Revolutionizing Finance: Navigating the AXIS of Digital Banking in India

Sneh Saxena; Abhay Joshi; Jignesh Vidani

doi:10.59890/ijssi.v1i1.1499

Authors

Sneh Saxena L.J. Institute of Management Studies, LJ University
Abhay Joshi L.J. Institute of Management Studies, LJ University
Jignesh Vidani L.J. Institute of Management Studies, LJ University

DOI:

https://doi.org/10.59890/ijssi.v1i1.1499

Keywords:

Digital Banking, Digitization, Fintech, Technology, India

Abstract

Today's banking environment requires creative, robust, and secure financial services that can satisfy the needs of empowered and tech-savvy clients who want anytime, anywhere access. Digital transformation refers to the shift from conventional banking to a digital environment. It signifies a significant change in how banks and other financial organizations gather information, engage with, and assist their consumers. This article discusses the impact of digitization on Indian banking, the need of digitizing the banking system in India, and the obstacles faced in digital banking. The research relies on secondary data. The information was gathered from various sources such as academic papers, government publications, RBI bulletins, and bank websites. Digital banking has significantly decreased bank operational expenses. Banks are able to reduce costs for services and provide greater interest rates on deposits as a result. Bank profits have increased due to reduced operating expenses. The paper suggested that digital banking might greatly alter the financial inclusion environment

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