Digital Transformation of Business Models in the Banking Sector

DOI

10.2991/assehr.k.220401.182How to use a DOI?

Keywords

Digital transformation; Business models; Banking sector; Financial technology

Abstract

Many elements of society, particularly the economy and business, are affected by digital revolution. As a result of digitization, human error has diminished, and client loyalty has increased. Thanks to internet banking, customers now have access to financial services 24 hours a day, seven days a week. Digitization has helped consumers as well, because it has enabled digital payments. Customers no longer need to keep currency on hand, and transactions may be completed at any time and from any location. Businesses lose previously unknown possibilities and new economic activity as a result of digital transformation, resulting in new sorts of firm relationships with customers and employees. Business practices, on the other hand, are being altered, and new business models are being created. Technology, being the major driver of change, is at the core of digitization. Because digitization is such a hot topic these days, many businesses are interested in learning more about it. The banking sector has always conducted business with consumers in person. Financial institutions have increasingly increased their usage of digital platforms as supplementary channels to branch locations, despite their capacity to apply their products and services to clients. These extra channels allow banks to provide a more personalized experience at any time and from any location. Customers’ involvement would grow as a result of embracing more digitalized platforms, according to the theory, and a significantly more devoted clientele base would be established as a result. This case study will look at how digitization affects bank business models and evaluate how banks in the Latvian financial industry employ financial technology to provide banking services.

Copyright

© 2022 The Authors. Published by Atlantis Press SARL.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

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TY  - CONF
AU  - Yu Qi
PY  - 2022
DA  - 2022/04/08
TI  - Digital Transformation of Business Models in the Banking Sector
BT  - Proceedings of the 2022 International Conference on Social Sciences and Humanities and Arts (SSHA 2022)
PB  - Atlantis Press
SP  - 951
EP  - 954
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.220401.182
DO  - 10.2991/assehr.k.220401.182
ID  - Qi2022
ER  -