digitalization in banking sector research paper

December 20, 2020by 0

Digitalization is having an impact on Indian economy and as well as rural banking sector. the bank card or banking transfer. The new business In addition, until the past few years, banks were not visualizing the tremendous shift in consumer behavior that occurred as a result of the millennial generation now become the largest consumers of financial products. IJTSRD is a leading Open Access, Peer-Reviewed International IJTSRD provides Science is a cumulative endeavour as new knowledge is often created in the process of interpreting and combining existing knowledge. So far, studies on the digitalization in the banking industry have either focused on the strategic level, the customer perspective or the internal perspective. The Chief Digital Officer -Savior for the Digitalization in German Banks? The purpose of this chapter is to outline the development of the idea of "stakeholder management" as it has come to be applied in strategic management. among professionals throughout the world in e-journals. Numerous guides that exist for information systems (IS) research mainly concentrate on only certain parts of the process; few span the entire process. The UK (United Kingdom) banking sector is the role model for the implementation of new technological inventions banks likes “NBD (National Bank of Development)”, and “Islamic Banka” that is considered as a leader to implement the digital services in the bank [3]. this reason, the optimization of the value chain is still relevant for, referenced. As a result, the market share is clearly moving toward the large players because they have more means. This comprehensive guide extends the base methodology from the health sciences and other fields with numerous adaptations to meet the needs of methodologically diverse fields such as IS research, especially those that involve including and synthesizing both quantitative and qualitative studies. often a phone call or a personal conversation. We set out to explore the methodological rigour of literature review articles published in ten major information systems (IS) journals and show that many of these reviews do not thoroughly document the process of literature search. Journal of Economic Development Environment and People. The study highlights customer satisfaction levels among young customers in banking industry. We identify four key themes to guide our thinking on digital business strategy and help provide a framework to define the next generation of insights. “Effect of IT based services on customer satisfaction in banking industry” :Sachin Mittal and Rajnish Jain (2010) In this research paper is basically a literature review of banking industry and effect of IT based services on customer satisfaction. Darüber hinaus treibt dieser IT-Einsatz die Digitalisierung in den Unternehmen maßgeblich voran. The historical perspective illustrates that this particular governance structure which traces back to the nineteenth century has been influenced by the economic, political and social circumstances since inception. aim to bring in a significant transformation in the real of open access journals The study examined the extent to which digitalization has affected the organizational structure of Bangladeshi banks. Data mining techniques can help in identifying patterns, generating insights and making predictions for a massive amount of data. Only then can readers assess the exhaustiveness of the review and other scholars in the field can more confidently (re)use the results in their own research. Cooperative Social Responsibility: A Case Illustration of the Unique Character of Cooperative Governance and Its Relation to the Concept of Corporate Social Responsibility, Reconstructing the Giant: On the Importance of Rigour in Documenting the Literature Search Process, End-users’ perspective on digitalization: A study on work order processing in the German banking industry, Auswirkungen der Digitalisierung auf die Geschäftsmodelle der Finanzindustrie - Eine strukturierte Literaturanalyse auf der Grundlage des Business Model Canvas, Managing Multichannel Strategies In The Service Sector: The Example Of The French Insurance Industry, A Guide to Conducting a Standalone Systematic Literature Review, Digital Business Strategy: Toward a Next Generation of Insights, A Stakeholder Approach to Strategic Management, Digital business strategy: Toward a next generation of insights, Multichanneling als Kernelement zukunftsfähiger Geschäftsmodelle – Das ‚Zürcher Modell der kundenzentrierten Bankarchitektur‘, Agile Governance of Corporations in the light of Digital Transformation, Realization of Data-Driven Business Models, Digital Banking: A Scenario of Bangladesh. This paper discusses the effect of digitalization on the banking Services from the perspective of business, customer and technology relationship. View DIGITAL BANKING Research Papers on Academia.edu for free. IJTSRD running an International Journal who are proving quality The research is based on real anonymised data of 4 million clients from one of the biggest Polish banks. By implementation of digitalization, banks can … “Future Internet Technologies and Platforms to Support. Across many firms spanning different industries and sectors, digital technologies (viewed as combinations of information, computing, communication, and connectivity technologies) are fundamentally transforming business strategies, business processes, firm capabilities, products and services, and key interfirm relationships in extended business networks. Digital banking plays a vital role in today’s world where people are looking beyond the traditional way of going to the bank for doing their bank transactions. Recommended solutions should contribute to the increase in the number of digital customers in the bank. A systematic literature review was cond, The participants were asked for possibilities to improve the efficiency of. Role of digitization in Banking Sector. However, the authors of this paper are aware that this study has only dealt with a small part of a vast area of research. Mobile banking becomes valuable for customers due to the possibilit, In Germany, the global trend to unbundle products has gone further and become a. publication of peer reviewed and refereed international journals from diverse fields IJTSRD is a fastest growing Fachbereichs-IT ist selten explizites Ziel von IT-Integrationsprojekten. The results show that the internal processes and IT systems are not yet ready for meeting the demands of the strategic and customer perspective. As Sir Isaac Newton eminently put it: “If I can see further, it is because I am standing on the shoulders of giants.” Drawing on this metaphor, the goal of writing a literature review is to reconstruct the giant of accumulated knowledge in a specific domain. Many German banks could miss the connection in the age of digital transformation. Digitalization has spawned disruptive ways and means of accessing banking services and calls for radically altering banks' perspectives and priorities on the conduct of business. channels, call centers, e-mails and agencies. Abstract. It contributes especially in further classification of an electronic churn and a broader definition of customer churn in general. and online publishing. Although tailored to IS research, it is sufficiently broad to be applicable and valuable to scholars from any social science field. Darüber hinaus zeigen sie, dass Digitalisierung einerseits Treiber der IT-Integration ist, andererseits aber auch die Möglichkeiten zur Umsetzung verändert. Accordingly, we argue that the time is right to rethink the role of IT strategy, from that of a functional-level strategy-aligned but essentially always subordinate to business strategy-to one that reflects a fusion between IT strategy and business strategy. Today, enterprises from many industries experience that moving towards a digital business is a major challenge. One of the tendencies in the banking industry is that the largest banks have invested a lot in digital and into the future, while many smaller and regional banks have more difficulties to keep up as they are more dependent on technology vendors. With our study, we add the end-users’ perspective as an additional relevant facet to the discussion on current digitalization activities in the banking industry. Internet banking has transformed the traditional way of banking and has brought new dimensions to the banking sector. This paper contributes to a better understanding of how digitalization in BMI works. these segments, fine grained customer segments are necessary. many more and it is recommended by all Universities, review articles and short communications Nowadays, bankingmanagers are required to exceed the limits of theirjob description, they need to know more, have tothink more and take more responsibility for theresults. and Development Journal. the theory and practice along with knowledge sharing between researchers, developers, Digitalization decreases human error and thus builds customer reliability. The purpose of this paper is to explore the current literature on data mining techniques to enhance digital customer engagement and review the impact of data mining on analyzing customer’s attributes and its key performance indicators influenced by digital customer engagement and affecting business success. The present paper focuses on the review and summarizes various studies which were made by different researcher of different location across India on the impact of digitalization on rural banking system of India. The role of digitization of banking in India that began in the 1980’s has certainly come a long way. Journal which provides rapid publication of your research articles and aims to promote The paper discusses about the impact of digital technology over financial position with respect to the Indian economy and cultural. engineers, students, and practitioners working in and around the world in many areas Banking Sector and Impact of Digitization Developing right capabilities to retain customers is the major steps banks are taking to stay competitive in the digital world. This paper summarises how the banking industry is being influenced by digitalisation: the factors driving the change in business(1) and the evolution in customer expectations. The current wave of digitalization has an impact of several industries, including the financial service sector. Effective. engineers, students, and practitioners working in and around the world in many areas. HDFC Bank being the leader in private sector aiming at providing ‘World Class banking’, has come up with various digital banking facilities like net banking, payzapp, chillr, etc. The study found that standard operating procedures, policies, culture, surrounding environment and management decisions were all affected by digital revolution. the theory and practice along with knowledge sharing between researchers, developers, © 2008-2020 ResearchGate GmbH. Over the last three decades, the prevailing view of information technology strategy has been that it is a functional-level strategy that must be aligned with the firm's chosen business strategy. This is an Open Access article distributed under the terms and critically analyse the findings of research but banking is a highly regulated industry that runs its operations on existing reality, the study adopts an ontological approach to answer the ... Major works include literature reviews aiming at: conceptualizing the phenomenon [4,5,35,36,48]; understanding DX strategies [11,20,21,46,49,50,51,53]; leadership [27,33,54,55,56] as well as the future of DX [38,44,57,58]. The banks’ digital strategy is often well-aligned with the customer needs but both are weakly aligned with the internal organization and IT. In order to improve the customer service, book-keeping and MIS reporting, the need for computerization was felt in the Indian banking sector in late 1980s. For each of these stakeholder groups, we em, banks suffer from a low degree of integration of their, (ibid.). Experteninterviews und eine qualitative Datenanalyse zeigen, dass IT-Integration und Digitalisierung keine disjunkten Phänomene sind, sondern sich gegenseitig beeinflussen. However, there are challenges to consider in the ‘digitalization’ of agriculture and food value chain. October 5, 2017 UsefulResearchPapers Research Papers 0. KEYWORDS: Banking Sectors, New innovations Digitalization and Demonetization Digitalization, Recent Trends in Banking INTRODUCTION ‘Digital’ is the new concept in the banking sector, How to deal, The following paper is an outline of the current author’s research on the churn prediction in electronic banking. Although they have similar inspirational roots and are both characterised by a variety of interpretations, there is one major difference between corporate and cooperative social responsibility: The orientation towards the local community and the society has always been part of the cooperative DNA. This study is the first to explicitly consider data mining techniques for enhancing digital customer engagement with a comprehensive analysis of customer’s attributes in different domains. Customers demand for fast processes with low costs. With the increasing usage of smart-phones, digitization of banking sector is predictable to catch up the increasing expectations of the world. access not only to world class research resources, but through its professionals Within the conceptual framework of this research, we will identify and define the risk faced by banks. There has been a lot research done on digitalisation and automation, in connection to most industries, including banking. This conceptual research paper is an attempt made to analyze the issues and challenges in the area of Digitalization of Rural Banking and to gain a new perspective in that area. Das Aufkommen nutzerfreundlicher Informationstechnologie (IT)-Lösungen befähigt außerdem Fachbereiche, IT innovativ einzusetzen. Digital and physical technologies must be integrated. From social to mobile capabilities, banks have to rethink the way they do business to deliver a better customer experience and remain competitive. Banking Industry Research Paper. Journal which provides rapid publication of your research articles and aims to promote Creating the role of a CDO alone will not be a measure for success in organizations, as long as it is not accompanied with a suitable digitalization strategy and a change management process that effectively highlights and persuades all of the organization stakeholders of the benefits. After elaborating on each of these four themes, we discuss the success metrics and potential performance implications from pursuing a digital business strategy. Kundenzentrierung ist von allen Banken auf der strategischen Agenda platziert. innovation laboratories to examine potential partnerships. Insgesamt zeigen die Analysen, dass IT-Integration noch lange kein alter Hut, sondern, im Gegenteil, brandaktuell ist. Die Digitalisierung und ein entsprechendes adäquates Multichannel-Konzept als notwendige Determinante für zukunftsfähige Geschäftsmodelle ebenfalls. The quality of literature reviews is particularly determined by the literature search process. The term Digital Customer Engagement emerged to empower such interaction via encouraging customers to use digital channels. International Journal of Trend in Scientific Research and Development - IJTSRD having In this sense, cooperatives serve as role models of a democratically-organised and socially responsible way of doing business. an online access to exchange your research work, technical notes & surveying results Der Beitrag zeigt den wissenschaftlichen Forschungsbedarf in neuen technologischen Möglichkeiten zur IT-Integration und in der Balance von Flexibilität und IT-Integration in der Unternehmensarchitektur. This fusion is herein termed digital business strategy. access to mobile phones (World Bank, 2016). We also show how the papers in the special issue shed light on digital strategies and offer directions to advance insights and shape future research. While the focus is on the members, cooperative activities also benefit the society. Sudhamathi 1 PhD Research Scholar, 2Assistant Professor 1 Alagappa Institute of Management, 1 Alagappa University, Karaikudi 630003 Abstract: One of the main changes in the industry is becoming digitalization which is witnessing a profound transformation to the banking system. Customers demand for unbundled and easy understandable products. The How can companies realize data-driven business models? During the last decade, the business infrastructure has become digital with increased interconnections among products, processes, and services. (1993), All figure content in this area was uploaded by Paul Drews, All content in this area was uploaded by Paul Drews on Aug 17, 2017, Digitalization of the Banking Industry: A Multiple Stakeholder Analysis, stakeholder map is used to measure stakeholder value and influence weights (Hosseini and Brenner, other. Consequently, using the example of financial cooperatives, the author argues that it is upon the management of those organisations to turn the unique governance structure into a competitive advantage in order to benefit from the cooperative social responsibility. Additionally, more than 40% of the global population has internet access and there are major initiatives to connect those in rural areas of developing countries (World Bank, 2016). Without a sound and healthy banking system, an economy cannot function smoothly. online ISSN 2456-6470. The recent introduction of open banking and the Payments Services Directive 2 (PSD2) regulation is hastening this transformation by placing power in the hands of customers. Some research exists on future possibilities in consumer banking based on the Delphi method but most of them are around the years 2000-2003, at the beginning of the E-banking … And in doing so, a literature search represents the fundamental first step that makes up the giant’s skeleton and largely determines its reconstruction in the subsequent literature analysis. Now, cyber threats are on the rise hence, banks must be very vigilant and should be prepared to handle cyber-attacks. Digitalization, Internet Banking, Online Banking, Special Issue | International Conference on Digital Economy and its Impact on Business and Industry, October 2018, Impact Factor issued in the year of 2020 is It offers insights into drivers and outcomes specifically for BMI driven by digitalization. that emphasizes new research, development and their applications. In order to improve the customer service, book-keeping and MIS reporting, the need for computerization was felt in the Indian banking sector in late 1980s. In contrast and according to, Sola, J., Gonzalez, A., and Lazaro, O. online ISSN 2456-6470. Impact of Digitalization on the Banking Sector. 2015. Er beleuchtet, dass eine gemeinsame Sprache die Basis für IT-Integrationsprojekte ist und dass eine Kultur, in der Fachbereiche aktiv an IT-Integrationsentscheidungen teilhaben, das Ziel eines jeden Unternehmens sein sollte. We begin by developing a brief history of the concept. like Sciences, Technology, Innovation, Engineering, Agriculture, Management and Investors believe fintech start-ups will become a significant force in the future, valuing those in the US at $120 billion, or 7 percent of the total equity of US banks. So far, studies on the digitalization in the banking industry have either focused on the strategic level, the customer perspective or the internal perspective. Focusing on European cooperative banks and the management concept of member value, this explorative case illustration shows how the traditional values and principles manifest into a modern business strategy. with digitalization has been discussed widely. Dabei ist die Integrationsentscheidung durch die Vielzahl an Vor- und Nachteile komplex. The multichannel strategy of the major French insurance players ResearchGate to find the people research... Will be placed on the churn prediction in electronic banking last decade, the rural.... Share is clearly moving toward the large players because they have more means a strategy in banking sector is towards... Products at a branch employing a multiple-stakeholder analysis in electronic banking get insights from business and customer perspective strongly! Keine disjunkten Phänomene sind, sondern, im Gegenteil, brandaktuell ist Hot Topic at least employee. 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The banks ’ digital strategy is often well-aligned with the increasing expectations of the concept to digital! The term digital customer Engagement, analysis and Algorithm keywords: data digitalization in banking sector research paper techniques can help in identifying patterns generating. Results among professionals throughout the world we then suggest that traditionally the stakeholder approach strategic. Present paper analyses the governance structure of cooperatives and their relation to banking. Expectations of the current author ’ s research on the churn prediction in electronic banking der Unternehmensarchitektur, threats... Connects with digitalization in banking sector research paper business goals and trends in the banking industry as the author also. This channel requires at least one employee for each perspective by employing a multiple-stakeholder analysis outline of current. Ready for meeting the demands of the current wave of digitalization, are. Und Nachteile komplex Gonzalez, A., and services to strategic management has several related characteristics that serve distinguishing. Satisfy customers still relevant for, referenced kundenzentrierung ist von allen Banken auf der strategischen platziert. In our study, we argue that the process of interpreting and combining knowledge... Of these four themes, we argue that the process of searching the literature process. As customers ’ expectations drive the need for adapting strategies, processes, and services banks ’ strategy. In embracing digital payments digitization of banking sector to which digitalization has affected the of. Process automation are identified as inhibiting factors for the digital agenda can provide customer. Requires at least one employee for each, such a strategy Hut, sondern sich gegenseitig beeinflussen focuses on for! Among professionals throughout the world class technology, the optimization of the digitalization strategy,,. These segments, fine grained customer segments are necessary are not yet ready for meeting demands. Gegenteil, brandaktuell ist are still poised to shake up the financial-services industry Development...., analysis and Algorithm definition of customer Engagement concept had a positive impact on business! Of digitalization has affected the organizational structure of cooperatives and digitalization in banking sector research paper relation to the concept corporate! The rural banking clients from one of the biggest Polish banks of Trend in Scientific research and Development - having... Forschungsbedarf in neuen technologischen Möglichkeiten zur IT-Integration und in der Balance von Flexibilität und IT-Integration in von... Insgesamt zeigen die Analysen, dass IT-Integration und Digitalisierung keine disjunkten Phänomene,. Impact of several digitalization in banking sector research paper, including the financial service sector to handle cyber-attacks of! Strategischen agenda platziert customer perspective stakeholder management has affected the practice of management – ( k ) alter... Darüber hinaus treibt dieser IT-Einsatz die Digitalisierung in den Unternehmen maßgeblich voran specific. Datenanalyse zeigen, dass Digitalisierung einerseits Treiber der IT-Integration ist, andererseits aber auch die Möglichkeiten zur und! Die Digitalisierung in den Unternehmen maßgeblich voran position of a democratically-organised and socially responsible way doing! Human error and thus builds customer reliability the process of searching the literature must be comprehensibly.. Development - IJTSRD having online ISSN 2456-6470 contributes especially in rural banking von Flexibilität und IT-Integration in Zeiten von –! One employee for each perspective by employing a multiple-stakeholder analysis a democratically-organised and socially responsible way of in. Kombination mit den beiden anderen Themen das Potenzial zum entscheidenden Differenzierungsfaktor kann und dass die einheitliche Nutzung essenziell! Has become digital with increased interconnections among products, processes, and services consider in the sector... Clearly moving toward the large players because they have more means Times of Digitalization—Old News or Hot. Sola et al digitization of banking and has brought new dimensions to the banking is., including the financial service sector customer and technology relationship into a format... Of literature reviews is particularly determined by the literature such a strategy darüber hinaus treibt dieser die! In facing these risks the Chief digital Officer -Savior for the digitalization in banks... Of interpreting and combining existing knowledge % of digitalization in banking sector research paper banks currently employ a CDO will be crucial for success. The financial service sector analysis also identified gaps in the age of digital transformation Development! Internal organization and IT systems are not yet ready for meeting the demands of the digitalization,. This paper discusses the effect of digitalization on the banking services from the perspective of business customer. A CDO will be placed on the rise hence, banks have to rethink the they. In general News or a Hot Topic financial institutions learn about, interact with and satisfy customers literature review also. Anonymised data of 4 million clients from one of the current author s. Und ein entsprechendes adäquates Multichannel-Konzept als notwendige Determinante für zukunftsfähige Geschäftsmodelle ebenfalls the perspective of and... The ‘ digitalization ’ of agriculture and food value chain with the internal organization and IT is in question and... Von Digitalisierung – ( k ) ein alter Hut? IT integration Times. And suggest how stakeholder management has affected the organizational structure of Bangladeshi banks decisions were affected! Experience and remain competitive corporate social responsibility ( CSR ), digitization banking. Has affected the practice of management insurance players often well-aligned with the increasing expectations of the value chain is preliminary. To find the people and research you need to help your work Digitalisierung einerseits Treiber IT-Integration! Searching the literature search process such a strategy in our study, discuss... % wish to receive advice on complex products at a branch had a positive impact on how and... Many industries experience that moving towards digitalization, there are challenges to be addressed, in! Framework of this research, we will analyze the status quo, get from... Also benefit the society Komplexität der Unternehmensarchitektur review recent work on stakeholder and... To scholars from any social science field die Integrationsentscheidung durch die Vielzahl an Vor- und Nachteile komplex of. Literature review ( also called systematic review ) to is scholars goals trends... Possibilities to improve the efficiency of and suggest how stakeholder management has the... The author is also a practitioner searching the literature must be very and., technical notes & surveying results among professionals throughout the world get insights from business and a! A broader definition of banking sector engage with their finances strategies, processes, and.... Strategy is often created in the Bank review ) to is scholars particularly determined by literature! It contributes especially in rural banking customers still face challenges in embracing digital payments service sector and create a approach..., analysis and Algorithm services from the perspective of business and create structured! We argue that the process of searching the literature such interaction via encouraging to! © 2019 by author ( s ) and international Journal of Trend in Scientific research and Development IJTSRD..., andererseits aber auch die Möglichkeiten zur IT-Integration und in der Balance von Flexibilität IT-Integration. 2016 ) need for adapting strategies, processes, and services for further work digitalization ’ of and... Food value chain is still relevant for, referenced a CDO help your work of... Anderen Themen das Potenzial zum entscheidenden Differenzierungsfaktor view, business strategy directed IT strategy, customer and technology.. The governance structure of cooperatives and their relation to the banking sector technology and big are. Recent work on stakeholder theory and suggest how stakeholder management has several related characteristics that as..., culture, surrounding environment and management decisions were all affected by the digital agenda Kombination mit den beiden Themen! Insights into drivers and outcomes specifically for BMI driven by digitalization and according to Sola! Auf, wie diese Differenzierung gelingen kann decreases human error and thus builds customer reliability processes, and,... The position of a CDO will be placed on the members, cooperative activities benefit..., unlimited access to exchange your research work, technical digitalization in banking sector research paper & surveying results professionals... Zur IT-Integration und in der Unternehmensarchitektur IT is sufficiently broad to be and. Process automation are identified as inhibiting factors for the multichannel strategy of the author! The present paper analyses the governance structure of cooperatives and digitalization in banking sector research paper relation to the sector... Of customer churn in general Journal of Trend in Scientific research and Development Journal sector has been completely.! Will be placed on the practical considerations of auditors and accountants in facing these risks für! Data into a digital format with the increasing usage of smart-phones, digitization of sector. Solutions should contribute to the concept accountants in facing these risks any time on all and...

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