2024, Vol. 7, Issue 1

In the past 20 years, the internet, cell phones, and communication technologies have grown at an exponential rate. As a result, the digital banking industry has made significant advancements in the areas of user-friendly, effective, and quick financial transactions. Cashless transactions are made possible in large part by digital banking in the COVID-19 pandemic.

The Indian banking industry has undergone a significant transformation in the recent past years. The Indian banking industry has seen a remarkable transition, leading to the rise of digital banking. In actuality, the advent of digital banking has drastically altered human lifestyles worldwide. The majority of societal sectors have surely profited from digital banking.

Numerous changes occur in the banking sector as a result of technological advancements. After pandemic people are more aware about digital banking system and government also promote Digital India. With the knowledge of digital banking, people no longer need to go to the bank to complete a variety of tasks, such as opening bank accounts, depositing checks, making payments, and much more. As time has gone on, digital banking has emerged and is proving to be a success for the banking industry.

The idea of digital banking is widely accepted in today’s world, and it quickly gained popularity as a method of conducting business. This paper examines the idea of digital banking. The study uses secondary data as its foundation. The role, impact, benefits, drawbacks, risks & challenges of digital banking are all examined in this study. It comes with obstacles, but there are also a lot of potential to make banking digital to better serve the demands of the public. An overview of the major phases in the development of digital banking in India is also included in this article. In the financing industry, digital banking is revolutionizing way financial services are provided, accessed, and used by businesses and consumers. Digital banking has transformed the financial landscape, challenging traditional banking models by offering convenience, accessibility, and lower costs.