Revamping Economic Parameters in an Innovative Digital World in 21st Century: An Interventive Study on Banking Practices

Abstract

Banking sector is an important subset of any economy and plays a very crucial and significant part in its growth and development. The expansion and credibility of banking sector is attributed to the fact that it caters to the financial needs and accordingly provides customised solutions for the people at large. The new millennium has witnessed metamorphosis in the banking sector. The pace and trend of transformation is all set to accelerate in the coming decade. The process of Liberalisation, Privatisation and Globalisation Model (LPG Model) banking practices which being unleashed a few decades back will reach to greater heights as we step into the next decade. The innovative technology has brought about a paradigm shift in all aspects of banking like routine operations, transactions, products and processes, delivery of services in terms of various e-channels, credit administration and credit management, audit and compliance and Fin-Techs partnership. Digital transformations in the banking sector have received much needed thrust because of ‘The Digital India Moment’. The current study attempts to highlight the role of technology in banking and how technology-led innovations and initiatives will determine the business of banking as a whole. The significance of these technology-driven innovations and transformations is that they put both banker and customer in a win-win situation as drawn from existing literature related to financial institutions. The focus is on investigating the digital innovations adopted by the different banks both public and private to understand the economic structural changes resulted out of it.

Citation

Patnaik, R. and Baral, S.K. (2024), "Revamping Economic Parameters in an Innovative Digital World in 21st Century: An Interventive Study on Banking Practices", Goel, R., Singh, T., Rahman, M.M., Islam, Q.T. and Baral, S.K. (Ed.) Understanding the Multi-Dimensional Nature of Poverty (Emerald Studies in Sustainable Approaches to Poverty Alleviation), Emerald Publishing Limited, Leeds, pp. 213-225. https://doi.org/10.1108/978-1-83753-292-620241011