ROLE AND IMPORTANCE OF DIGITALIZATION IN BANKS: AN INDIAN PRESPECTIVE

Abstract

Financial institutions are seeking to increase their knowledge in relation to technological innovation, both through partnerships with tech companies and by investing in or acquiring such companies. Despite this, there are wide differences in the preparedness of market participants for these changes in practice. While such innovation facilitates the entrance of new users to the financial system, it may also move the provision of some payment services to non-banking companies that are not regulated as financial entities.