Adoption of technology is efficaciously altering the way we live and work in our daily routine. The nature, pace, and impact of this technological adoption at the everyday level are often neglected. The banking sector is now seen as having an ongoing challenge from the implementation of digitization in banks. Obstacles to the successful adoption of digital techniques, whose success is crucial for the future and the banking industry, are linked to digital transformation within the financial services sector. There is a great need to extend the reach and scale of banking by leveraging technology to cover new channels beyond the traditional banking network. A recent study conducted by CGI titled as Understanding Financial Consumers in this Era of Digitalization throws some light on the expectation of today’s digital consumer. It is believed that the adoption of appropriate technology would enable the bank branches to reach out to the customers in a much efficient way and are able to satisfy them with the services and increase the reach instead of the other way round which is of paramount importance for financial inclusion. Households were granted access to their financial accounts at the start of the modern digital banking boom. With the advancement of technology, services that were formerly only available in real brick and mortar facilities have increasingly migrated online, allowing people to utilize banking services on an increasing number of devices. The Covid - 19 epidemic, according to the Economic Times, has fundamentally changed how people live their lives, from working and shopping to especially banking. The future future digital banking is anticipated to undergo several evolutionary changes. By embracing digital banking technologies, banks are attempting to stay up with the trends and lead the way for other financial organizations. Deloitte asserts that clients are now at the core of every digital shift and strategy, and that banks must effectively implement these transformations starting now in order to be able to integrate them smoothly by 2030. India accounts for 15% of the world's total population, and based on a projected growth rate of 7% to 8%, India is firmly targeting being the second-largest economy in the entire world by 2030. The government is relying on the online marketplace as the main growth facilitator to accomplish this. This paper's primary goal is to highlight the biggest challenges that the digital shift is encountering from a management perspective in both the private as well as commercial banking sectors and to assess its benefits and drawbacks. Additionally, the paper seeks to evaluate the opportunities for digital transformation in the banking sector through qualitative exploratory research, where transformation results in a major advancement in organizations as they shift from a product-centric to a customer-centric perspective.

Digital transformation Financial inclusion, Digital banking, e-banking, Kisan Credit Card, Doorstep Banking (DSB) Services.