What are the impacts of digital banking on traditional banking?.

Digital banking has transformed the financial services industry, significantly affecting traditional banking methods. It has led to enhanced customer experiences through mobile applications, online transactions, and 24/7 access to banking services. As customers increasingly prefer the convenience of digital options, traditional banks are compelled to innovate to retain clients. This shift has resulted in reduced operational costs for banks and a rise in financial technology (fintech) companies challenging traditional institutions. Furthermore, digital banking has increased access to banking for underserved populations, contributing to financial inclusion.