2025, Vol. 6, Issue 2, Part K
The rise of digital banking how technology is revolutionizing financial services
Author(s): Naveen Prasadula and B Subbaiah
Abstract: Digital banking has come a long way since its early days, and this abstract explores that journey, examining how technology is reshaping the financial services industry, what innovations have played key roles in this transition, as well as the opportunities and threats that remain ahead. One of the biggest drivers of the move to online banking has been the proliferation of smartphones and internet-connected devices. Mobile devices quickly gained popularity as bank apps made it possible to access money from anywhere at any time. Especially in places where actual bank offices are few and far between, the feature to conduct banking operations on cellphones has proved a game changer. Together with mobile and internet banking, fintech (financial technology) companies have significantly transformed digital banking. These companies have challenged the traditional banking model and empowered their customers and people by offering new and innovative solutions, from robo-advisors . AI chatbots have simplified customer support services, automating repetitive tasks and providing instant responses to queries. The expansion of people's ability to use financial services is a major effect of digital banking. The unbanked in developing countries and rural regions may now have access to financial services via digital platforms. Digital banking eliminates brick-and-mortar branches and reduces the costs of traditional banking, as a result, more people can open accounts, save money, and participate in the formal economy. This could lead to greater access to financial services for more people, and it could reduce the wealth gap in some regions if it takes hold. The development of blockchain technology has been a major factor in the expansion of internet banking.
DOI: 10.22271/27084515.2025.v6.i2k.821
Pages: 986-991 | Views: 17 | Downloads: 6
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How to cite this article:
Naveen Prasadula, B Subbaiah. The rise of digital banking how technology is revolutionizing financial services. Asian J Manage Commerce 2025;6(2):986-991. DOI: 10.22271/27084515.2025.v6.i2k.821
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