Perspectives on Business Management,
Economics & Information Technology (PBMEIT)
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PBME Volume V ISBN: 978-81-951151-3-6
Author(s): DR. KIRAN VAZIRANI 
& DR. RAMEESHA KALRA
Abstract
Financial services are the lifeline of an economy as it encourages both savings and investment. A strong and mature financial system promotes high levels of investment as well as growth of a productive economy. In India, the financial system comprises of financial instruments, institutions, services and markets. Banking sector constitutes the most important segment of financial services as it accounts for around 80 percent of the funds flowing through the financial sector. The role of banking has changed drastically and positively over the last decade with technology permeating in every walk of services offered by the banks. Instead of offering ‘conventional banking’ services, banks have now started offering ‘convenient banking’ services to its customers. As new technologies have emerged and customers’ expectations have increased, banks have adapted and innovated themselves in order to survive in the rough competitive environment.
In this paper, we the explored drivers, objectives, success factors, and implications of digital transformation in the Indian Banking industry. Also, the present study is an attempt to understand how technology is altering the ways that the banking industry works with a special emphasis on the technological innovations that happened in the last 5 years. This investigation is conducted through a systematic literature review. The article will also include the discussion on the trends in the implementation of innovations in the banking sector along with the challenges and the way ahead.
Keywords: Financial sector, Banking sector, Digitalization transformation, Technological Innovations, Mobile and Online applications
JEL Classification: G21, G20, Q55
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