REVOLUTIONIZING FINANCE: THE IMPACT OF INFORMATION TECHNOLOGY IN DIGITAL BANKING

Abstract

The expansion of India's banking sector has been crucial to the nation's economic growth. The nation's banking system has improved the economy of the nation. When examining technical advancements in the banking industry to represent and accept the entire range. Technological advancements and other developments directly contribute to economic progress. As a result of technological advancement, the banking sector has undergone various changes. Banking systems are expanding quickly in emerging nations like India as a result of the widespread use of mobile phones and internet connection. The banking sector is likewise impacted by these technological changes. Numerous banks now provide online banking options. The Indian government has changed the financial sector in a variety of ways in an effort to the cause of "Digital India." The initiative's objective is to assist India in making the transition to a "digitally empowered" economy that is "Faceless, Paperless, and Cashless." The financial services sector has gone through a number of key transformative phases during the past several years. They require and expect to be able to conduct their banking around-the-clock, from any place. Plastic money (Credit Cards, Debit Cards, and Smart Cards), internet banking (including electronic imbursement services), online savings, online trade financial records, electronic fund transmit and clearing forces, local office network, telephone banking, mobile applications, and wallet are some of the most recent goods and services that have aided in the expansion of the banking sector. The banking industry must quickly adopt digital technology if it wants to stay competitive. This change is being made to make More affordable, competitive, and accessible financial services for all Indians.

KEYWORDS: Banking, Artificial Intelligence, RBI, CRM, Digital Banking, ChatBot,