Impact of Digitalization on Public and Private Banking Sectors of India
Year: 2024
Type: article
Abstract: The impact of digitalization on the public and private banking sectors of India has been transformed. The digital revolution, accelerated by advancements in technology and government initiatives, has redefined banking practices and services across the country. In the public banking sector, digitalization has played a crucial role in enhancing accessibility and convenience for a vast and diverse customer base. Initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the implementation of Aadhaar-linked banking have significantly increased the penetration of banking services into rural and underserved areas. Digital platforms have enabled public banks to streamline operations, reduce costs, and offer a wider range of services, including online account management, digital payments, and mobile banking. This shift has not only improved operational efficiency but also enhanced customer satisfaction by providing seamless and efficient banking experiences. The private banking sector, with its more agile structure, has rapidly adopted digital innovations to stay competitive and meet evolving customer expectations. Private banks have leveraged technologies such as artificial intelligence, machine learning, blockchain, and big data analytics to offer personalized banking services, improve risk management, and enhance security.
Source: Biophilia Insights
Author: Sanjay Kumar Sinha
Language: English
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4409143906