Future of traditional banking and its digitalization

Abstract

This study is a framework analysis of the banking sector and the impact of information and communication technology (ICT), using digitalization and innovation, internet use as an ICT policy variable and its possible correlation on its effect on the customers in the financial development sector. This study aims to stimulate the prominence of the digitalization and innovation of the banking sector in terms of its process for economic and financial development. The operations and processes of ICT increase the speed and accuracy of electronic activities in a society and contributes to cost reduction, which subsequently helps increase the productivity of the banking sector. The study is motivated by the fact that most industries and especially financial institutions rely on gathering, processing, analyzing, and providing information in order to meet the needs of customers.