Journal Press India^®

Author Details ( * ) denotes Corresponding author

Banking as we know it will appear quite different in the future because of evolutionary processes. As far as the future of banking is concerned, "Digital" is a given. Many aspects of our daily lives have been affected by the COVID-19 epidemic - from how we buy to how we travel to how we bank - and this has led to an overall change in consumer behaviour. Customers' needs and expectations are constantly changing as a consequence of the epidemic, which has altered the social and economic environment drastically. Consumers have become more discerning when it comes to digital interactions. The epidemic has only increased the need for fast access to financial goods, services, and information. Given that internet channels are currently used by the majority of consumers with easily, personalization and customization supplied through digital services may now affect conventional "customer loyalty" for physical proximity of branch. The 'Ease of purchase and convenience,' 'Safety and security,' and the 'Guest experience’, and customization' are some of the primary purchase reasons. A fresh wave of expanding neo banks has overwhelmed the market around the world. Neo is a new kind of bank, Traditional banks are not like this, have higher agility since they don't have to deal with old technologies, allowing them to provide the personalized experience and seamless contact that a generation that expects a smart digital experience craves. Customers still rely on traditional banking channels for main banking because neo banks have not yet established themselves as a primary banking service. Traditional banks, on the other hand, businesses will need to increase their offerings and services to keep up with changing customer preferences, which may be done by turning "Digital." Security and cost-cutting are key motivators for most traditional institutions to adopt digital. With the growing number of specialized banks and FinTech’s, the fight for new consumers and customer retention has never been stronger. Traditional banks have an edge over specialized banks and FinTech’s in that they can provide a full range of products and services. To stay on top of the market, they simply in this ever-evolving environment, companies must adopt a customer-first approach.

Keywords

Digital, Banking, e-banking, SupersApps, Payment technologies

1. Hutheesing N, (2021, May,27), What the future holds for India’s banking sector, Reterived, from https://www.dqindia.com/future-holds-indias-banking-sector.
2. Doshi S,(2021,feb,15), Emerging Payment Technologies, Reterived, From https://economictimes.indiatimes.com/industry/banking/finance/banking/future- ofbanking-is-a-digital-businessmodel/articleshow/80923490.cms.
3. Dasho, A., Meka, E., Sharko, G., & Baholli, I. (2016). Digital banking the wave of the future. Proceedings of ISTI 2016, 1, 1-6.