Impact of Digitalization on Personal Banking Services

Technological advancement has made dramatic changes in all sectors of the economy, including the financial sector. Banking services have faced huge improvements, especially in the context of personal banking services, which were earlier based on traditional banking approaches. This study mainly focuses on the impact of digitalization on personal banking, the perception of customers towards the adoption of digitalization, how the customers have adopted digitalization in banking services, and what measures personal banking services can take to improve the difficulties faced by most of the customers. The study used exploratory and descriptive research designs to assess consumer perceptions of digitalization and its influence on personal banking services. This study concludes that the digitalization in banking services has altered customers' perceptions of comfort, security, insurance purchasing, bill payment, and numerous other aspects. However, banks should take appropriate measures to address any issues customers may encounter and make it a better place to provide service.