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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 TS IMPACT ON BUSINESS AND INDUSTRYINDUSTRY

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

Digitalization Digitalization in Banking Sector

MrsMrs. Bhagyashree N. Deshpande
Assistant ProfessorAssistant Professor, Management Department (Commerce)
Tilak Maharashtra Vidyapeeth, PuneTilak Maharashtra Vidyapeeth, Pune, Maharashtra, India

ABSTRACT
The role of digitalization in the banking sector has banking sector has financial services provided by the banks. The paper d by the banks. The paper
discusses about the impact of digital technology over iscusses about the impact of digital technology over
altered customer’s preferences and demandsaltered customer’s preferences and demands. d
f financial position with respect to the Indian economy inancial position with respect to the Indian economy
The main purpose of the study is to know the impact The main purpose of the study is to know the impact and cultural.
of digitations in context to e-banking services. banking services.
Traditionally the relationship between the bank and its Traditionally the relationship between the bank and its KEYWORDS: Banking Sectors, New innovationsBanking Sectors, New innovations,
Digitalization and Demonetizationigitalization and Demonetization, Challenge to
customers has been on a one-to-one processprocess. D
Digitalization, Recent Trends in BankingRecent Trends in Banking
The government of India has been curiously taking The government of India has been curiously taking
various steps to bring to technological advancements various steps to bring to technological advancements INTRODUCTION
in the banking sector in India. Introduction of debit in the banking sector in India. Introduction of debit ‘Digital’ is the new concept in the banking sector, ‘Digital’ is the new concept in the banking sector,
cards, credit cards, NEFT, RTGS, Jan Dhanyojana, cards, credit cards, NEFT, RTGS, Jan Dhanyojana, with banks all around the world is shifting towards with banks all around the world is shifting towards
White label ATMs, mobile banking, internWhite label ATMs, mobile banking, internet banking digitalization. Banks of all sized and across all regions digitalization. Banks of all sized and across all regions
and many other major initiatives to enhance banking and many other major initiatives to enhance banking are making huge investments in digital initiatives inare making huge investments in digital initiatives in
in India have great responses from the consumer’s in India have great responses from the consumer’s order to maintain a competitive edge and deliver the order to maintain a competitive edge and deliver the
end. m
maximum to its customers. Digitalization leads to data aximum to its customers. Digitalization leads to data
a
analytics and intelligence, which helps banks comes nalytics and intelligence, which helps banks comes
These These diversified diversified digital digital products products help help the the get closer to customers.
organizations (service providers) to improve their firm organizations (service providers) to improve their firm
performance and to remain competitive in the market. The financial development in Indian banking industry The financial development in Indian banking industry
They also assist in increasing market share to grow They also assist in increasing market share to grow occurred after the nationalization of 14 major he nationalization of 14 major
their profitability and improve financial position and their profitability and improve financial position and scheduled banks in July, 1969 and 6 in April, 1980. In scheduled banks in July, 1969 and 6 in April, 1980. In
t
performance. the 1990s, The future of Indian Bank looks exciting he 1990s, The future of Indian Bank looks exciting
but also transformative. India's banking sector could ut also transformative. India's banking sector could
b
They all observe that despite rapid technological They all observe that despite rapid technological become the fifth largest banking sector in the world become the fifth largest banking sector in the world
advancement in DFS during the last ten years, Digital advancement in DFS during the last ten years, Digital by 2020 and the third largest by 2025. Indian banks the third largest by 2025. Indian banks
Financial Services the factor affecting firm’s Services the factor affecting firm’s used technology based solutions to raise revenue used technology based solutions to raise revenue
performance didn’t get the reasonable attention in performance didn’t get the reasonable attention in generation, increasing customer experience, optimize generation, increasing customer experience, optimize
c
academic literature and profitability. cost structure and manage organization risk. However, ost structure and manage organization risk. However,
t there is a wide change in the technology here is a wide change in the technology
Evolving new technologies like app banking, mobile Evolving new technologies like app banking, mobile applicapability and capability across different banking d capability across different banking
wallets etc. more people are accessing and usingwallets etc. more people are accessing and using industry.

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