Evaluation of Innovative Banking System for the 21st Century: The Prospect and Practice
Keywords:
Banking, Innovative Banking, 21st CenturyAbstract
This study evaluated innovative banking system for the 21st century, its prospect and practice. It revealed that over the past few decades, the banking industry has experienced significant transition driven by changes in consumer expectations and technology improvements. Several concepts related to the 21st century banking system where reviewed, such as banking system, innovative banking system, principles, practice and prospects of innovative banking system for the 21st century. The study noted that innovations in the banking system have created a brand new reality for digital banking that redefines the way people perceive their finances and also that the integration of digital technologies and Fintech has advanced and improved efficiency, accessibility, and customer happiness in the 21st-century. Furthermore, the study mentioned that innovations in banking has helped automate manual processes, reduce costs, and increase the overall efficiency of banking operations. The study concluded that banking sectors have been transformed due to technological advancements and changing consumer expectations. One of the recommendations of the study was that banks should invest in developing and enhancing digital platforms that prioritize user experience.
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