Digital Transformation in Banking: A Comparative Study of E-Commerce and Traditional Retail Banking
Jasmine Bennett
Co-Presenters: Individual Presentation
College: College of Business and Public Management
Major: Management
Faculty Research Mentor: Huaibing Yu
Abstract:
This comparative study investigates the digital transformation of banking, concentrating on e-commerce and traditional retail banking. The fast development of financial technology has changed the banking sector; e-commerce banking is a major rival to conventional retail banking. The study looks at how developments in technology affect customer experience, banking operations, and competitive policies. This study will attempt to evaluate the sustainability and future of both banking models utilizing quantitative data from financial statements, stock performance, and industry publications as well as qualitative insights from customer sentiment assessments. Results will show the benefits and drawbacks of e-commerce banking, especially concerning cost efficiency, customer experience, and risk management. The results will also examine how digital banking systems have raised operational efficiency, lowered expenses, and raised consumer happiness. Financial institutions, legislators, and investors in the changing scene of retail banking can benefit from the study's recommendations on adapting to the digital age and what trends to expect in the banking industry going forward.