ROLE AND SIGNIFICANCE OF ONLINE BANKS IN THE GLOBALIZATION PERIOD

Abstract

Technological innovation has changed all aspects of life. It has changed the way we travel, communicate, entertain, cook and shop. Similarly, technology has affected the way we deal with money. Banking is one of the main sectors of the economy affected by constantly developing technologies. The latest technological trends have given rise to modern methods of banking services such as online banking, internet banking, artificial intelligence personal assistants, electronic wallets, online payments and many others.

When visiting a bank branch was a necessity, gone are the days. Long queues at bank branches were common. Paying bills, making deposits, opening accounts, closing accounts, credit approvals, and withdrawals were tedious tasks[1]. However, there are big changes in the plan that will continue to change the traditional banking landscape. The change can be largely driven by technologies such as artificial intelligence, machine learning, core banking solutions driven by IT platforms, and wearable devices.