An Analysis of the Role of ICT in Digitalization of Banking Financial Services & Insurance Sector

The biggest issue that the banking and banking sector is currently facing is the modernization of banks. In this technological shift process, banks run into with ground-breaking disruptive technologies that need the adaptation of practically all collaboration tactics. In the financial industry, the rise of technology is associated with roadblocks that appear to obstruct the seamless use of digital solutions. In the future, these new financial technologies will certainly bring fresh ideas to the financial sectors and a dramatic shift in the way conventional finance is conducted. The issues they cause ought to be addressed as well. The technology network would bring both the city and rural worlds together under the banner of ecologically sound development, ensuring all social aspects informed. Nations that implement an in-depth plan will be fortunate to give their population with equal growth as well as an efficient, environmentally conscious, and digital living. Digital transformation has transformed several industries, particularly the banking business, by improving efficacy, customer experience, and use. This paper examines previous research and examines the influence of digital evolution on bank performance, with an emphasis on growth acceleration. To help the banking industry make the most of digital developments for the future, we have compiled some suggestions. The banking industry's use of IT is the focus of the uncovered study. The study accounts for by providing information on the advantages and disadvantages of implementing technology advances in interaction and knowledge sharing in the present setting of India's banking business.