A study of consumer behavior towards Digitalization of banking industry with Specific reference to icici bank

Abstract

A common trend found in banking sector is that bigger banks are funding a lot of money in digital technologies for present as well as future works, however on the other hand various regional and small-scale banks are facing lots of problems in keeping up with the bigger banks due to their increased dependency on technology sellers. Hence, the bigger banks having more resources along with higher funds are getting more market share and benefits. newlineFurther with the growing usage of digital technologies, the finance sector is also facing consistent pressure due to various financial technology disrupters including entrepreneurs and idealists. As these fintech disruptors are mainly the corporations focusing on a specific particular procedure and technology, moreover these are quite feasible, rapid and workable in terms of providing more personalized exposure to the consumers along with embracing new results and ideas. newlineThe usage of latest technology has transformed the entire look of the banking sector such as ICICI Bank and other banks as well. The usage of technology has helped in the development and amalgamation of finance markets all around the world. The consumers desire for latest goods and varying delivery channel are on rise. Banks are experiencing immense pressure to deliver quality products in today and tomorrow. Due to various advancement in latest technologies, the today s banks are able to provide complete freedom to a consumer to perform various business tasks just by using the mobile phones and computers. The topic discussed in the present study is quite important in the today s world scenarios as digitalization shows huge effect on maximum number of industries and is extremely discussed in the present banking sector. newlineThis study will contribute with a deeper understanding of how the Private banking industry differ in their internal approach working with digitalization, along with the future perspective of digitalization in the banking industry and how consumers are reacting for the same newline newline