Strategic Adaptation Through Digital Transformation in The Banking Sector

Ankita Sanjay Sawant; Vinay Dashrath Jadhav

Abstract

This research aims to comprehend how the banking industry has changed from a traditional banking environment to a digital one. As with many other businesses, digitalization is causing a major upheaval in the banking sector. Digital banking, blockchain, mobile banking, and artificial intelligence (AI) are examples of cutting-edge technologies that have changed the way financial services are provided. In addition to changing the way services were provided, the advent of digital channels like online and mobile banking also changed how clients interacted with their financial institutions. Financial institutions are forced to make strategic adjustments as client expectations continue to shift toward digital-first experiences and technology advancements continue to upend established business models. This study looks at the tactics used by banks to deal with digital transformation, emphasizing how these changes have affected customer relations, banking services, and operational effectiveness. The paper also emphasizes how difficult it is for banks to put digital transformation into practice and how organizational culture and leadership play a part in bringing about change.