IJFANS International Journal of Food and Nutritional Sciences

ISSN PRINT 2319 1775 Online 2320-7876

THE INFLUENCE OF DIGITAL BANKING ON TRADITIONAL BANKING SERVICES

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Mr. Sunny Masand, Mr. Ashok Prem, Mr. Shailendra Singh Barath, Mr. Sandeep Saxena,

Abstract

This study aims to examine the Impact of Digital Banking on Traditional Banking Services. Banks play a pivotal role in the financial system by accepting deposits, extending loans, and facilitating transactions. Banking has undergone notable evolution with technological advancements, leading to the emergence of digital and mobile banking. Additionally, banks contribute significantly to the economy by fostering growth through lending to both businesses and individuals. The banking sector is subject to strict regulation and government oversight to ensure stability and consumer protection. Traditional banking, characterized by physical bank branches, has been a cornerstone of the banking model for centuries and has adapted over time to meet changing needs. It encompasses services such as deposit-taking, lending, credit card issuance, and payment facilitation. Banks offer various financial products like checking and savings accounts, mortgages, personal loans, and business financing to support economic progress. Digital banking, on the other hand, involves delivering banking services through online and mobile platforms, revolutionizing customer access and interaction. It provides a plethora of services, including account management, bill payments, transfers, loans, and investments, accessible through digital channels. This study relies on secondary sources like articles, journals, books, websites, and research papers for data collection.

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