueand to provide new revenue and value-producing
and created challenges .This paper makes an attempt and created challenges .This paper makes an attempt opportunities. It is the process of moving into a digital opportunities. It is the process of moving into a digital
to address those opportunities and challenges in the to address those opportunities and challenges in the business and the integration of digital technologies business and the integration of digital technologies
financial services caused by digitalization.financial services caused by digitalization. into everyday life. (Gartner 2016, cited 28.11.2016.)e. (Gartner 2016, cited 28.11.2016.)

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