Progression of Digital Banking: A Methodical Examination of Technological Developments and Innovations

Abstract

The article aims to provide a detailed exploration of the evolution and progression of digital banking platforms. This research utilizes a systematic review method to critically analyze the transformative impact of technological developments and innovative practices in the banking industry. The study traces the transition from traditional to online and mobile banking, focusing on the integral role of these digital channels in revolutionizing financial service delivery. Furthermore, it sheds light on the transformative role of technologies such as mobile applications, biometric authentication, artificial intelligence (AI), machine learning (ML), and blockchain in enhancing banking operations and customer experience. The research also examines the regulatory frameworks governing digital banking and discusses the associated challenges and risks, including cybersecurity threats and the digital divide. It outlines potential solutions and mitigation strategies to these issues. Lastly, the manuscript identifies emerging trends and opportunities in digital banking, including the integration with new financial technologies, role of 5G and IoT, and the importance of personalized banking experiences. This research is a valuable resource for banking industry stakeholders, policymakers, and researchers interested in the future trajectory of digital banking