The evolution of technology and the transformation of the banking sector under the influence of digital trends

Banks have been using technology for decades to improve their operations. However, the pace of digital transformation has accelerated in recent years.The impact of digital transformation on the banking sector is very significant. Traditional banks must adapt to the changing digital landscape or risk losing customers to more digitally savvy competitors. One of the most significant consequences of digital transformation for ordinary banks is the change in customer expectations. Now customers expect uninterrupted and efficient banking services through all channels, including digital ones. This forces ordinary banks to invest in digital technologies in order to remain competitive.Another impact of digital transformation on conventional banks is the change in the way banks interact with customers. In the past, banks used physical branches as the main means of interacting with customers. Something more is needed to remain competitive. Banks now have to interact with customers through several channels, including mobile apps, online portals and chatbots.All these and many other digital innovations are transforming the banking sector and necessitate the study of these phenomena.