Revisiting digital transformation of banking sector in India
A digital transformation is the up-gradation of existing processes or introduction of new ways of carrying out business activities using digital technologies that enhance a customer’s experience and leads to higher conversion rates for a banking company. Digitization in banking industry basically refers to the different services rendered by the bank being available online. The quickness that banks in India have displayed during the past couple of decades demonstrates that they will continue to evolve. The Indian banking sector will continue to grow, and digitization will continue. This paper advocates journey of digital banking and its growth prospects in India. Banking will be an important aspect of economic growth. The future of banking technology is e-banking or digital banking.