DIGITISATION IN BANKING AND HOW IT AFFECTS LIFE QUALITY.

Abstract

The advent of digitalization in banking has revolutionized the financial services industry, transforming how customers access and manage their finances. This paper explores the impact of digital banking on the quality of life by examining its influence on financial accessibility, convenience, and security. Digitalization has facilitated easier access to banking services through mobile apps, online platforms, and automated customer support, reducing physical visits to banks and enabling real-time transactions. These innovations have enhanced customer experiences by offering personalized services and 24/7 access to financial resources, thereby improving financial inclusion, particularly for marginalized groups. Digital banking has a significant positive impact on the environment by reducing the reliance on physical resources and minimizing the carbon footprint associated with traditional banking operations. However, the shift to digital banking also presents challenges, such as cyber security risks, digital literacy gaps, and the potential for exclusion of non-tech-savvy individuals. This research investigates the balance between the benefits and challenges of digital banking and assesses how it contributes to overall well-being and economic empowerment. The findings highlight the critical role of digital banking in improving quality of life while addressing the need for comprehensive digital literacy and security measures.