research topics about online banking

ORIGINAL RESEARCH article

E-banking adoption: an opportunity for customer value co-creation.

• 1 Department of Marketing, University of Castilla-La Mancha, Ciudad Real, Spain
• 2 Faculty of Management and Communication, Universidad Internacional de la Rioja, Logroño, Spain

The development of information and communication technologies offers innovative opportunities to establish business strategies focused on customer value co-creation. This situation is especially notable in the banking industry. e-Banking activities can support competitive advantages. However, the adoption of e-banking is not yet well-established among consumers. In this sense, the technology acceptance model (TAM) is considered essential in studying consumer behavior applied to adopt a particular technology. According to the TAM model, this study analyses the factors which influence bank customers to adopt e-banking to facilitate their banking services and support the process of value co-creation. Consequently, the authors examine five main aspects of the technology adoption model to provide a broad understanding of bank customers’ consumption of e-banking. A partial least squares structural equation modeling (PLS-SEM) analysis is conducted to evaluate proposed relationships between factors and customers’ e-banking adoption.

Introduction

The rapid growth and development of information and communication technologies (ICT) have enabled companies to create value in a digital environment ( Schreieck and Wiesche, 2017 ). Currently, the adoption of innovation in the organization’s strategy is an essential requirement to create value. The term value co-creation has a principal role in easing this innovation. O’Hern and Rindfleisch (2010) conceptualize value co-creation as a collaborative activity, in which consumers actively participate and choose components of a different product or service proposition. Thus, in the digital era, value creation has become the co-creation of value between customers and companies ( Hosseini et al., 2020 ).

Internet and technological development have changed how financial services are offered and used ( Malaquias and Hwang, 2019 ). Banks and many financial institutions suggest alternative innovative electronic channels for maintaining a competitive advantage and satisfying customer expectations. Mobile devices and destock have increasingly become tools that customers implement through e-banking to pay for products and services ( Zhang et al., 2018 ). Therefore, e-banking can adapt to clients’ needs, such as performing banking activities, without physically visit an office or an ATM ( Malaquias and Hwang, 2019 ). For this reason, e-banking has considerable value for many financial organizations and customers ( Baabdullah et al., 2019 ).

The introduction and growth of Internet services, which offer better possibilities of interaction with companies, allow consumers to participate in the development and/or improvement of products/services, resulting in value. Consequently, organizations are concerned about attracting customers who want to contribute their ideas to the collaborative process ( Chepurna and Criado, 2018 ). The banking context is particularly interesting in analyzing the transition toward a value co-creation strategy ( Mostafa, 2020 ). The fierce competition in the banking arena has facilitated e-banking as the most cutting-edge electronic-based and self-service distribution channel ( Malaquias and Hwang, 2019 ). e-Banking is conceptualized as a distribution and communication channel which allows customers to interact with a bank to conduct transactions economically and efficiently, mainly through electronic tools, e.g., tablets or smartphones ( Singh and Srivastava, 2020 ). The use of e-banking offers a wide variety of services for customers, which provide them with value and create a competitive advantage over competitors, such as account checking, bill payment, transferences, or mobile phone text message notifications ( Mostafa, 2020 ). As an example of this incremental service innovations, Bankia is modernizing their communication channels to increase the value offered to customers. Bankia has been recognized as the first Spanish bank with an official verified WhatsApp account to communicate with either current customers or prospects. This action is part of its business strategy “Digital Humanism” as a new way of relating to customers based on a closer, agile, and direct actions ( Bankia, 2020 ).

The massive usage of the Internet and electronic gadgets have captured the attention of researchers to e-banking. Previous studies (e.g., Glavee-Geo et al., 2017 ; Singh and Srivastava, 2020 ) show that previous works have studied the factors that encourage the adoption of e-banking ( Mostafa, 2020 ). However, the adoption rate of e-banking is below the expectation and still in the adoption phase, even though e-banking services offer several outstanding services to users ( Shankar et al., 2020 ). Therefore, this study aims to develop an empirical model based on technology adoption, applied in e-banking to understand the behavior of the users. Specifically, some variables included in the technology acceptance model (TAM) will be examined as factors that stimulate the adoption of e-banking and become an opportunity for customer value co-creation.

For this reason, this research provides a series of contributions that can help identify decisive factors in the use of e-banking and encourage customer value co-creation through interaction with electronic services. In this setting, this study focuses on the following questions: What are the factors that affect a consumer’s use of e-banking? What factors are most important in the consumer’s intention to use e-banking? What type of e-banking is most in-demand, and what strategies around the use of e-banking could the banks and financial institutions follow to increase its use? How can the use of e-banking contribute to customer value co-creation? Through partial least squares structural equation modeling (PLS-SEM) approach and the use of the importance-performance map analysis (IPMA), this research field provides insights and recommendations to help the banking industry adopt and use e-services by consumers to support the process of value co-creation.

To achieve the proposed objective, the study is organized as follows. First, the conceptual framework, the proposed model, and its hypotheses are presented. Then, the methods used and the results of the study are described. Finally, the conclusions and limitations of the study are presented.

Conceptual Framework

Co-creation and the banking market.

The banking industry is a leader in providing consumers with opportunities to access products and services through advanced technology ( Malar et al., 2019 ). The development of ICT has allowed banks to have a relationship with customers, shifting away from physical interaction with a bank branch to interactive and virtual environments ( Martovoy and Santos, 2012 ). Some authors, such as Andreu et al. (2010) , specify the consequences of direct interactions between a company and its customers to achieve value co-creation. Other researchers, such as Payne et al. (2008) , highlight that organizations must adopt a customer relationship approach to support value creation. Co-creation requires companies’ ability to connect with customers and market orientation to be closer to them ( Ind and Coates, 2013 ). Consequently, the company-client relationship must be active, providing interactive experiences and activities guided by decisive practices while taking advantage of customers’ unconscious behavior. In this sense, customers are encouraged to participate in the process and meet their own needs.

Following the study of Grönroos (2011) , consumers ought to perceive usefulness or benefit using self-service and involvement in the process to be motivated. In the banking sector, there is a generalized interest in providing easy and fast services, maintaining the quality of products, and services toward the customer. Furthermore, the advent of new technologies, products, and services encourages new needs and demands by customers ( Hosseini et al., 2020 ). Ease access to information and the differentiation of products and services offered by the Internet creates higher expectations among customers. Consequently, an innovation that appears in a specific part of the work may be effortlessly accessed in other parts of the world and desired by any person ( Mainardes et al., 2017 ). Another feature of electronic services is accessibility to consumers. Some studies indicate that banking services are linked to this new and demanding customer profile. Consequently, the new services provided by banks arise from customers’ needs, characterizing the continuous sharing of ideas and value co-creation in the banking sector ( Oliveira and von Hippel, 2011 ; Akter et al., 2020 ).

Based on the study of Medberg and Heinonen (2014) , direct contact with the company and e-services create new ways of relationship and involvement with customers, positively affecting the company’s financial performance (e.g., decreasing of operating costs, increase on investment return). Furthermore, this way of interacting with customers has boost competitiveness in the banking industry, requiring an agile adaptation from each financial organization. It is proven that, when a bank includes a new or enhanced service to customers, competitors follow this innovation through the launch of the same or improved service. Thus, co-creation characterizes the innovation and betterment of services provided by banks. This fact encourages customers’ active participation in the co-creation practice through several benefits: easer credit approval, lower charges, or commitment to the bank ( Mostafa, 2020 ). Hence, value co-creation should drive to reciprocally favorable outcomes for both consumers and businesses.

Adoption of Technology and e-Services Banking

In recent years, the development of Information Technology and the Internet has brought about changes in the performance of traditional services. Thus, e-banking has changed the conventional practices of banks and financial institutions and has captured the attention of both academics and practitioners ( Wang et al., 2017 ). The adoption of e-banking is considered an innovative distribution channel for financial services due to rapid advances in e-banking applications and intense competence ( Sikdar et al., 2015 ; Yaseen and El Qirem, 2018 ). Thus, understanding the adoption and use of e-banking has become a central research field. The literature indicates that the most relevant strength of the TAM, developed by Davis et al. (1989) , is its generalizability and applicability in different contexts ( Yaseen and El Qirem, 2018 ). This model is specifically indicated to study the intention to adopt specific technologies. Thus, the TAM applies models to study the acceptance and intention to use information system tools such as mobile commerce (e.g., Natarajan et al., 2018 ), m-banking (e.g., Mostafa, 2020 ; Shankar et al., 2020 ) and e-banking ( Yoon and Steege, 2013 ; Salimon et al., 2017 ; Yaseen and El Qirem, 2018 ; Ahmad et al., 2019 ), among others. The original TAM considers perceived usefulness and perceived ease of use has a significant role in the technology acceptance process ( Davis et al., 1989 ). On one side, perceived ease of use is defined as the degree to which a person believes that using a particular system is effortless, both physically and mentally. On the other side, perceived utility is described as the degree to which consumers believe that using a system will increase their performance ( Davis et al., 1989 ; Mostafa, 2020 ). Some previous studies in technology acceptance demonstrate that perceived ease of use has a positive effect, mediated by perceived usefulness on the intention to use technology ( Natarajan et al., 2018 ).

In the context of e-banking, it is observed that perceived usefulness represents one of the critical aspects that explain behavior intention to use e-banking ( Malaquias and Hwang, 2019 ). For example, e-banking provides some unique services that are not available in offline banking, such as access to banking services at any time and from anywhere ( Yoon and Steege, 2013 ; Shankar and Jebarajakirthy, 2019 ). Similarly, previous studies show the influence of perceived ease of using e-banking on perceived usefulness and attitude (e.g., Deb and Lomo-David, 2014 ). Internet and mobile technology should improve convenience for customers, and its ease of use is critical in customer usage. Some authors (e.g., Riquelme and Rios, 2010 ) claim that adopting mobile banking is influenced by consumer’s perceived ease of use due to a complex system when it performs financial transactions. In this sense, the authors highlight that if consumers perceive the performance of a financial transaction as easy through mobile devices, they will have a more favorable attitude toward adopting mobile banking ( Zhang et al., 2018 ). Ahmad et al. (2019) argue that a client’s beliefs about the usability of the website or application affect his or her attitude toward the website or application. These authors state that the ease of use of e-banking systems is a critical factor in their adoption and evaluation by clients. Thus, the relationship between consumers’ attitudes toward the use of technology, an excellent example of this is e-banking, and perceived ease of use is studied (e.g., Zhang et al., 2018 ). Moreover, Mostafa (2020) argues that customers may negatively evaluate using e-banking if they believe e-banking technology is challenging to use and learn. Thus, the following hypotheses are proposed:

H1. Perceived ease of use positively influences on perceived usefulness of e-banking.

H2. Perceived ease of use positively influences on attitude toward using e-banking.

Another dimension included in the TAM model is the perceived usefulness. This concept and its role have been examined in e-banking works (e.g., Yoon and Steege, 2013 ; Salimon et al., 2017 ; Malaquias and Hwang, 2019 ). Perceived usefulness can be defined as a person’s belief about if the use of a specific technology will improve their task performance ( Davis et al., 1989 ; Natarajan et al., 2018 ). Authors such as Yoon and Steege (2013) state that perceived utility is a positive and determining element in e-banking usage. Similarly, this term is the principal factor that impacts consumers’ attitudes toward the use of technology ( Deb and Lomo-David, 2014 ). Consequently, customers will evaluate e-banking usage favorably if they perceive that e-banking has a relative advantage over other alternatives ( Mostafa, 2020 ). Recently, authors such as Ahmad et al. (2019) have highlighted the positive relationship of perceived usefulness with both attitudes toward using e-banking and user intention. According to the previous statements, the following hypotheses are formulated:

H3. Perceived usefulness positively influences on attitude toward using e-banking.

H4. Perceived usefulness positively influences on intention to use e-banking.

The concept of attitude toward the behavior reflects the degree to which an individual assesses a specific behavior as useful or not ( Ajzen, 1991 ). Venkatesh et al. (2003) interpret attitudes toward a specific innovation as results of an individual’s own beliefs about an objective and the evaluations associated with those beliefs. In TAM’s scope, positive attitudes toward innovative technologies have confirmed antecedents of intentions to adopt them ( Davis et al., 1989 ; Schierz et al., 2010 ). The association among attitude and intention to use has been broadly examined in the literature, particularly in the banking literature (e.g., Shaikh and Karjaluoto, 2015 ; Zhang et al., 2018 ; Ahmad et al., 2019 ; Mostafa, 2020 ).

Similarly, past research shows that attitude is an essential determinant of behavioral intention and a relevant antecedent of actual behavior. Consequently, the intention to adopt has been analyzed to understand people’s actual behavior ( Davis et al., 1989 ; Zhang et al., 2018 ). Yaseen and El Qirem (2018) conceptualize behavior intention to adopt e-banking services as a measure of the strength of an individual’s intention to perform a specific behavior. Also, authors such as Ahmad et al. (2019) explain behavioral intention to use e-banking as a precedent to the actual use of e-banking. Based on prior studies, the following hypotheses are proposed:

H5. Attitude toward using e-banking positively influences on intention to use e-banking.

H6. Intention to use e-banking positively influences on e-banking usage.

Based on the above, Figure 1 summarizes the hypotheses of the proposed conceptual model.

Figure 1. Model proposed on the e-banking usage with PLS-SEM.

Materials and Methods

Study design.

To test the proposed hypotheses, the authors carried out a study in Southern Europe’s banking industry. Specifically, the research was conducted in Spain due to the recent increase in e-banking in this country. e-Banking has experienced a growing acceptance in Spain in recent years, with more than 50% of digital banking population users. Some figures indicate that the number of Spain’s e-banking users increased to 28% between 2011 and 2019 ( Statista, 2020a ). Santander Group ranked first with more than 36 million digital customers during 2019, followed by BBVA with 31 million ( Statista, 2020b ).

A convenience sampling method was used to collect the data, taking e-banking users’ opinions as reference. A convenience sampling method was used to collect the data, taking e-banking users’ opinions as reference. Data was collected via an online survey from February to April 2020. Potential respondents in Spain were recruited through a national consumer panel. To measure each of the constructs, a self-administered survey has been used to analyze the e-banking usage of a set of well-known banks located in Spain. The application of PLS-SEM requires a minimum sample size. For this purpose, the statistical power is analyzed using G ∗ Power 3.1.9.7 ( Carranza et al., 2020 ). Thus, the statistical power value for this sample considering a medium effect size ( f 2 = 0.15) is 0.989, higher than the established minimum of 0.8 ( Cohen, 1988 ; Hair et al., 2019 ). Of 105 e-banking users (see Table 1 ), 45.7% of the sample collected is composed of men and 54.3% of women. Concerning age, the largest group is integrated by individuals between 24 and 33 years old, representing 32.4% of the sample. In addition, the accumulated percentage of consumers up to 43 years of age is 67.6%. Hence, the sample is predominantly made up of young adults and mid-aged e-banking users. Thus, this study coincides with previous studies in e-banking such as Zhang et al. (2018) , Malaquias and Hwang (2019) , Mostafa (2020) , Singh and Srivastava (2020) , where the samples are mostly composed of young people considered more likely to use digital technologies and media. Moreover, 35.3% of the respondents are employees, 43.8% are singles, and 37.1% are married. Concerning consumption factors, 93.3% of the sample uses e-banking to check their bank account balance, 49.5% make bank transfers through e-baking, and 15.2% manage invoices and taxes.

Table 1. Characteristics of the survey sample.

In order to measure the constructs included in this study and examine the proposed relationships, a structured questionnaire was used. Firstly, questions related to the frequency and habits of the use of electronic banking were included. Then, the variables associated with the attitude and behavior toward using e-banking were exposed. All these constructs were evaluated with multi-item scales confirmed by previous studies, using a Likert scale ranging from 1 to 5, except the construct intended to use, presented on a semantic differential scale (see Table 2 ). Thus, variables for perceived ease of use were based on Davis et al. (1989) and Venkatesh et al. (2003) . The attitude toward using e-banking was measured through a semantic differential scale using six items (five bipolar pairs of adjectives). Several authors, such as Stern and Salb (2015) , define the attitude as a formative construct characterized mainly by affective aspects and instrumental distinctions. According to the scales proposed by Davis et al. (1989) , Venkatesh et al. (2003) , and Carranza et al. (2020) in the area of technology acceptance, the attitude variable was measured using three significant items (unpleasant-attractive, unsatisfactory-satisfactory, boring-fun) and three instrumental items (bad-good, uninteresting-appealing, harmful-beneficial).

Table 2. Measurement of key concepts.

The perceived usefulness was measured using the Agarwal and Karahanna (2000) scale, following Mostafa’s (2020) work. Intention to use was measured using a single-item scale based on previous research, such as Bigné et al. (2008) . Three items adapted from Davis et al. (1989) and Dutot (2015) were used to measure e-banking usage. The last section of the questionnaire aims to collect information on the socio-demographic profile of e-banking users, such as gender, age, or occupation.

Statistical Analysis

The model was estimated using PLS-SEM. PLS-SEM is a technique of structural equation models based on variance. In this study, the use of PLS-SEM is recommended because (1) the study includes a formative construct (attitude toward using e-banking), (2) the model uses composite models ( Hair et al., 2019 ), and (3) PLS-SEM is applied in recent studies of TAM, in the field of e-banking, as well as in other different areas (e.g., Salimon et al., 2017 ; Carranza et al., 2020 ; Zollo et al., 2020 ). To estimate the proposed model, SmartPLS 3.2.9 was used. According to Hair et al. (2019) , a two-stage approach is used to evaluate the proposed model in this e-banking customers’ context. Thus, the measurement model is evaluated distinguishing the variables considered as a composite model in Mode A and Mode B, and then, the structural model is assessed.

Measurement Model

First, the standardized root mean square residual (SRMR) of the proposed model is calculated in order to assess the model fit ( Henseler et al., 2016 ). In this case, the SRMR value is 0.070, indicate an appropriate fit, given the accepted 0.008 cut-off point. To evaluate the measurement model, the reliability of the scales is studied for the construct’s perceived ease of use, perceived usefulness, intention to use, and e-banking usage (Mode A). Thus, the loadings of the indicators are examined, all of which are higher than 0.708. The evaluation of individual reliability is examined through the Dijkstra–Henseler’s rho (ρ A ) and the composite reliability (CR) being higher than 0.7 in all cases ( Hair et al., 2019 ). Therefore, all the variables included in the model reflect high internal consistency (see Table 3 ). Then, the average variance extracted (AVE) is used to evaluate convergent validity. In this case, all values of the AVE are within the established thresholds limits ( Fornell and Larcker, 1981 ). Lastly, all loadings are significant at 99.9% ( Hair et al., 2017 ). Concerning the analysis of the discriminant validity, the results obtained by the Fornell–Larcker criterion show a satisfactory degree of discriminant validity. However, Henseler et al. (2015) suggest construct thresholds below 0.9 for HTMT to establish discriminant validity. In this case, problems of discriminant validity between PEU and PU are detected. For that reason, the items causing the problem are studied and eliminated (see Table 4 ).

Table 3. Measurement model evaluation.

Table 4. Measurement model: discriminant validity.

To evaluate the validity of the attitude toward using e-banking, the variance inflation factor (VIF) is used to assess the lack of collinearity problems by the indicators (VIF < 5) (see Table 5 ). Finally, for the significance value of the weights, ATT4 and ATT6 are not significant. However, according to Hair et al. (2019) , since there are no collinearity problems and the loads are greater than 0.5, these indicators are not deleted.

Table 5. Measurement model: model composite Mode B.

Structural Model

After checking the reliability and validity of the measurement model, the proposed structural model is examined. To do this, the explanatory capacity of the model is evaluated using R 2 ( Hair et al., 2019 ). The R 2 values are 0.657 for perceived usefulness, 0.530 for attitude toward using e-banking, 0.462 for intention to use, and 0.324 for e-banking usage. After performing an analysis of the variance decomposition, the findings confirm that, of the 53% of the explained variance of attitude toward using e-banking, 29.1% is due to perceived ease of use and 23.9% to perceived usefulness. Similarly, of the 46.2% of explained variance of intention to use, 14.4% is due to perceived usefulness, and 31.8% is due to attitude toward using e-banking. Even though these results confirm significant relationships, the influence of consumers’ attitudes toward the intention to use e-banking is greater than the contribution of the perceived usefulness.

On the other hand, the path coefficients and their significance are evaluated to describe the significance of the structural relationships proposed in the model (see Table 6 ). Perceived ease of use appears to be positive and significant, at 99.9% in perceived usefulness. Thus, H1 is supported, being the most solid association of the model (β = 0.811). As proposed in H2 and H3, perceived ease of use and perceived usefulness are positively associated with the attitude toward using e-banking (β = 0.417 and 0.348, respectively). Similarly, perceived usefulness has a significant influence on the intention to use of e-banking, also confirming H4 (β = 0.248). Also, attitude toward using e-banking, in general, has a significant and positive effect on the intention to use e-banking. Thus, H5 is established (β = 0.485). Finally, the intention to use has a significant influence on e-banking usage. Therefore, H6 is also confirmed (β = 0.569) ( Hair et al., 2019 ). Thus, hypotheses H1, H2, H3, H4, H5, and H6 are accepted by the percentile method.

Table 6. Structural model evaluation.

After evaluating and confirming the proposed model, the effect size is evaluated ( Hair et al., 2019 ). Thus, the results show that (see Table 6 ), the perceived ease of use has a large effect size on perceived usefulness ( f 2 = 1.915). Likewise, the intention to use has a significant and large effect size on e-banking usage ( f 2 = 0.479). Finally, the model’s predictive relevance is analyzed. In this case, Stone–Geisser’s Q 2 shows that the scores are higher than naught (see Table 6 ).

To improve these results, the IPMA is used. The IPMA expands the reported PLS-SEM results for path coefficient estimates by adding a dimension to the analysis that considers the mean values of the latent variable scores ( Ringle and Sarstedt, 2016 ). In this case, the IPMA for e-banking users (see Figure 2 ) shows that intention to use is observed to be the most critical factor in determining e-banking usage. An increase of one point in the performance of intention to use by a total effect of 0.786. Attitude toward using e-banking has higher importance on e-banking usage but lower than the intention to use. Similarly, the attitude has a lower performance than the intention to use. The perceived ease of use is the factor with the lowest performance. Finally, perceived usefulness has the lowest importance in determining e-banking usage (see Figure 2 ).

Figure 2. Importance-performance map analysis (IPMA) for e-banking usage.

This study developed a research framework to understand the factors that contribute to e-banking usage and to benefit business strategies based on the co-creation of consumer value. The model provides a comprehensive view of the main factors influencing e-banking intentions and the elements that should be considered to increase usage.

The results obtained concerning the application of TAM in the context of e-banking confirm the presence of significant relationships among perceived ease of use and perceived usefulness by the customer, being the most real relationship of the proposed model. Similarly, the relationships between perceived usefulness and attitude toward using e-banking, perceived ease of use and attitude toward using e-banking are also contrasted. However, the importance that perceived ease of use acquires in the attitude toward using e-banking is slightly higher than the influence that perceived usefulness has on this variable. Similarly, the relationships between perceived usefulness and intention to use, and attitude toward using e-banking and intention to use are also contrasted with previous studies, such as Salimon et al. (2017) , Zhang et al. (2018) , and Malaquias and Hwang (2019) . Nevertheless, the results of the analysis of variance decomposition indicate that attitude toward using e-banking has relatively greater importance in intention to use compared to perceived usefulness. Therefore, an essential contribution of this research is the determination of attitude as a critical element in the determination of e-banking use intention. These results suggest that when e-banking users have a positive attitude toward using e-banking, it translates into a greater intention to use e-banking. Finally, the relationship between intention to use and e-banking usage is also verified, being the second strongest relationship of the model. In this sense, the results obtained by the IPMA analysis indicate that the intention to use is the variable with the highest performance and the greatest importance in determining the adoption of e-banking. However, the perception of ease of use, despite the great importance in determining the use of e-banking, is the variable with the lowest performance in the proposed model.

These findings offer important implications for banks and financial institutions. The techniques and results of this study allow banks to identify possible deficiencies and apply improvements to establish greater interaction with their clients. Also, this study offers bank managers new tools that encourage co-creation through e-banking services, helping to achieve a competitive advantage.

Based on the results obtained, bank managers should pay special attention to the perceived ease of use and perceived usefulness of their e-services, since they contribute significantly to the adoption of e-banking by consumers. Perceived ease of use of e-banking services is one of the most relevant factors in the adoption of e-banking by consumers. However, the IPMA indicates that it is the factor with the lowest performance. As a consequence, banks can improve the usability and simplicity of their e-services and the performance of a banking transaction to facilitate and increase the e-banking usage. Likewise, customer service can be provided to guide and help the efficient use of these applications. Specifically, some authors such as Mostafa (2020) recommend the use of chatbot to facilitate the use of e-banking and co-create. Concurrently, the findings have shown the great importance of attitude in generating intention to use e-banking by consumers. Therefore, banks should encourage this attitude in consumers through the ease of use and usefulness provided by e-services.

By and large, as technology and smartphone advance, consumers will continue to seek out more personalized and utilitarian services for their banking operations. Therefore, e-banking should be secure, and easy to learn and use. For this reason, providing reliable, user-friendly, and useful e-services are a crucial element in the interactions between consumer adoption of e-banking.

Limitations and Further Research

This study has some limitations that need to be addressed. The first limitation is the geographical location of the sample and the size of the sample. Future studies should incorporate a more significant number of online banking users covering a wider geographical area. Similarly, this study can increase the number of respondents between 34 and 53-year-old. Secondly, this study has not considered the moderating role of gender and age as socio-demographic variables. Previous authors, such as Natarajan et al. (2018) , consider age as a great relevance in studies of acceptance of mobile applications. Further research may assess the moderating role of this variable in the proposed model. Thirdly, this model is based exclusively on functional characteristics of technology adoption, such as perceived ease of use and perceived usefulness. In the area of e-banking, authors such as Zhang et al. (2018) highlight other types of more emotional factors for the study of the adoption of e-banking services such as enjoyment or trust. Likewise, Singh and Srivastava (2020) highlight the perceived security in the factors of adoption of e-banking. Thus, a future proposal could include a combination of functional and emotional elements in e-banking environments. Finally, further research could incorporate external variables associated with value co-creation, such as the confidence in the bank. Some studies, such as Mostafa (2020) , suggest that consumer confidence in the bank can intensify the positive effect of the attitude toward e-banking. If customers believe that their bank is honest and professional, their positive attitude toward the use of e-banking will result in a disposition to co-create value with the bank by sharing information or providing feedback.

Data Availability Statement

The raw data supporting the conclusions of this article will be made available by the authors, without undue reservation.

Author Contributions

All authors listed have made a substantial, direct and intellectual contribution to the work, and approved it for publication.

This work was financed by group grants from the University of Castilla–La Mancha and co-financed by the European Union through the European Regional Development Fund (Project reference: 2020-GRIN-28990). Research Group: Research and Modelling in Marketing and Tourism (RMMT).

Conflict of Interest

The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

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Keywords : customer value co-creation, e-banking, e-services, technology acceptance model, PLS-SEM

Citation: Carranza R, Díaz E, Sánchez-Camacho C and Martín-Consuegra D (2021) e-Banking Adoption: An Opportunity for Customer Value Co-creation. Front. Psychol. 11:621248. doi: 10.3389/fpsyg.2020.621248

Received: 25 October 2020; Accepted: 21 December 2020; Published: 14 January 2021.

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Copyright © 2021 Carranza, Díaz, Sánchez-Camacho and Martín-Consuegra. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

*Correspondence: Rocío Carranza, [email protected]

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International Journal of Quality and Service Sciences

ISSN : 1756-669X

Article publication date: 4 February 2022

Issue publication date: 3 May 2022

This study aims to demonstrate digital banking’s influence on customers’ evaluation of service experience and develop a framework identifying the most significant variables of digital banking that influence the financial performance of banks.

Design/methodology/approach

This structured review of literature, guided with the preferred reporting items for systematic reviews and meta-analyses framework, takes a digital banking perspective to identify 88 articles published between 2001 and 2021, examining distinct aspects of digital banking and their impact on financial performance.

Customer experience (CE) is determined by functional clues (functional quality, trust and convenience), mechanic clues (website attributes, website design, perceived usability) and humanic clues (customer complaint handling). The study is furthered to combine CE with the service profit chain model. This study also fills the gap to understand the use of “gamification” in technology-driven banking services to enhance CE. Finally, an integrative framework is proposed to link technology-related factors (digital banking clues and gamification), customer-related factors (CE, customer satisfaction and customer loyalty) and performance-related factors (financial performance).

Practical implications

The study conceptualises a “total” CE framework that banks can use to enhance their online presence. Banking service providers could also analyse their financial results based on digital banking’s impact on customers. Besides, banks can use this framework to strategically place “game-like features” in their digital platforms.

Originality/value

This study attempts to significantly contribute to the digital marketing literature related to CE with banks. It is one of the first studies to determine gamification explicitly in banking literature.

• Customer experience
• Digital banking
• Customer satisfaction
• Customer loyalty
• Financial performance
• Gamification
• Internet banking

Acknowledgements

Funding: Authors have not received any funding support to complete this work.

Conflict of interest statement: The authors declare that they have no conflict of interest.

Chauhan, S. , Akhtar, A. and Gupta, A. (2022), "Customer experience in digital banking: a review and future research directions", International Journal of Quality and Service Sciences , Vol. 14 No. 2, pp. 311-348. https://doi.org/10.1108/IJQSS-02-2021-0027

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Copyright © 2022, Emerald Publishing Limited

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Understanding customers’ usage behavior towards online banking services: an integrated risk–benefit framework

• Original Article
• Published: 29 January 2022
• Volume 28 , pages 74–98, ( 2023 )

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• Simarpreet Kaur 1 &
• Sangeeta Arora 1  

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The present study integrates perceived risk and perceived benefit with unified theory of acceptance and use of technology 2 (UTAUT2) to propose an integrated risk–benefit framework for predicting online banking services (OBS) usage behavior of customers. The proposed model assimilates perceived risk, perceived benefit, UTAUT2 factors along with age and gender as moderators. The PLS-SEM results showed that behavioral intention is negatively influenced by perceived risk and positively influenced by perceived benefit, performance expectancy, effort expectancy, social influence, hedonic motivation, price value. Usage behavior is positively influenced by behavioral intention and price value. As for moderators, gender moderates the effect of effort expectancy and price value on behavioral intention; however, age as a moderator is not supported. Based on the results, recommendations for bank managers are proposed.

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Kaur, S., Arora, S. Understanding customers’ usage behavior towards online banking services: an integrated risk–benefit framework. J Financ Serv Mark 28 , 74–98 (2023). https://doi.org/10.1057/s41264-022-00140-5

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Unlocking the full potential of digital transformation in banking: a bibliometric review and emerging trend

• Lambert Kofi Osei   ORCID: orcid.org/0000-0001-7461-4839 1 ,
• Yuliya Cherkasova 2 &
• Kofi Mintah Oware 1  

Future Business Journal volume  9 , Article number:  30 ( 2023 ) Cite this article

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Every aspect of life has been affected by digitization, and the use of digital technologies to deliver banking services has increased significantly. The purpose of this study was to give a thorough review and pinpoint the intellectual framework of the field of research of the digital banking transformation (DBT).

Methodology

This study employed bibliometric and network analysis to map a network in a single study, and a total of 268 publications published between 1989 and 2022 were used.

Our findings demonstrate that the UK, USA, Germany, and China are the countries that have conducted most of the studies on the digital banking transformation. Only China and India are considered emerging economies; everyone else is looking at it from a developed economy perspective. Additional research reveals that papers rated with A* and A grades frequently publish studies on digital banking transformation. Once more, the analysis identifies key theoretical underpinnings, new trends and research directions. The current research trend points toward FinTech, block chain, mobile financial services apps, artificial intelligence, mobile banking service platforms and sustainable business models. The importance of emphasizing the need for additional research in these fields of study cannot be stressed, given the expanding popularity of blockchain technology and digital currency in the literature.

Originality

It appears that this is the first study that examines the theoretical studies of digital banking transformation using bibliometric analysis. The second element of originality is about the multiple dimensions of the impact of technology in the banking sector, which includes customer, company, bank, regulation authority and society.

Introduction

The advent of information communication technology (ICT) is believed to have caused a paradigm shift in all aspects of human life. Technology has therefore become a necessary, unavoidable demand for society and the business environment, from work automation to service digitalization, from cloud computing to data analytics, from virtual collaboration to smart homes. Almost every industry is undergoing constant transformation because to technology. In the past 20 years, digitalization has had an impact on a variety of sectors, presenting fresh business prospects and encouraging new systems of innovation [ 1 ].

The finance sector is actively experimenting and inventing with the power of technology's digitization. It is also one of the industries that have successfully embraced digitization. One of the most laudable digital developments of the finance sector is the widespread adoption of digital banking over traditional banking methods. Recently, potentially disruptive technological breakthroughs and Internet-based solutions appear to have been introduced to the banking industry, one of the most established and conservative sectors of the economy. Digital transformation in banking is essential to enhance how banks and other financial organizations learn about, communicate with and satisfy the needs of customers. An effective digital transformation starts with understanding digital client behavior, preferences, choices, likes, dislikes, and stated and unstated expectations, to be more precise. Many academics are interested in how information and communications technology is advancing and how it can affect the banking industry [ 2 ]. However, the bibliometric analysis conducted by academics utilizing VOS viewer is assumed to be the first to look at the digital banking transformation (DBT) studies from a performance analysis and science mapping perspective.

Large data sets from databases like Web of Science, Scopus index or Dimension are permitted for bibliometric study. The bibliometric analysis moves the banks' digital transformation survey from single to multi-dimensional outcomes. A quick search of DBT studies shows that the first journal was published in 1989, despite the earliest forms of digital banking being traced back to the advent of ATMs and cards in the 1960s. The quantum of increase after 2014, amounting to 203 articles, representing 76% of all published articles on the topic, compels this study to focus on this field of DBT studies. We contend that establishing the area's intellectual framework is more crucial than ever. As a result, we make a contribution by offering a relevant, distinctive and significant intellectual map of the literature on digital banking studies through quantitative and bibliometric analysis. In mapping the intellectual structure of DBT, our study sets out to address the following critical research questions:

Who are the predominant contributors (publication by year, journals, publishers, authors, publication, journal quality, country, and universities) to the DBT theory?

What are the country's collaboration and citation analysis of the impact of digitalization on banks?

What is digital banking theory's intellectual foundation (co-citation)?

What are emerging research themes/trends and future direction (bibliography coupling

and keywords analysis) to digital banking theory?

In response to the above four questions, this study has at least four significant additions to the literature on digital banking. First, we extend and build upon prior assessments of digital banking by offering a factual, quantitative perspective on the theory's historical development across time. Of course, this study considers notable contributors, the intellectual framework and theoretical groundwork of the discipline, the degree to which individuals are connected, and thematic subdomains. We show how digital banking has advanced by evaluating the significant offshoots from the original work by [ 3 ]. Second, we objectively assess how faithfully emerging subtopic literature streams acknowledge and build upon Burk and Pfitzmann’s seminal works. As a result, our paper is uniquely suited to detect significant gaps that might exist in subtopic areas, and we offer suggestions for improving literature unification. Thirdly, we show how scholars of digital banking have historically changed their study goals over time in response to gaps between theory and practice in order to determine how faithfully they have addressed these gaps. Finally, we contribute to the digital banking literature by identifying emerging digital banking research and study trends. Overall, we think that our research exposes chances to grow more effectively and collaboratively in the future by highlighting well-traveled roads that previous researchers have taken, identifying potential cracks that may leave the literature in a state of disarray, and so forth [ 4 ].

This study used bibliometric and network analysis to map a network that comprises authors, co-authors, keyword occurrences, journal citations and author names in a single study. The approach can give a thorough overview and pinpoint the field's intellectual hierarchy [ 5 ]. Furthermore, according to [ 6 ], bibliometric approaches are suitable for mapping the academic structure of a certain area because doing so enables researchers to recognize "'what,' 'where' and 'by whom' founded the field. We carry out a thorough bibliometric evaluation to meet the research objectives by carefully extracting the sample literature using the proper inclusion and exclusion criteria and selecting the search string. The first stage involved a descriptive analysis, while the second stage involved a comprehensive bibliometric analysis. Utilizing VOSviewer and Rstudio assistance, citation and co-citation analyses were carried out to determine the intellectual structure of the study on digital banking studies. Weighted citation measures were used to identify the lead publications from the clusters.

The format of our paper is as follows: A brief theoretical overview of the DBT literature, including its core principles, significant developments and limits, is given in section " Theoretical background ." Section " Methods " describes the research approach in depth, and section " Results " shows the results of our investigation. The limitations of our study and their consequences for theory and practice are discussed in section " Discussions and future research agenda ." Finally, we provide our final observations in section " Conclusion ."

Theoretical background

Society, economics, banks and banking are changing as a result of technological advancement. Banks are an unneeded remnant whose purpose is best provided by alternate arrangements, even though we still need banking. The value chain of traditional banking has been disintermediated by technology, and its business model has been severely altered. As a result, Fin-Tech adoption and digital technology collaboration are widespread, constant and profoundly changing company structures [ 7 ]. Nearly 90% of banks fear losing business to Fin-Tech, which has replaced traditional value chains with shorter multi-modal and multi-directional nodes, according to KPMG's 2017 annual reports. Digitalization permeates the contemporary world, and the banking industry is no different. Our lives seemed to have grown so ingrained with digital technology that we would feel empty without it. Banks of all sizes are investing a lot in digital initiatives to maintain their uniqueness and meet as many of their customers' needs as possible. Digitalization leads to more customization and closer to customers. It is called digital banking when a bank renders its services online, and customers can make transactions and other activities online. Since over 73% of consumers use products from numerous platforms, Lee and Shin [ 8 ] highlight that bank model disruption and ascribe this to ongoing innovation followed by disruptive challenges, with the possibility of losing market share to Fin-Techs omnipresent.Mobile technologies and social media digitize bank value chains simultaneously addressing and influencing client demands and expectations.

However, according to our knowledge, not much research has been done on the banking sector. Nevertheless, it is well known that the banking sector, which is frequently IT-intensive, requires special consideration due to its significance for the whole economy. Berger [ 2 ] emphasizes that the benefits of technology adoption may not convert into improved production, which is consistent with the literature mentioned above. According to Berger, rather than the organization itself, the advantages of technology might be passed on to consumers and other production-related elements. Sharing data allow banks to process information more efficiently while also achieving huge economies of scale in the processing of payments. For instance, banks have reportedly employed information processing to handle deposit and loan client information as well as to more accurately assess risks, according to Berger and Mester. Additionally, they have employed telecommunications technologies to expeditiously process payments and disseminate this data while consuming fewer resources (2003, p. 58). This would imply that cost productivity increased in the 1990s.

Digital transformation has an impact on business processes and alters how banks conduct operations. A contributing aspect to the traditional relationship between customers and banks is digital transformation. Customers in particular have the right to use a variety of communication channels to engage in active and convenient engagement with banks and other customers via online customer support services. Most importantly, digital transformation enables banks to service a variety of consumers simultaneously, enhancing the bank's operational efficiency. In addition, the employee's job procedures are digitalized, reducing time and resources for both human resources and transaction execution. Thus, the bank will benefit from digital transformation by increasing output (raising the number of clients) and decreasing input expenses (reducing the number of employees and the time to make transactions).

The banking and FinTech industries will expand further in joint ventures, mergers and acquisitions toward convergence among banks, FinTech and technology organizations, and social media network providers as the new decade gets underway [ 9 ]. Digital technologies including blockchain, artificial intelligence (AI), data platforms, cybersecurity regulation technology and strategic collaborations will be well positioned to be retained in the banking business in a completely digitally changed financial environment [ 10 ]. Up until the advent of digital banking and the branch-based banking model in the early 1990s, traditional banking remained unaltered and unopposed. In the USA, Stanford Federal Credit Union opened the first online bank in 1994. The number of local bank branches has substantially decreased globally with the advent of online banking. Globally, the number of digital banks has been steadily rising at the same time. The first digital disruptor was ING Direct, which launched as an entirely online bank in 1996 and over the course of a little more than a decade attracted more than 20 million customers in nine countries without having to make any investments in physical infrastructure. In 2013, the FinTech bank "N26" received initial approval for a banking license. Amazon introduced an e-commerce-based checking account feature in 2021, while Facebook developed a social network-based banking service in 2020. By 2020, banking clients have been accustomed to using mobile banking apps, direct deposit to P2P payments and cloud-based banking platforms with AI.

To address our research issues in the present study, we employed two bibliometric analytic techniques. Since bibliometric analysis is quantitative, systematic, transparent and repeatable, it is strongly recommended for mapping the intellectual architecture of a literature stream [ 11 ]. The specifics of our research methodology and key conclusions are shown in Fig.  1 .

Flow chart of searching strategy and data collection process

To achieve its goals, this study suggests using publications and citations to analyze the performance of authors, institutions, countries and journals. Another unique approach used in this study is known as scientific mapping. Co-authorship analysis, clustering, citation analysis and keywords analysis are the approach factors [ 5 ]. Bibliometric approaches have been applied in recent investigations [ 12 , 13 ]. Then, we employ it to start the process of developing a bibliometric investigation [ 5 ]. The following actions are a part of the four-step process: data gathering and analysis, selecting the limiting criteria, data analysis, discussions and conclusions.

Defining the search terms

We started by conducting a methodical keyword search of the current literature on digital banking [ 14 ]. We extracted data from the Scopus index database. According to [ 15 ], Scopus has a larger journal than any other service that conducts data mining. As a result, this study made use of this database to mine data for its bibliometric analysis. To identify digital banking impact articles, we used the keyword methodology outlined by scholars who have recently conducted reviews of DBT. By concentrating primarily on work that has undergone thorough peer review, we aimed to maintain the academic integrity of our sample. Conference transcripts and book chapters were taken out of the analysis. Additionally, we excluded any non-English-language publications; 298 articles make up our final sample, which is deemed adequate for bibliometric study. These articles were published between 1989 and 2022. The keys words are: digital, bank, banking, business model, company, finance, economics and social sciences.

Keyword protocol applied in Scopus for extracting articles.

Data search and collection

As a result of several authors using the Scopus database for bibliometric analysis, it was chosen as the database from which the study's data were extracted [ 12 , 13 ]. In comparison with Web of Science and Dimension, the Scopus database has many indexed journals. The first stage of data extraction involved 295 publications with the titles "effect of digitalization on banks" and "digital transformation of banks" in June 2022. The following stage of the data processing was restricted to 268 English-language journals. The research is restricted to publications in the fields of banking, business management, accounting, economics, econometrics and finance. The last research search turned up 268 papers that were written between 1985 and 2022. Our literature review and bibliometric analysis are built on the foundation of the sample size of 268 articles. The method of data extraction is displayed in Table 1 .

This study raises different research questions covering contributors to DBT or impacts of digitalization on banks and banking, average journals and journal quality citation, digital banking intellectual foundations (co-citation), emerging research themes/trends and future direction (bibliography coupling and keywords analysis) in institutional theory.

Who are the predominant contributors to digital banking theory

This study responds to the first research question by addressing the dominant contributors to the DBT theory by using the following criteria: publication by year, journals, publishers, authors, publication, journal quality, country, and universities.

Publication by year

Figure  2 illustrates the number of DBT publications between 1989 and early 2022, recording 268 scientific publications. DBT received little attention from the scientific community in the early years from 1989 to 2005, recording as little as seven publications. The available data further show that publication increased slightly to sixty-seven (67) over a twenty (20) year period from 2006 to 2016. However, there was a dramatic change in this trend afterwards. Approximately 72 percent of these scientific publications, representing one hundred ninety-four (194) articles, occurred in the last six years. The figure further revealed that the years 2020 and 2021 alone accounted for 43 percent of all scientific publications in the field of DBT. Perhaps the havoc of Covid–19 and the strategic role of banks in successfully influencing the payment system architecture in particular resonated well with researchers to pay much attention to the field around this later period. While the quantity of publications has increased, publications within elite journals continue to grow. As recently as 2017, more over 40% of DBT research was published in prestigious publications. In fact, since 2017, the average annual proportion of publications in the top tier to all publications is 62 percent. As a result, our findings imply that the standard of published research has generally kept up with the volume of publications.

Trends in digital banking publication since 1989

Publication activity by country

Our findings also show that DBT research has a truly global reach, as shown by the participation of authors from 65 different countries. Figure  3 gives a graphic representation of the top countries publishing DBT research. For better clarity, the study limited Fig.  3 to cover countries with more than five publications. Although the publication of digital banking is international, it is interesting to notice that a significant portion of the work originates from a limited group of wealthy nations. More specifically, more than 46% of all published DBT studies come from the USA, UK, India, China, Germany, Netherlands, Hon Kong, Romania, Finland, Poland, Ukraine, Italy and Spain. Only China and India are from emerging economies. Figure  3 illustrates publication activities by country.

Top publishing countries on DBT

Publishing activity by journal

Two hundred thirteen different journals published the 268 articles in our sample. Table 1 lists the top publishing Journals. Based on publication count, we found that the leading journals for DBT include Financial Innovation, Journal of Cleaner Production, Journal of Economics and Business, International Journal of Information Management, Journal of Information Technology and Sustainability Journal. Our observation revealed that even though the Journal of Financial Innovation had only two publications, it claimed the top spot with two hundred and twelve citations total citation, given an average citation of one hundred and six. This study also used Australian Business School Council (ABDC) rating & ranking. Journal quality is rated and ranked by ABDC, with A* being the highest-quality journal, followed by A and B as the second- and third-best journals, respectively. According to the ABDC ranking, journal C is the lowest ranked. The data available to us have shown that the high-quality journals in class A and A* are publishing works on digital transformation. Three of the top five journals in our data are in the A class.

Publishing activity by author and organization

According to [ 16 ], bibliometric methodologies can be used to evaluate the intellectual influence of universities and their research personnel. To determine the sources of digital transformation in banking, we assessed the research output of individual academics and institutions. We found 598 distinct writers from 224 organizations publishing on the subject of banking digital transformation inside our dataset. The top publishing scholars and institutions are listed in Tables 2 and 3 . The descriptive statistics also show that [ 17 , 18 , 19 , 20 ] are the authors with the highest citation. In addition, the Financial University under the government of the Russian Federation, Comsats University—Islamabad, National Chiao Tung University—China and the State University of Management—Russia are the top four.

Country collaboration and citation analysis

Country collaborations of co-authors analysis.

The UK is the most productive nation in terms of publishing changes in digital banking. Australia, Canada, Indonesia and the Russian Federation have the lowest populations. Figure  4 demonstrates that, with seven linkages and 18 times as many co-authorships, the UK has the highest level of collaboration. Countries like China, Hong Kong and the Netherlands, each with six links, tie for second place. The inflow of overseas students completing second and third degrees in the UK and the US may be one reason there are more significant connections between the two countries [ 21 ]. Additionally, the UK and China are two other significant technology superpowers laying the groundwork for digitization. This might have inspired and drawn academics to carry out studies in the area.

Country collaboration of co-authors analysis

Citation analysis

The most read articles in the field of research on DBT were found through citation analysis. Citation analysis examines the connections between publications and finds the most significant publications in a given study area [ 5 ]. Similar studies that used citation analysis based on the Scopus database have also been looked at research [ 21 ]. The authors' and the study's primary focus are analyzed based on their citations in Table 4 . The Financial Innovation Journal and Journal of Cleaner Production publish the most-cited article. Liu et al. [ 22 ] and Yip et al. are the authors of these articles [ 23 ]. Even though publications on the evolution of digital banking began in 1989, the most highly cited papers are in 2016 and 2018, respectively.

Cluster analysis (results of reference co-citation analysis with reference map)

By conducting the co-citation analysis of references as previously described and grouping the references cited by papers on DBT into clusters, we next looked at the intellectual foundation and structure of the DBT to answer the third research question. The 268 papers in our sample used 8720 different references in total. Our examination of co-citations revealed five interconnected clusters with a total of 67 articles. At least 20 of the 268 papers in our sample, which contained all 67 of these reference articles, collectively cited them. In other words, these 67 publications are the quantitatively most significant references in the literature on the shift of banking into the digital age. Similarly, we used the weighted citation count provided by VOS viewer to ensure high-quality articles in cluster analysis. We looked at the top 5 articles in each cluster as presented in Table 5 , to find a common topic, and we labeled each theme accordingly, following [ 24 ]. We summarize the findings of the five most influential studies in each cluster. In the following sections, we give a quick overview of these reference clusters and how they integrate into the larger framework for digital banking (Fig. 5 ).

Co-citation network of the reference map

Cluster 1: Digital banking innovation

A cluster that established its boundaries improved its theoretical relevance and defined it as the first and most noticeable cluster to arise. Therefore, it makes sense that [ 25 ] are the most important tenet of this fundamental research stream. In 2022, digital transformation will continue to be a crucial trend in banking. The financial services sector is slowly changing as a result of technology, just like how it has affected other economic sectors. Physical bank branches have historically served as the primary point of contact for facilitating customer and retail banking transactions, according to [ 25 ]. Customers are continuing to transition from in-person to digital transactions as technology advances because of a complementary influence brought about by more access to digital banking services and an improved experience of new digital access, goods, services and functionality. They have developed a novel mapping technique for FinTech developments that assesses the extent of changes and transformations in four subfields of financial services: operations management, technological advancements, multiple innovations, and blockchain and other FinTech innovations. According to [ 26 ], the current wave of mergers and acquisitions in the financial services sector, combined with the broad availability of sophisticated technology, has increased competitiveness in the sector. Also, Henseler et al. [ 27 ] used discriminant validity assessment analysis to establish relationships between latent variables in business transformation. The digital banking revolution cannot go without challenges. All innovations encounter client resistance, claims [ 28 ] tested hypotheses using binary logit models comparing mobile banking adopters versus non-adopters, mobile banking postponers versus rejecters and Internet banking postponers versus rejecters using data from two comprehensive national surveys conducted in Finland ( n  = 1736 consumers). The value barrier is the main obstacle to the adoption of online and mobile banking, according to the study's findings. He also discovered that age and gender strongly influence decisions to adopt or reject. When [ 29 ] looked at the effect of cognitive age in explaining older people's resistance to mobile banking, they discovered that traditional and image barriers had an impact on usage, value and risk. All impediments, in turn, have an impact on resistance behavior. Furthermore, cognitive age was found to moderate these relationships. In order words, younger elders have limited or no resistance to DBT as opposed to elderly ones. All writers in this cluster agree that technology and evolving customer demands dramatically affect how banks operate in the twenty-first century. Indeed, the coronavirus outbreak has made it clear that banking institutions need to speed up their digital transitions. But the banking sector needs to modify its business models for front-facing and back-office operations to keep up with the changes and avoid potential upheavals. True digital banking and a complete transformation are built on implementing the most recent technology, such as blockchain cloud computing and Internet of Things (IoT).

Cluster 2: FinTech and RegTech in Banking

Scholars in this cluster preoccupied themselves with the concept of FinTech (Financial Technology) and RegTech (Regulatory Technology) thus the application of emerging technology to improve the way businesses manage regulatory compliance). They provided a range of viewpoints to make the disruptive potential of FinTech and its consequences for a more thorough financial ecosystem application in the banking and financial ecosystem easier to understand. Despite the widespread agreement that FinTech will have a big impact on the financial services industry, little academic literature has examined this topic, according to [ 30 ], citing [ 8 ]. Kindly assist with the changes.. Additionally, no accepted definition of FinTech has yet been established. On the other hand, according to Google, the query what is FinTech is presently ranked seventh among the most popular FinTech-related questions (Google, 2016b). He gave the most up-to-date definition of FinTech, which is a new financial business that uses technology to enhance financial activity. Contrarily, RegTech, or regulatory technology, uses cutting-edge tools and methods to assist financial institutions in enhancing their regulatory governance, reporting, compliance and risk management. According to [ 31 ] research, many desirable results might certainly be attained if regulators were willing to implement cultural change and integrate technical improvements with regulation. Such outcomes can include stabilizing the financial system, fostering systemic stability. The disruptive invention by [ 31 ] has the potential to improve consumer welfare, regulatory and supervisory outcomes, and the financial services industry's reputation. According to [ 10 ], the traditional business models of retail banks are seriously threatened by the emergence of digital innovators in the financial services industry. Lee and Shin [ 8 ] who contend that FinTech ushers in a new paradigm in which information technology drives innovation in the financial industry endorse this point of view. FinTech is hailed as a paradigm-shifting, disruptive innovation that has the power to upend established financial markets. The corporate world is quickly digitizing, shattering borders between industries, providing new opportunities and eliminating long-successful business models, according to [ 22 ], who added to the literature. They added that, on the plus side, growing digitalization presents opportunities, including the chance to take advantage of a solid customer connection and boost cross-selling. The dangers are typically precise and immediate, which is a drawback.

Cluster 3: The new digital business model of banks and other financial service providers

The papers in this cluster delved into the business model concept and, to a more significant extent, the new banking business model, which is technology-led. According to [ 32 ], business strategists and academics are paying more attention to business models as they try to understand how businesses create value and function well in order to gain a competitive advantage. Additionally, they argued that the digital economy had given businesses the chance to test out novel systems for networked value creation, where value is collaboratively produced by a firm and a big number of partners for a large number of users. The researchers came to the conclusion that four key themes are emerging, largely centered on the idea of the business model: as a new analytical unit, providing a systemic perspective on how to "do business," encompassing boundary-spanning activities (performed by a focal firm or others), and focusing on both value creation and value capture. These ideas are related and reinforce one another. Chesbrough [ 33 ] says that businesses must use their business models to commercialize novel concepts and technology. While businesses may make significant investments and have elaborate systems for investigating novel concepts and technologies, they frequently lack the ability to develop the business models that would be used to implement these inputs. He proposed that organizations should build the capacity to innovate their business models in order to make sound business decisions. Durkin et al. [ 34 ] did an excellent job investigating social media's role in a bank’s new digitally oriented business model. They suggested that social media had the power to profoundly alter customer-bank relationships and improve how the two sides communicate in the future. Their research shows that a wide range of clients regularly use transactional e-banking services. Loebbecke and Picot [ 35 ] presented a position paper that considers the factors driving how digitization and big data analytics drive the change of business and society. There is also discussion of the potential effects of digitalization and big data analytics on banking or employment, particularly in terms of cognitive work. Although several authors have recently proposed definitions of "business model," Shafer et al. [ 36 ] claim that none of them seem to be broadly recognized. This lack of agreement could be ascribed to the concept's interest from a variety of fields, all of which have connected it to something. To develop business models in the age of digital transformation, there must be an exponential shift in corporate culture and leadership concentration. The authors concur that banking is evolving as a result of a new wave of digital-only firms who are fragmenting the industry, componentizing products, and upending established business models. They claimed that switching from the previous business model to the new one is not the only way to succeed in this adaptable, fluid world. Instead, it will shift away from relying on a single, vertically integrated business model and toward a variety of non-linear models and value chain roles. In actuality, the Covid-19 epidemic has accelerated the development of business ecosystems for digital banking. Opportunities to develop, deliver and realize the value in new ways are made possible by digital technologies. The pipeline concept, the foundation of the classic universal bank, allows it to independently manufacture, sell and distribute products using its internal resources. This vertically integrated pipeline business model is disintegrating, making room for value chains that are becoming more fragmented and chances for new business models. A network of diverse business players from backgrounds including banking, insurance, pension, communications, real estate, education, healthcare service providers and IT are part of the new business model that the researchers have found. They work together to benefit each other through coexisting. The result of these developments and transformation is that financial services will continue to function in innovative and distinctive ways from those previously observed.

Cluster 4: Role of IT in banking

The fourth cluster concentrated on the crucial part information technology (IT) plays in the supply of financial services. According to [ 37 ], several banks have used information technology (IT) to provide consumers with a variety of more effective services. They think that in order to gain clients and boost profits in a cutthroat business environment, bank management must simultaneously use a variety of service channels. The majority of earlier research on IT investment in the banking sector has been on implementing cutting-edge IT-based service channels, including Internet banking, from the perspectives of clients [ 37 ]. From the standpoint of the bank, Barkhordari et al. [ 37 ] demonstrate that IT has a beneficial effect on performance by taking into account both the conventional physical and alternative IT-based service channels at once. They came to the conclusion that the purpose of using IT-related tools in banking is to forward a strategic, transformative objective. Due to the advancement of modern IT, the relationship between banks and their customers has changed substantially over the past few decades. They claimed that some of the examples include well-known innovations such as automated teller machines (ATMs), online banking (e-banking), and straight-through processing (STP), as well as others that have not (yet) gained widespread adoption, such as electronic cash (e-cash), or electronic bill presentment and payment (EBPP). At least the first has changed how people and businesses manage their finances and had an impact on the entire sector. They outlined how the aforementioned advances needed structures that took trends into account and might broaden the scope of current bank architectures to include horizontal and vertical integration dimensions. According to [ 38 ], enterprise architecture is typically represented by the following layers and design objects:

Product/services, market segments, corporate strategy goals, strategic plans/projects and interactions with customers and suppliers are all included in the strategic layer.

Organizational layer: Information flows, organizational units, roles/responsibilities, sales channels and business processes.

Applications, application domains, business services, IS functionalities, information objects, and interfaces make up the integration layer.

Software layer: programs, data structures, etc.

Hardware components, network components, and software platforms make up the IT infrastructure layer.

When it comes to transformations, architectures are really useful, because they integrate many layers. Creating new businesses or reorganizing old ones is transformation.

According to [ 32 ], organizations that are successful over the long term have basic principles and purposes that never change while continuously adapting their business strategies and operations to the external environment. IT's penetration of the banking industry falls under this category of business change. Liu et al. [ 22 ] contributed to the conversation by asserting that technological advancements like high-frequency trading systems (HFT) and algorithmic trading systems had altered the financial markets. The point is that information technology (IT) makes it possible to design complex products, improve market infrastructure, apply adequate risk management strategies and aid financial intermediaries in reaching geographically remote and diverse markets. The Internet has considerably impacted the delivery methods used by banks. The Internet has become an essential medium for distributing banking services and goods.

Cluster 5: Response to DBT

This fifth and final cluster considered the attitude of staff and clients toward DBT. If computer systems are not utilized, they cannot increase organizational performance. Unfortunately, managers' and professionals' opposition to end-user technology is a common issue. We need to comprehend why people accept or reject computers in order to better forecast, explain and promote user acceptance. The findings point to the potential for straightforward yet effective models of user acceptance factors, with practical utility for assessing systems and directing managerial actions aimed at addressing the issue of underutilized computer technology. Agarwal and Prasad [ 39 ] assert that a recent lack of user adoption of information technology breakthroughs is to blame for the frequently paradoxical link between investments in information technology and increases in productivity. They continued by saying that the academic and professional sectors had grown concerned about this paradoxical connection between spending on information technology and increases in productivity. The axiom that systems that are not used generate little value is an often proposed explanation for this relationship. Therefore, in order to achieve the expected productivity advantage, it is not enough to simply have the technology available; it must also be accepted and used effectively by its target user group [ 39 ]. The work of DeLone and McLean threw more light on technology acceptance. When [ 32 ] created a thorough taxonomy, they provided a more comprehensive picture of the concept of information system success. Six main characteristics or categories of the success of information systems are proposed by this taxonomy: system quality, information quality, utilization, user satisfaction, individual impact and organizational impact. Meanwhile, further discussions in this cluster have given more insights into customer acceptance or otherwise of IT in banking. Perceived utility, perceived ease of use, trust and perceived enjoyment are discovered to be immediate direct drivers of customers' views toward utilizing Internet banking, according to [ 40 , 41 ] research. This finding is consistent with some of the findings of other studies. The clients' behavioral intentions to utilize Internet banking are determined by attitude, perceived risk, fun, and confidence. Although the perceived website design has a direct impact only on perceived usability, its indirect effects on perceived usefulness, attitude and behavioral intentions are considerable. Perceived enjoyment only has a short-term impact on perceived ease of use, but both a direct and indirect influence on perceived usefulness. Customer experience is at the heart of the digital banking transition. Therefore, banks must continuously innovate products, integrate cutting-edge technology and add value for their clients.

Keywords analysis

The trends in the keywords displayed in multiple studies can be used to determine the main study direction for upcoming investigations [ 42 ]. The VOSviewer r software, which has previously been utilized by other writers, is employed in this study to extract the author's keywords [ 12 , 21 , 43 ]. A co-occurrences network is produced by the VOS viewer program as a dimensional map [ 12 ]. We used bibliographical author keyword analysis to examine our sample and determine whether there was any increasing or declining themes of interest per research question four. We discovered that writers of the 268 publications in our sample employed 829 keywords to indicate their scientific work, meeting the studies' threshold. Only 26 words, or around 3% of the total, were used at least four times. Our findings imply that the literature on DBT is incredibly heterogeneous. Indeed, according to the results of most recent articles, 80 percent of the authors' specified keywords were utilized precisely once. However, there are several keywords that authors frequently utilize to describe their works (Fig.  6 ). FinTech is the most often used keyword, with 25 occurrences and 29 links to other keywords, followed by digitalization, with 18 and 20 links. Reporting on Digital Transformation contains 13 instances and 18 links. The bibliometric map of author keywords is shown in Fig.  6 .

Bibliometric map of author keywords co-occurrence with five minimum occurrences and overlay visualization mode

The theme areas contemporary academics focus on can be seen by closely examining the map. The use of bibliographic coupling is based on the subject the authors are investigating. The digital transformation of financial service delivery was investigated by [ 43 ] from the perspective of Nigeria about chatbot adoption. A moderated mediated model was used by [ 44 ] to examine how blockchain technology was adopted in the financial sector during the fourth industrial revolution. Additionally, Karjaluoto et al. [ 19 ] looked at how users' perceptions of value influence their use of mobile financial services apps. Similarly, Podsakoff et al. [ 16 ] focused on enhancing the value co-creation process: artificial intelligence and mobile banking service platforms. Taking the discussion to a different dimension, Teng and Khong [ 45 ] worked on Examining actual consumer usage of E-wallets: A case study of big data analytics. David-West et al. [ 46 ] examined sustainable business models to create mobile financial services in Nigeria. Yip and Bocken [ 23 ] deepened the discussion and, in turn, looked at Sustainable business model archetypes for the banking industry. Finally, Niemand et al. [ 20 ] highlighted digitalization in the financial sector: a backup plan with a strategic focus on digitalization and an entrepreneurial attitude. Future research on financial services provided via e-wallets and mobile banking is the main emphasis of the second cluster. Authors are still studying entrepreneurship and digitalization in the supply of financial services. Future research is required in these areas of study because blockchain technology and digital currency are also gaining traction in the literature. The most popular search terms and the number of times they were used are displayed in Table 6 .

Discussions and future research agenda

The first paper on DBT was published by [ 3 ], and since then, both its audience and popularity have grown. Yet, the rapid rise in total publications across a wide range of specialist areas, notably during the last five years, has made it increasingly difficult for academics to ascertain the intellectual structure of the field. Existing qualitative assessments, which usually only address a small fraction of Digital Transformation in Banking while failing to accurately capture the entire body of work, have in some ways made the problem of theoretical specificity worse. It is rather tricky for a qualitative evaluation to describe more than 260 works over three decades. Thus, our research fills a critical vacuum in the literature by thoroughly (and quantitatively) mapping the digital banking domain, documenting its conceptual structure and suggesting its most likely future orientations. The theoretical underpinnings from which they have been developed, the subtopics and subthemes they have written about, and the notable historical contributors to DBT study (such as scholars, schools, and journals) are all identified in our work over time. Overall, our findings imply a considerable worldwide impact of digitization on banking, making it a truly global study paradigm. Additionally, the high number of citations for recent works shows that there is a great need for more research utilizing the DBT theoretical framework, suggesting that the field of study will continue to advance for a very long period. The study's structure is based on a wide range of goals and inquiries.

The initial research question aimed to characterize the increase in publication (document by year and county) and productivity of journals in terms of citations, top authors and institutions of studies on DBT. According to the data that are currently available, 174 papers, or 72% of all scientific publications, were published in the last six years, from 2016 to 2022. Also, prestigious journals carried out more than 40% of the publications. Therefore, our data imply that the quantity and quality of published research have typically stayed up. Our data also show that the research on the DBT is genuinely global in scope, as seen by the contributions of authors from 65 different countries. China and the UK are split equally, with India coming in second. It is essential to add that the BRIC (Brazil, Russia, India and China) countries perform well with publications. African countries like Ghana and Nigeria are equally showing promising signs of publications in this light. Regarding journal productivity, the study has revealed that articles on the banking industry's digital transformation are published in high-caliber journals in the A and A* classes. In our statistics, three top-five journals fall into the A category. These are the International Journal of Information Management (A*), Journal of Information Technology (A*), and Journal of Cleaner Production (A). We found 598 distinct writers from 224 organizations publishing on the subject of DBT inside our dataset. The descriptive statistics also reveal that Ranti et al. (2020) have the most citations, while the Financial University of the Government of the Russian Federation is the most productive institution in terms of the DBT, with seven publications.

The second research topic analyzes the co-authorship analysis and citation analysis by nation of authorship. Figure  3 shows that the UK has the maximum amount of collaboration, with 16 links and 18 co-authorships. China, Hong Kong and the Netherlands tie for second place with six linkages each. The increase in foreign students seeking second and third degrees in the UK and China may be one factor fostering closer ties between the two countries [ 21 ]. The UK and China are two other critical technological superpowers establishing the foundation for digitization. This might have attracted scholars and prompted them to conduct studies in the area. Future research might study the effects of digitization on banking on enforcing public and private sector regulations in emerging nations like Africa.

The third research question assesses the intellectual structure of the knowledge of DBT. This result was attained through citation analysis. Finding the most important publications in a specific field of study through citation analysis involves looking at the relationships between publications [ 5 ]. The primary point of contact for enabling retail banking and consumer transactions in the past has been actual bank branches. Customers are still transitioning from in-person to digital transactions as technology develops thanks to a complimentary effect brought on by increased access to digital banking services as well as an improved user experience of new digital access products, services and an improved user interface. Further research revealed that the banking sector's transition to digitization had increased competitiveness among service providers. The citation analysis highlighted the impact of FinTech on financial services innovations. According to [ 8 ], FinTech ushers in a new paradigm where information technology drives innovation in the financial sector. FinTech is hailed as a paradigm-shifting, disruptive innovation that has the power to upend established financial markets. We discovered that the corporate world is rapidly digitizing, removing industry barriers, opening up new opportunities, and dismantling long-established business structures. The concept of a business model and, to a greater extent, the new banking business model was also included in the analysis. The authors proposed that businesses build the capacity to innovate their business models since it makes good business sense. For instance, it has been seen that social media is significantly influencing the business models of some digitally focused banks. Social media, according to some, has the power to radically alter customer–bank interactions and improve how the two sides communicate in the future. If banks are to have an impact, they must transition from relying on a single, vertically integrated business model to multiple non-linear models and roles in the value chain. As a result of these developments and transformations, financial services will continue to operate in novel and unique ways from those previously observed. The study has proven beneficial for the use of IT in banking. IT-related tools are used in banking to advance a strategic transformational goal. The connection between banks and their customers has altered significantly over the past few decades with the development of contemporary IT. The most prevalent enterprise architecture layers and design items, according to [ 38 ], are the strategic, organizational, integration, software and IT infrastructure. It has been established that information technology (IT) enables the development of complicated products, enhances market infrastructure, implements efficient risk management techniques and enables financial intermediaries to access diverse and geographically dispersed markets. Despite the enormous advantages of digital banking, opinions on the systems are widely divided. Agarwal and Prasad [ 39 ] claim that a recent lack of user acceptance of information technology breakthroughs is to blame for the frequently paradoxical link between investments in information technology and productivity increases. They said that the counterintuitive connection between productivity increases and information technology investments had alarmed academic and professional groups. According to theories advanced by academics, digital technology, in general, and information systems, in particular, must fall under one of the following taxonomies to be accepted and used: system effectiveness, accuracy of the data, usability, user happiness, personal effect and organizational effect. The fourth research question looked at the future directions and emerging research themes and trends in studies of the digital banking transition. Future scholars are still interested in business models, FinTech, and DBT or banking. Additionally, the focus of the conversation is rapidly shifting to emerging and developing economies. Nevertheless, contemporary research areas include blockchain [ 44 ], mobile financial services apps [ 19 ], artificial intelligence and mobile banking service platforms [ 47 ], and sustainable business models [ 46 ]. The importance of highlighting the need for additional research in these fields of study cannot be overstated, given the growing popularity of blockchain technology and digital currency in literature.

Implications for theory

At least four substantial contributions to the body of DBT research, in our opinion, have been made by this study. We contribute primarily by expanding on current DBT reviews. While other reviewers have used qualitative methodologies, we may supplement and expand on such assessments by utilizing a thorough bibliometric study, allowing us to be more explicit about DBT's intellectual progress and structure. This is significant because it gives us a unique opportunity to highlight notable contributors and pinpoint the present and past origins of DBT research. Second, our quantitative analysis of bibliographic data demonstrates how DBT research has developed into its paradigm, which is supported by the original article by Bürk and Pfitzmann [ 3 ]. Third, we make a contribution by detecting rising and negative trends in subtopic areas, so identifying the subjects that are most likely to be studied in the future by academics. Fourth, by conducting a comprehensive assessment of DBT, we pinpoint areas where theory and practice diverge and evaluate the ways in which researchers have aided practitioners by modernizing DBT to comprehend and foresee the difficulties of "real-world" business.

Implications for practice

The banking sector, like other sectors, aspires to embrace contemporary practices and incorporate digital technologies into its operational procedures. This complicated collection of measures necessitates a methodical and considered approach, particularly in financial services where substantial sums of money and severe risks are at stake. DBT in this sense refers to several adjustments made to the banking sector to integrate different FinTech technologies to automate, optimize, and digitize procedures and improve data security. The processes and technologies employed in the financial industry will alter due to several small and significant changes implied by this process. The fundamental tendency of digital transformation, regardless of industry, is the integration of computer technologies, and Statista's analysis indicates that this trend will continue to expand. The challenges posed by introducing new digital innovations must be understood by stakeholders, who must also articulate solutions. Again, embracing digital technologies will involve taking on several tremendous risks; for this reason, bank executives must simultaneously establish and implement a strategy for managing those risks. If regulators utilizing technology to oversee and control the industry want to ensure solid financial stability in the economy, they must constantly be ahead of innovation risk with appropriate countermeasures. Digital banking involves the collection and processing of vast volumes of customer data. This raises the issue of data protection following regulations and international best practices. The DBT's third useful outcome is that it prompts organizational leaders to consider how their personal biases—which are the products of their histories, characteristics and experiences—might influence opinions and, ultimately, bank performance.

Limitations

We know that no study is faultless, and ours has its setbacks. While we made every effort to minimize problems, we nevertheless expect to offer insightful suggestions for future bibliometric and DBT studies. First, we used the Scopus database, a popular database used in bibliometric research, to gather our bibliometric data [ 48 ]. Even though Scopus contains the most data sources, it does not include all research databases on the transformation of digital banking. Furthermore, because this database has so many uses, using Scopus for data collection could likely lead to mistakes that show up when performing bibliometric analysis. To put it another way, errors might have happened if articles were mislabeled, and it is possible that the database completely missed publications important to our study [ 49 ]. To address this potential issue, we followed the best bibliometric analysis methods. For instance, we thoroughly purged duplicates and other forms of incorrect items from our data. Additionally, this research is restricted to English-language publications, and the subject only includes business, management, finance, economics, FinTech and banking digitalization. The data search will be enhanced, and the search restriction will be reduced using several databases.

This article assesses the intellectual landscape and future potential of the field of DBT research, as well as the influence of that research. The approach for this study is based on descriptive analysis, performance analysis and science mapping analysis, and it employs bibliometric analysis. The set was created based on 268 documents from the Scopus database that span the years 1989 to 2022. We demonstrate that DBT has continued to be a hot topic for academic research approximately three decades after its conception. Our findings also indicate that the UK, USA, Germany and China are the countries that have conducted most of the studies on the DBT. Only China and India are considered emerging economies; everyone else is looking at it from a developed economy perspective. We further categorize the body of research on DBT into five main clusters, including (1) Digital Banking Innovation, (2) FinTech and RegTech in Banking, (3) The New Digital Business Model of Banks and Other Financial Service Providers, (4) The role of IT in banking, (5) Response to DBT. Due to a significant influx of international students, the UK, China and Hong Kong continue to be the most collaborative countries. Additional research reveals that papers rated with A* and A grades frequently publish studies on DBT. Once more, the analysis identifies key theoretical underpinnings, new trends and research directions. FinTech, block chain mobile financial services apps, artificial intelligence, mobile banking service platforms and sustainable business models are currently researched. Given the rising popularity of block chain technology and digital money in the literature, highlighting the need for more research in these areas of study cannot be overstated. This study builds on previous reviews by objectively charting the inception and intellectual growth of the digital banking area and evaluating its future possibilities. In essence, this bibliometric study offers a distinct and original viewpoint on the evolution of DBT by carefully and objectively assessing prior material and concurrently offering a clear road map for future work.

Availability of data and materials

The datasets generated and/or analyzed during the current study are not publicly available but are available from the corresponding author upon request.

Abbreviations

Digital banking transformation

Financial technology

Regulatory technology

Internet of things

Automatic teller machine

Artificial intelligence

Information technology

Information communication technology

Straight through processing

Electronic banking

Electronic cash

Electronic bill presentment and payment

High-frequency trading system

Electronic wallets

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Acknowledgements

The authors would like to graciously thank the Editor-in-Chief and the editorial team, and the two anonymous reviewers for their feedback in developing this paper. The writers also acknowledge Prof. Alfred Owusu, Dean of KsTU's Business School, for his guidance, inspiration and support. We appreciate his inventiveness and how it enabled us to clearly define the goal and possibilities of this effort. The authors also appreciate the helpful advice provided by Dr. Thomas Adomah Worae and Prof. Abdul-Aziz Iddrisu as we worked on the first versions of the manuscript. Finally, we would like to thank Riya Sureka, a research scholar at the Malaviya National Institute of Technology in Jaipur, India, for his advice on how to analyze bibliometric data using the ‘R’ and VOS viewer software.

This research received no external funding.

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Lambert Kofi Osei &  Kofi Mintah Oware

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All authors contributed significantly to the development of this article; LK generated the title, wrote the introduction, collection and analysis of the data, interpreted the co-citation analysis and put the manuscript together. YC reviewed the existing to conceptualize the study, reviewed the study and expanded the analysis. KM involved data generation from Scopus data base, software running, data analysis and review of the work. All authors read and approved the final manuscript.

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Lambert Kofi Osei holds a masters of business administration (finance option) degree from the Kwame Nkrumah University of Science and Technology. He is currently a PhD finance and banking student of Siberia Federal University, Russia. He is currently a lecturer at the Department of Banking Technology and Finance—Kumasi Technical University—in Ghana. He also holds an associated charted membership with the Chartered Institute of Securities and Investment—UK. Osei is certified expert in microfinance (CEMF) from the Frankfurt School of Finance—Germany. Osei has had considerable level of industry experience, with over 12 years managerial experience in the banking industry in Ghana including been the chief executive officer of Eman Capital. Prior to joining Kumasi Technical University, he was the National Chairman of Ghana Association of Microfinance Companies (GAMC)—an umbrella body of all microfinance companies in Ghana. Despite joining academia recently, Osei has made two publications of his work and a lot more articles are under completion stage to be sent for review. It is the goal of him to be an authority in the field of digital banking to impact businesses and societies.

Yuliya Cherkasova holds Ph.D. in economics and is a associate professor, School of Economics, Finance and Public Administration, Siberian Federal University. She is the chair of Digital Financial Technologies of Sberbank of Russia. Her research interests include banking prudential regulation of banks, digital economy and public finance. As a researcher, she has published more than 70 articles, 10 textbooks on topics, related finance and banking aria.

Kofi Mintah Oware has a Ph.D. in business administration (sustainability finance and management) from Mangalore University, India, and an MBA degree from Aberdeen Business School (Robert Gordon University—UK). He is currently a senior lecturer in the department of banking technology and finance. He is also a chartered accountant with membership from the Institute of Chartered Accountants (ICA), Ghana, and Institute of Cost Executive & Accountants (ICEA)—UK. Before joining academia, he worked in blue-chip companies for 12 years in various capacities, including chief accountant, head of finance and general manager for finance & administration in Ghana and research consultant to Aberdeen Businesswomen network in the UK. Among his key roles during industry experience include representing management in union negotiations and presenting the firm's financial reports in the corporate board meeting. In academia, he has 34 publications in various journal, including two "A" s under ABDC (Meditari Accountancy Research), three "B" s under ABDC (Social Responsibility Journal & Society and Business Review) and one C (South Asian Journal of Business Studies) all with Emerald publications. Also, he has 10 academic papers in various journals under review.

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Osei, L.K., Cherkasova, Y. & Oware, K.M. Unlocking the full potential of digital transformation in banking: a bibliometric review and emerging trend. Futur Bus J 9 , 30 (2023). https://doi.org/10.1186/s43093-023-00207-2

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The evolution of banking in the 21st century

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Evidence and regulatory implications, samuel g. hanson , samuel g. hanson marvin bower associate professor - harvard business school victoria ivashina , victoria ivashina professor of business administration - harvard business school laura nicolae , laura nicolae ph.d. candidate - harvard university @lauramnicolae jeremy c. stein , jeremy c. stein moise y. safra professor of economics - harvard university adi sunderam , and adi sunderam professor - harvard university daniel k. tarullo daniel k. tarullo nonresident senior fellow - economic studies , the hutchins center on fiscal and monetary policy.

March 27, 2024

The paper summarized here is part of the spring 2024 edition of the Brookings Papers on Economic Activity , the leading conference series and journal in economics for timely, cutting-edge research about real-world policy issues. Research findings are presented in a clear and accessible style to maximize their impact on economic understanding and policymaking. The editors are Brookings Nonresident Senior Fellows  Janice Eberly  and  Jón Steinsson .

See the spring 2024 BPEA event page to watch paper presentations and read summaries of all the papers from this edition.  Submit a proposal to present at a future BPEA conference  here .

Uninsured deposits should be subjected to tougher regulatory requirements to guard against the type of rapid runs that toppled three large regional banks last spring, suggests a paper discussed at the Brookings Papers on Economic Activity (BPEA) conference on March 29.

In the wake of the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank (three of the four largest bank failures in U.S. history), the authors look at two trends over the past quarter century—the substantial growth of uninsured deposits and the migration of business lending to non-banks. The trends challenged the failed banks and banks like them, and in some cases left them vulnerable to runs. And, using a simple model they constructed, the authors assess regulatory options for reducing the risk of destabilizing runs.

“One of the most striking developments that we document … is a dramatic growth in the economy-wide ratio of bank deposits to GDP [gross domestic product], with much of this growth coming from large uninsured deposits,” write Samuel G. Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam, and Daniel K. Tarullo, all from Harvard University.

According to their paper—”The Evolution of Banking in the 21 st Century: Evidence and Regulatory Implications ” —total deposits in the fourth quarter of 1995 were 49% of GDP, with 20% of those deposits uninsured. By the third quarter of 2023, total deposits were 75% of GDP, 39% of them uninsured. Adding to that vulnerability, technology and social media have made it increasingly easier for large depositors to quickly withdraw their money.

Meanwhile, banks with the most rapid growth in deposits have seen the biggest declines in business lending, which has migrated toward non-bank entities such as securitization vehicles, mutual funds, insurance companies, and, in recent years, private-credit funds and business development companies. (Smaller community banks tend to specialize in lending to smaller firms and have been less affected by the growth of non-bank institutions.)

Instead of lending to large- and medium-size businesses, regional banks have shifted toward investing in longer-term Treasury securities and government-guaranteed mortgage backed securities. Those securities have little or no credit risk (the risk of default) but they are subject to interest-rate risk. When interest rates rise sharply, as they did in 2022 when the Federal Reserve raised rates to fight inflation, existing long-term securities lose value because investors can earn more from newly issued securities.

To reduce the risk of runs, the authors looked at expanding federal deposit insurance to cover all or most deposits. But that expansion of the government’s footprint would increase taxpayer exposure and could weaken banks’ incentives to guard against risk. Also, in the case of banks that have shifted away from lending, it would in effect subsidize bond holding rather than lending.

Instead, the authors favor strengthening liquidity regulations, which aim to ensure banks have funds available to meet deposit withdrawals. The authors would require banks with more than $100 billion in assets to back their uninsured deposits by pre-positioning collateral, largely in the form of short-term government securities, at the Federal Reserve. That requirement would enable them to withstand a run by borrowing from the Fed’s discount window and would encourage them to shift their asset-mix away from longer-term securities and toward short-term securities, which are much less subject to interest-rate risk.

The authors also recommend that regulators re-think rules that, except for the eight largest U.S. banks, shield regulatory capital from reflecting most market losses on the securities banks hold.

And, the authors recommend that regulators “look more positively on proposed mergers of mid-size regionals and on acquisitions of smaller banks by mid-sized regionals.” That could either help regionals to better compete with the largest banks or could aid in wringing out excess capacity to the extent that the business model of the regionals continues to be under pressure.

Hanson, Samuel, Victoria Ivashina, Laura Nicolae, Jeremy Stein, Adi Sunderam, and Daniel Tarullo. 2024. “The evolution of banking in the 21st century: Evidence and regulatory implications.” BPEA Conference Draft, Spring.

David Skidmore authored the summary language for this paper. Chris Miller assisted with data visualization.

Stein and Tarullo are former members of the Federal Reserve Board of Governors. Sunderam was a visiting scholar at the Federal Reserve Bank of Boston from January-June 2023, and Ivashina has been a visiting scholar there since 2015. The authors did not receive financial support from any firm or person for this article or, other than the aforementioned, from any firm or person with a financial or political interest in this article. The authors are not currently an officer, director, or board member of any organization with a financial or political interest in this article.

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• ICT: E-Banking and Firm Performance ICT is concerned with storage, retrieval, manipulation and transmission of digital data. ICT involves software, hardware and systems.
• Banks, Bank Firms and Financial Intermediaries The reasons below shows that it is necessary to have strict regulation on banks and other financial institutions: The main reason why banks need regulation is to ensure that there is financial stability in the […]
• The Employee Benefits Provided by the Bank of America In the process of applying for a job or assessing a certain company, it is crucial to learn about their advantages and unique features. In conclusion, Bank of America features various benefits that provide employees […]
• Legal Issues in the Banking Industry The second problem is the complexity of banking operations for foreigners and the low-educated segments of the population. Thus, in banking, employees often face the problems of sexual harassment, complex mechanisms for clients, and digitalization.
• Cryptocurrency and Its Impact on the Banking Industry Advanced coding is used to store and transfer cryptocurrency data between the wallet and a public ledger, and encryption is used to confirm transactions.
• Overfitting and Bias-Variance Trade-Off in Banking While the training set represents most of the data, the testing set is used to test accuracy by measuring performance separately in the two separate parts of the data set.
• Digital Trends & Sustainability in Banking It would be accurate to refer to banking as the financial hub of the economy because it is a major industry in the service sector.
• The National Bank of Kuwait’s Improvement However, the constant improvement of technology and the introduction of innovations forced the bank to reconsider its policy and introduce a new system.
• Ransomware in the US Banking Industry The mismatch can lead to a lack of trust and reputational damages. Data pertaining to the business plans and visions can also be accessed, making it vulnerable.
• The Role of Technology in Investment Banking The role of technology in an investment bank is to reduce costs, evaluate opportunities with regard to investment, optimize processes, and manage risks.
• The Discussion of the Bank of England The Bank of England represents a centralized structure that has the right to regulate other banks across the country. This is a basic process that helps the Bank of England maintain a healthy balance between […]
• Tesla Inc.’s Banking Structure and Investments According to Saberi, it represents almost 4% of the world GDP, and, in the context of developed economies, 1% of automotive industry growth triggers respective 1,5% growth in the country’s GDP. Due to the specificity […]
• Leadership at Qatar National Bank This paper examines in detail the phenomenon of leadership and its classic types in the light of improving the overall effectiveness of the work team.
• Interpersonal Leadership Skills in Bank of America However, it is clear that the issue is not the demographics but the inefficient leadership in the company and the lack of interpersonal skills that would make people want to work at Bank of America.
• Big Data Analytics in Central Banking In addition, the rate is integral to the overall cost of living, which parameter is in a cause-and-effect relationship with inflation.
• Workplace Inclusivity at International Bank of Commerce Even if employees of color do not ascribe significance to the unequal distribution of power in the bank, the lack of diversity is evident.
• Abu Dhabi Commercial Bank PJSC The discussion takes a general overview of the company, its mission and vision statements, strategic goals, and key objectives. The key objectives Abu Dhabi Commercial Bank wants to realize include: Growing transaction volumes and assets […]
• Banking System: The Brief Analysis This is a fictional story that comes perilously near to the reality about the basic foundations of modern society. The primary objective of this story is to demonstrate reality’s simple math and the existing banking […]
• Bank Pekao S. A.: Performance and Strategy Compared to its peers in Poland, Bank Pekao is uniquely placed as it launched a brokerage house and made practical biometrics technology in the banking industry, contributing heavily to the bank’s assets quality and investment […]
• Financial Analysis of Al Ahli Bank of Kuwait Al Ahli Bank of Kuwait’s main competitors include Commercial Bank of Kuwait SAK, Gulf Bank KSCP, Burgan Bank SAK, and the National Bank of Kuwait.
• Banking Sector of the United Kingdom At the same time, the banking sector of the United Kingdom had to balance between its financial losses and the ability to provide loans and debt-moratoria in order to support the country’s financial stability. In […]
• Risk Factors Affecting Bank Nordik’s Operations and Risk Management Control measures adopted by the firm to manage these risk categories are explored in this investigation and the findings used as a justification for the development of a robust risk management plan.
• The Albilad Capital Bank’s Mission and Vision Since the bank is striving to renew its mission and vision from the start, it is crucial to identify the values and vectors of direction.
• National Australia Bank’s Sustainability Challenges One of the reasons for the success of NAB is the overall strategy of the company, which focuses its capital management on adequacy, efficiency, and flexibility, maintaining the economic balance to support and strengthen the […]
• Aspects of Electronic Banking The significance of our study is in the critical issues of e-banking and the areas of improvement that the banks can eliminate or improve to boost customer satisfaction.
• Barclays Bank Description Introduction Barclays bank is a UK-based Multinational Corporation headquartered in London and operates in the financial niche. The universal bank was established in 1860 in London as a goldsmith’s lending business offering people loans and saving options. The bank’s resilience in the corporate domain made it navigate all the challenges, and it still operates to […]
• Alonzo vs. Chase Manhattan Bank, NA Case Study However, the author provides an insight into the matter by claiming that the policy concerning workplace discrimination took a dramatic turn in the early 1960s upon adoption of the Title VII of the Civil Rights […]
• Political Theories and the World Bank Known as ‘power politics’ or means to exercise power World Bank massive financial institution which poorer nations depend on for subsidies Manner of soft power of the richer states contributing to the World Bank […]
• Misconduct in Banking, Superannuation and Financial Services The company was included in the Royal Commission report due to ASL and NM releasing the trustee duties of their funds because of the AMP Group membership.
• Sexual Harassment in Meritor Savings Bank vs. Vinson Case Mechelle Vinson, a defendant and a former employee of the plaintiff bank, filed a lawsuit against the bank and its bank manager Sidney Taylor. Sidney Taylor was the vice president of the bank and the […]
• Considerations in Investment Banking However, to ensure a fruitful outcome, the CFO should choose a qualified and experienced investment banker to represent the facility. Secondly, the selected investment banking firm is expected to act as both a matchmaker and […]
• The Impact of Bank on the Cost of Financial Intermediation Also, since the two variables are not controlled; bank concentration and national institutions, the research argues, however, that the measures of concentration capture the efficient structure theory and market power theories.
• Bank’s Provided Opportunities to Attract Consumers The offers are the following, to choose the credit card which backs cash when the consumer makes an online purchase, the other option is take the credit card which backs cash when the consumer makes […]
• Hongkong and Shanghai Banking Corporation: Approach to Operating in China According to Luthan and Doh, centralization played a significant role in HSBC’s success in the new market. It was also the first company to establish a locally incorporated entity in Taiwan and Vietnam.
• Grameen Bank’s Socially Responsible Innovation The bank targets the poor and marginalized with both financial assistance and information to help them grow. The Grameen Bank has continued to register impeccable performance on the social, economic, and environmental dimensions.
• A Problem in Implementation of CSR in the U.S. Banking Industry Corporate social responsibility is essential in this age of intense globalization and competition – essential for firms to survive in the competition and also important for firms.
• The Bank of America Corporation: Planning & Organizational Analysis The Bank may use environmental adaptation planning activities to enhance external relations with stakeholders such as customers, governments, suppliers and the public.
• Digitalization of E-Commerce in Bank of Ireland The interview with the Senior Director in the Property Finance division of Corporate Banking, Michael Murray, revealed the importance of the advance of digitalization for the Bank of Ireland. These and other technologies will enable […]
• The 1920 Farrow’s Bank Failure and Its Causes In this context, the company would be resilient to any stresses, and the outcome of the situation may be the opposite.
• The Mountain Bank’s Strategy Analysis The most suitable competitive business strategy, in the case of the Mountain Bank is to build the presence in the market of consumer lending and corporate banking.
• Banking: Financial Transaction Risks In that case, even the losses-free termination of the transaction would be a failure since the goal of acquisition would remain unachieved.
• Bahrain Development Bank: Analysis To identify and develop ways of assessing learning at the working station to facilitate the employees’ skills and competencies. To identify ways of integrating training capability and focus on the organizational processes through skills acquisition […]
• ICBC Bank – China: Overview The shifted focus of ICBC’s policy became the major contributor to the growth of the company on the international market and the subsequent cultural changes.
• Customers’ Perceptions of M-Banking To find answers pertaining to the major objectives of the study, the gathered data was analysed using SPSS v.23. An exploratory factor analysis was run to group the existing variables into factors, and also to […]
• “Attitudes Towards Mobile Banking” Article by Sohail & Al-Jabri In the introduction of the article, much background information, an overall evaluation of the situation in the banking industry, and the purposes of the study are discussed.
• The Bank of Toroda: A Stakeholder Approach “Stakeholders are persons, organizations and groups that have to be considered by managers, directors as well as front office workers.”
• Corporate Bias in the World Bank Group’s International Centre The institution judges the Pan Rim case neglecting the El Salvador government’s views, local communities, and the Catholic Church. It does not prioritize the protection of the environment and human rights.
• Alinma Bank Industry Analysis. Case Study The demand for the services is another essential factor that shows the industry is profitable. The presence of many investors in the country shows that the demand for financial services is high.
• Impact of Online Banking on Dubai International Bank DIB has developed t-banking (telephone banking), e-banking (electronic banking) and m-banking (mobile banking) from this trend.
• Phishing Victimization on Internet Banking Awareness Therefore, the study is meant to determine and evaluate consumer susceptibility to e-banking victimization through phishing attacks. Subsequently, the study will be designed to evaluate the effectiveness of phishing victimization training to E-banking consumers.
• P&G & Royal Bank of Canada’s Securities Valuation The discussion in the paper focuses on the Two-Fund Separation theorem. The discussion also reveals that the asset allocation problem focuses on the allocation of resources between two risky assets.
• Governance Failures in Australian Banking Sector Firstly, executive compensation in the Australian banks was not tied to performance outcomes, and, secondly, the major problem in the CEOs’ conduct was related to the field of ethics.
• Hongkong and Shanghai Banking Corp and Wells Fargo Speaking of the Income Statement, Wells Fargo wisely divides it into interest income and expense and non-interest income and expense, and this aspect eases the overall calculations of financial ratios.
• Analysis of Al Hilal Bank Launch At the time when Al Hilal was launched, the situation in the world financial system was not favorable. It can be concluded that the banking market at the UAE was not favorable at the time […]
• Noor Bank’s Balance Sheet and Income Statement The bank’s operating income from Islamic banking and sukuk amounted to more than 895 million AED compared to 678 million AED in the previous year.
• Banking Institution and Transaction Regulations In the case of Brittany, it is the duty of the bank to authenticate all transactions on her account. In the process of negotiation, most parties often focus on the substance of the deal and […]
• Bank of America’s Strengths and Weaknesses Interestingly, even non-banking institutions such as Quicken Loans and Leader Bank have started to claim a share of the market held by Bank of America. The root cause of the Bank’s mortgage troubles emanated from […]
• Bank of America’s External Analysis in 2013 Among the major lenders in Massachusetts, for instance, Bank of America was the only bank that recorded a notable decline in the volumes of purchase and refinancing loans relative to other years. Apparently, competition has […]
• Bank of America’s Business Model Elements The organizational structure leverages Bank of America in the following ways. Bank of America has categorized its throughputs into five categories, which are the core products, processes, and services offered.
• Sales Portfolio: A Bank Mortgage and Marketers Although a mortgage has several advantages to both the commercial institution and the customer, it has its share of disadvantages. Many clients are reluctant to take up a mortgage because of the high interest rates.
• Banking With WikiLeaks If Wiki Leaks has the right to be served by a financial institution, the company must ensure that it does not harm the operations of the institution.
• The Essence of the Islamic Banking System Riba of the Quran is called Riba An-Nasiyah and riba of the of Sunnah is called Riba Al Fadl. In the context of Islamic banking system, gharar is excessive uncertainty.
• The Pros and Cons of Investment Banking The investment banks are also referred to as proprietors since they are involved in trading of marketable instruments using their own money as opposed to that of investors.
• Factors Effecting Bank – Borrower Relationship in UAE The Middle East region’s banking industry is one of the fastest growing in the world. It is projected that the industry will get even better in the future due to the nature of the business […]
• Bank of China Limited: Overview That said the objective of my effort is to present a report on the Bank of China’s IPO of 2006. This listing was exceptional since it was the only bank of China that had managed […]
• Banking Industry: Successes and Failures These banks are regulated by the federal government and are required to be members of the Federal Reserve. However, these banks are not compelled to be members of the Federal Reserve.
• Mortgages Offered by the RBC Royal Bank From your profile and to the best of my knowledge, I take pride to inform you that we have five financial investment products that best suit you.
• Islamic Banking: Sources and Uses of Funds The major sources of funds include trading, leasing and sharing of the risk and rewards. The sources of funds of the Islamic banks are from deposits.
• Banking and Financial Markets: Asset-Backed-Securities Thus, there are four notable main stages in the process of creating the asset-backed securities and these include: Segregation of assets from originator or seller Creation of a specialized functional vehicle to seize the asset […]
• Analyzing and Managing Systematic Risks in Banking Risk assessment is done to ascertain the nature of task before deciding the strategy of responding to it. Analysis and management of risks requires one to identify the nature of the risk involved.
• Islamic Banking in Dubai and the UAE In an Islamic environment, the approach to financial operations such as the law of contracts, nature of property, interest rates and business transactions is quite different from the rest of the world.
• Deutsch Bank Analysis and Performance Forecast The big bonus for banks came in the form of the Securitization Bill, which gave banks and institutions opportunity to recover from bad debts.
• International Banking: New Basel The combination of the four changes in 2004 intended to speed up off-balance sheet mortgage securitization as the main avenue to drive the revenue together with the share price of banks.
• BNP Paribas International Banking Networks In the United States, the bank has a strong presence in the western part of the country, whereas, in Asia, it has fixed a secure and fast-growing business.
• Riyadh Bank: The Historical Financial Analysis By the end of the third quarter of the year 2011, the organization has recorded a 15% increase in its net profit.
• Budgeting of HSBC Bank UAE Branch Looking at their financial statements one will note that they are quite detailed with lots of financial items, which are specific to the bank, and understanding them requires referral to the notes accompanying the financial […]
• Westpac Banking Corporation Analysis and Forecast The entry of foreign banks as well as the building societies which were speedily developing into banks and the emergence of other financial institutions increased competition in the Australian financial market.
• The Analysis of Banorte Bank in Mexico The scrutiny of the bank’s fundamentals and variables of the bank form part of the report. Financial analysis and forecast of the bank’s financial performance is the major objective of the report.
• Case on Private Equity in Saudi American Bank The problem was that the firm’s investment manager was investing for the first time and therefore, he had many questions to ask before he finally made the decision to invest in the company.
• Commercial Banks and the Northern Rock Crisis Bank Roles Prior to the actual analysis of the case of the Northern Rock bank is a brief background that elaborates the scenario of the Northern Rock Bank Crisis.
• Bank (HSBC) and Life Insurance Company (Protective) The report also investigates the profitability of the two companies, the metrics used to measure profitability, variation in the last five years and the reasons for these variations.
• Investment Banking and Operations Management In a steady market, the bank uses the information conveyed in prices of assets to significantly allocate capital resource to the most profitable and ultimate use.
• Investment Banking and Global Operations Management Essentially, banks engage in securitization process to increase their uncertain profit opportunities and also to adjust their asset portfolio Entering into the security markets through the perspective of the original financial institution is of great […]
• Online Banking and Cryptographic Issues A disadvantage of online banking is that it inherently reduces the interaction between banks and their customers and in addition, security is not guaranteed in this type of banking, that is, hackers have a chance […]
• The Failure of Superior Bank The crisis in Superior Bank was associated with the fact that the directors failed to observe and address risky financial management strategies that were followed in the organization, and the regulators did not pay much […]
• Criminal Law & Bankruptcy: Bullard vs. Blue Hills Bank The action by the court caused Bullard to appeal against the decision to the BAP to which the BAP concluded that the denial was not the final.
• Time Value of Money: Choosing Bank for Deposit The value of the money is determined by the rate of return that the bank will offer. The future value of the two banks is $20,000 and $22,000 for bank A and bank B respectively.
• First Citizens Bank’s Financial Income in North Carolina The income analysis pertains to a comparison of the profit, revenue, income and profit of the institution in the recent year for analysis on the position of the company.
• Financial Risk Management in Islamic Banking Ahmed defined Islamic financial as a system of finance based on principles of Islamic banking, and that operates under the ethics of Islamic teaching.
• Finance & Banking: Blades Corporation This is because of the volatility of international currencies and the risk that the changes in the value of the currencies will result in a loss from trade receivables and/ or payables depending on the […]
• The Role and Functions of Law in the Banking Industry The first part provides answers to questions regarding the Cipollone versus Liggett Group case, the second part discusses the role and functions of law in the banking industry, and the third part looks at future […]
• The Crime of Robbing the Big City Bank Combined with eyewitness testimony and video evidence, it can be stated beyond all doubt that Clark was guilty of the crime.
• Citi Bank: Business and Corporate Law The enforces a number of Acts that include the Investment Advisers Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Sarbanes Oxley […]
• The Banking Industry: Brief Analysis They include the open market operations that are meant to regulate the amount of money in the reserve. This is important because it influences the transactions in the other parts of the economy, such as […]
• First Gulf Bank Financial Activity The retail bank consists of accounts, deposits, credit cards, safe deposit lockers, loans and mortgages; the First Gulf Bank is the largest bank in United Arab Emirates with shareholder equity of over AED 20 billion […]
• Forecasting of National Bank of Greece (Nbg Bank) Current liabilities are short term obligations that occur in the course of running the firm and have direct associations with sales.
• Banking Analysis: Review The chart shows a continuous increase, with a few years of drop; but the scale of the chart for the most part is upward. The trend of consolidation comes across in the presentation of the […]
• Islamic Finance and Banking. Basic Islamic Principles The Islamic banks approach to lending is very unconventional in that the bank does not give out the loan to a borrower per se, but instead acquires the asset on behalf of the borrower who […]
• World Bank Mining Industry Forecast Therefore, this document will use the data provided by the bank to give a projection of mining, in a global capacity.
• Corporate Cyber Risk Assessment: Bank of America Arguably, one of the most epic accomplishments of the 21st century was the invention of the computer and the subsequent creation of the internet.
• Ethics in the Banking Industry in the UK It may be argued that organizations may require ethics as the part of their practices in the industry, but it may not be the essential or core part in any institution, specifically in the organizations […]
• The Economy: The US Banking System Capital formation refers to the distraction of the economy’s productive capacity for the creation of capital goods which eventually increase the productive capacity in the future.
• Banking Contract and Fiduciary Obligations The paper explores the relationship between a bank and a customer from the perspective of fiduciary obligations of a banking contract.
• Bank Loans and Deposits Role in Saudi Arabia Monetary System The major feature of Islamic banking is confined to the bank’s concept of Profit and Loss Sharing, in this arrangement the banks depositors are strictly speaking not creditors to the bank per se, but rather […]
• Case Analysis on Banking Industry of Germany The globalisation and competition of the banking industry have increased because of the growing importance of banking in the marketplace. The decisions of Basel II and the EU for public sector banking and capital markets […]
• Bank Fraud: Easyloan Bank Ltd and ABC Pty Ltd This is similar to the situation in the US where the office of the Attorney and a section of the Criminal Fraud Department of Justice handles mortgage prosecution cases.
• Unremunerated Reserve Requirement Policy: Central Bank of Thailand Under the impact of the World War II, the government of Thailand upgraded the status of the Bureau to that of a central bank by passing the Bank of Thailand Act in the year 1942.
• Solvency Risk and Liquidity Risk of a Bank Differences The aim of this report is to identify the meaning of the solvency risk, liquidity risk, credit risk, dynamic provisioning, and the effective control of the solvency risk besides the problems which the bank encounters […]
• The Banking Crisis of 2007-2010 The role of Credit Rating Agencies in the subprime mortgage-related securities market turmoil was scrutinized by the Securities and Exchange Commission.
• Banco Popular Español and the Saudi Investment Bank In this paper, the analysis of two banks and their risk management will be given: Banco Popular Espa ol S.A.with its abilities to take care of liquidity, credit, and other risks and the Saudi Investment […]
• Comparative Study of Conventional and Islamic Bank Performance in the GCC Segregated by bank group and criterion variable, the correlation-based shortlist of independent variables are as shown in tables 1 to 3 below and overleaf.
• Economic Development as the Key Driver of Global Private Banking and Wealth Management Industry The reverse reality of salient features of wealthy people in different parts of the world is the observation that the vast majority of the populace live in poor and deplorable conditions.
• Bank of America: The Staffing Process The effectiveness of staffs recruited in the bank depends on the ability of the bank to recruit the most suitable employees.
• The Royal Bank of Canada: Investment Analysis and Management As a result, the regional bank grew to a national bank and this success is not only attributed to the strategies of the institution itself but also the role played by the people of Canada […]
• Comparison Between Saudi Hollandi Bank Suk vs. Bank Bonds Besides, another factor is that through investments in such bonds, the investor gains certain amount of ownership in the assets of the company in the extent of his investments, which unfortunately is not possible in […]
• UBS Investment Company in the Swiss Banking Sector The relation of the Swiss banking industry with Swiss economy and the future aspect of investment in the industry are discussed.
• Saudi Banking Industry and Riyad Bank’s Performance In this context this paper analyzes the performance of the Saudi banking sector during the period from 2003 to 2007 in general and that of Riyad Bank, one of the major players in the Saudi […]
• Fransi Bank’s Financial Analysis and Forecast The financial analysis reveals the financial performance of the bank and the key factors that help the bank to be a leading organization in the industry.
• UK Banking Sector Recovery Plan The objective of the analysis is to identify the possible benefits, weaknesses and implications of the plan to the British economy.
• Three Financial Ratios for Stock Investor and Bank However in the stock investor will be looking for a long-term capital gain, the equity debt becomes more important since the stability of the company would be more important than the current liquidity.
• Changes in the UK and US Banking Industry In the 1980s the US banking industry experienced increased transformation to the regulation of the financial institution by the Federal bank.
• Al-Rajhi Bank of Saudi Arabia vs. Dubai Islamic Bank For the purpose of our assignment, we will use values of the total share capital of the year, the profit for the year, and the dividends paid to the shareholders of the banks.
• Trails to Success: Bank of America On analyzing the strategy of work of Bank of America and the requirements set for the applicants, it is possible to state that professional skills are the basis of a successful career in banking.
• Performance Evaluation of Al Rajhi Bank The financial statements and other information of the bank available at its website have been used to evaluate the performance of the bank.
• Ethical Implication of Banking Bailout As such, if the government uses a billion to rescue the banking sector, it has to obtain this money from somewhere else in the economy.
• Corporate Security Strategy: Financial Risks in Banking Sector However, the absence of effective risk management interventions is posing significant challenges to the success of financial institutions in the industry.
• Customer Service Improvement Project at Qatar National Bank Evaluation Hayes and Wheelwright’s 4-Stage model is a conceptual tool meant to evaluate the project with the extent of how its operational contributions improve the company’s competitiveness.
• Commonwealth Bank and the Bank Technologies
• Theft and Workplace Problems: The Accidental Bank Robbery
• Why Do Banking Policies Need To Keep Up With The Times?
• Chase Bank Company Analysis
• The Concept of Usul Fiqh and Qawaid Fiqhiyyah: Shariah and Islamic Banking
• Creditpia’s Banking Sector
• Reforms Necessary in the Banking System
• Lloyds and Northern Rock Bank Buildings Semiotic Analysis
• Goldman Sachs Bank in Economic Turmoil
• HSBC – Criticised Over Their Banking Methods
• Background About Garati Bank in Turkey
• Home Loan Offered by Bank of America Corporation (BAC)
• Total Quality Management in Abu Dhabi Commercial Bank
• CRM Implementation Project for the Bank
• Abu Dhabi Commercial Bank: Corporate Governance Principles
• Bank Reporting System. Guidelines and Rules
• The World Bank: Definition and Activity
• Network Information and Activity Times in Banking Firm
• Business Strategy: Mountain Bank
• Andrew Jackson and the “Bank War”
• Diversity of Employees in the Boston Bank
• Adopting a New IT Strategy in SBI Bank
• Bank of America: Loans
• Kiboko Bank: Business Ethics Issue
• Bahrain’s Al Salam Bank’s Offer for Bahraini Saudi Bank
• IMF and World Bank: A Boon or a Bane for Developing Nations?
• Young Depositors and Face-To-Face Banking
• Threat of New Entrants to Commercial Banking Industry
• Oil Pricing and Demand in Connection With the US Banking System Position
• Production & Organization Management in a Refinancing Organization
• “Crossing the Green Line Between the West Bank and Israel” by Avram S. Bornstein
• Standard Chartered Bank: Problems and Solutions
• The Banking Concept of Education
• Competitive Advantage Source: Westpac Banking Corporation
• World Bank – IMF and the United Arab Emirates
• The United States Banking Industry: Economic Profile
• Biometric Scanners in Banking Industry
• Money and Banking. Financial Markets
• “Banking and SME Financing in the United States” Review
• Integration of E-Commerce Websites in Banking Systems
• Global Banking Secrecy Toolkit
• Interstate Banking and Its Beneficiaries
• Banking in Saudi Arabia: Main Facilities, History, and Future
• “Data Mining and Customer Relationship Marketing in the Banking Industry“ by Chye & Gerry
• Kuwait’s Banking Sector Overview
• Global Reputation and Competitive Advantage in Banking
• International Banking System
• Hongkong and Shanghai Banking Corporation in Qatar
• Banking and Finance in Australia: Preventing Collapses
• China-US Competition in the Banking Sector
• “A Century of US Central Banking” by Bernanke
• Gambling, Fraud and Security in Banking
• High-Risk Gambles Prevention in Banking
• Corporate Social Responsibility: JPMorgan Chase and Barclays Pls Banking Scandals
• Banking and Risk Management
• Banking Systems Success in Canada and Australia
• Banking and Monetary Policy During Recession of 2008-09
• Dubai Macroenvironmental Analysis for Banking
• Banking: Interest Rates and Credit Creation Process
• Banking in David Ashby’s “Money Mechanics”
• Personal and Organizational Development in Banking
• Banking Sector in the State of Kuwait
• International Banking Sector: Financial Regulation
• Kuwait Economy and Corporate Governance in Banking Sector
• Bond Market and Banking in Gulf Countries
• Customer Satisfaction Management in Banking Sector
• Westpac Banking Corporation Risk Management Policy
• Citigroup: Credit Default Swaps in the Banking Industry
• Risk in Banking Internal Control System
• Hong Kong and Shanghai Banking Corporation’s Entry Into Japan
• Banking Instability During the Global Financial Crisis
• Satisfaction Management in Banking Industry
• The Wall Street Crash Impact on the World’s Banking System
• Hong Kong and Shanghai Banking Corporation Holdings
• Retail Banking Products and Services
• The Shift From Physical Personal Banking to Online Banking
• Mobile Banking Adoption: Challenges and Solutions
• Banking Industry Guidance
• Employee Turnover Rate in UAE Banking Sector
• Islamic Banking: Sales and Lease-Centered Models
• Arbitration in Islamic Banking and Finance Dispute
• Chief Information Officer’s Role in E-Banking
• The Shadow Banking System: Financial Crisis Source
• China Banking Supervision System: Defects and Improvement
• Online Activity of Banking Sector in the UAE
• Operational Risk in Conventional and Online Banking
• UAE Banking Industry’s Status in a Global Context
• Customer Engagement in the Greek Retail Banking Sector
• Landsbanki Banking Analysis and Bank Alternatives
• Kenya as a Leader in Mobile Banking of the World
• Resistance to Change in the Banking Sector
• Customer Service in the UAE Banking Sector
• Australia and New Zealand Banking Group Management
• Corruption and Ethics in China’s Banking Sector
• Islamic Banking Principles and Relevance
• Islamic Banking: Tools and Techniques
• The Banking Industry and Interest Rates
• Banking Sector Cyber Wars and International Hacking
• Islamic Banking and Financial Markets Critical Issues
• JP Morgan Chase’ Banking Analysis
• Money’s and Banking’ Concepts
• The Basel Committee Role in Banking
• China’s Banking Sector Analysis
• Greenbelt Banking Company’s Human Resource Management
• Islamic Banking Principles
• Boosting Sales in Retail Banking for 2012
• UAE’s Banking Industry Analysis
• Money and Banking: The Economic Recession of 2007
• The Russian Banking Sector
• The Use of CRM in Australian Banking Industry
• Money and Banking: David S. Ashby’s Perspective
• Sustainable Development: The Banking Sector
• Big Four: Banking in China
• Banking Credit Risk Management
• Market Elasticity’s in Banking Industry
• How to Keep Customers Loyal to Online Banking
• Market-Based Versus Bank-Based Financial Systems
• Bank Mergers and Cost of Capital
• Managing People in the Bank of America
• Service Quality Model in Internet Banking and Finance
• Projected Customers Maintaining Strategies in Banking Industry
• The Banking Industry in the United Arab Emirates
• IPScape in the Australian Banking Sector
• Bonus Banking: Case of UBS
• Corporate Governance Statements: BHP Billiton and National Australia Bank
• Crossvergence in the Banking Industry
• Safaricom’s Mobile Banking
• Ameribank and Online Banking
• Benchmarking in the Investment and Banking Sector
• Overcoming the Debt Crisis by European Banking Sector
• National Bank of Kuwait: Employee Appraisal Problem
• An Investigation of the Sustainable Benefits of Agency Banking in Kenya
• HSBC Bank’s Kenyan Entry Strategy
• Islamic Banking Sector Issues
• Bank of America and Silver A-Plus Card
• An Evaluation of the Economic Issues Identified in the ICB Report on Banking
• Comparison of the United States and Saudi Arabian Banking Sector
• Crisis in the Banking System of Korea
• Financial Industry Analysis on MCU Sustainable Banking
• Online Banking and Online Purchases
• Problems in Banking Regulation
• Central Banking and the Money Supply
• The Different Roles Played By the Central Bank, Depository Institutions, and Depositors in the Determination of Money Supply
• The UK Banking Practice That Led to Financial Crisis
• Is Bonus Banking the Answer?
• Human Resource Management at the Bank Alfalah
• Bank of America: Realizing Servant Leadership
• Role of Central Bank
• Citibank’s E-Business Strategy and Competences
• A Marketing Research on Mobile Banking
• The Too Big to Fail Phenomena in the Banking Sector
• A Report on Customer Driven Marketing Strategy for Easy-Pay Mobile Banking Service
• HSBC Holdings: Chinese Banking Sector
• RBS Citizen Bank Culture and Change
• Federal Reserve; Money and Banking
• Employee Motivation Factors in Banking
• Crisis Management: Online Banking Security Breach
• Mobile Banking in Saudi Arabia: Towards Understanding the Factors that Affects the Sector
• Banking Industry Analysis
• The History of U.S. Banking Crises: Cause and Effect
• What Is Current Research in Money and Banking?
• What Is the Study of Money and Banking?
• What Are the Advantages of Banking?
• U.S. Money and Banking: What Is the Key Issue Facing Us?
• What Are the Main Topics of Money and Banking?
• What Is the Best Research Topic in Money and Banking?
• What Is the Divergence Between Accounting Standards and Banking Regulation?
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• What Is the Connection Between Accelerating Inflation and Decreasing Effectiveness of Banking Regulation?
• What Is the Role of Money and Banking in the Economy?
• What Are the Current Trends in Banking Industry?
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IvyPanda. (2024, March 2). 350 Banking Essay Topic Ideas & Examples. https://ivypanda.com/essays/topic/banking-essay-topics/

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IvyPanda . 2024. "350 Banking Essay Topic Ideas & Examples." March 2, 2024. https://ivypanda.com/essays/topic/banking-essay-topics/.

1. IvyPanda . "350 Banking Essay Topic Ideas & Examples." March 2, 2024. https://ivypanda.com/essays/topic/banking-essay-topics/.

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IvyPanda . "350 Banking Essay Topic Ideas & Examples." March 2, 2024. https://ivypanda.com/essays/topic/banking-essay-topics/.

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How to choose a bank that’s right for you

What to look for in a bank? It’s a personal decision with many considerations, including your lifestyle and financial goals.

March 26, 2024

Choosing a bank can feel overwhelming, especially since you’ll be trusting that institution with your private personal information and valuable assets. If you’re shopping around, this guide can make it easier to identify what to look for in a bank and how to choose the right bank with the best options for your financial needs.

Identify the type of account you need

The first step in choosing a bank is determining what kind of account(s) you want to open. These might include:

• Checking account
• Savings account
• Money market account (MMA)
• Certificate of deposit (CD)

It’s important to first consider your everyday and long-term financial needs and how you manage your money. For example, you may want a money market account and a checking account to manage your daily spending and longer-term savings. Not all banks have MMAs, though, so if you want the convenience of having both account types at the same bank, you’ll need to choose accordingly.

Look for low (or no) fees

Many banks offer no-fee checking accounts and are your best option for eliminating unnecessary fees . Some accounts take the no-fee angle even further, with no charges for overdrafts, check reorders, insufficient funds, or ATM withdrawals. (Take a look at the Discover ® Checking Account to see what we mean.)

On the other hand, some banks may waive fees if you meet certain requirements. This might mean maintaining a certain average daily balance, initiating a minimum number of monthly transactions, receiving a certain amount via direct deposit, or even maintaining a different account (such as a mortgage or an investment portfolio) with the same institution.

Compare local versus online options

Some people prefer banking in person, while others don’t mind conducting transactions through a mobile app, online, or over the phone. There’s no right answer; just consider whether online banking or banking at a branch is better for you .

• Online banks may offer lower fees, higher interest rates, and better features. Because these institutions have a lower overhead, many savings and benefits get passed on to customers.
• While online banking is simple and intuitive—and available 24/7—some customers feel more comfortable with face-to-face interactions. In these cases,  brick-and-mortar banking may be a better solution.

Examine convenience and security features

As you wonder, “What bank should I choose?” consider the most important features to you, then find the bank that matches.

• Do you prefer cutting-edge technology? Because online institutions operate on a web-based model, they may roll out new features and products quicker than traditional banks.
• How do you need to deposit and withdraw funds? If you regularly deposit cash or large checks, you may prefer a bank with in-person services. On the other hand, an online bank may provide everything you need between mobile check deposits and automated clearing house (ACH, the system through which funds are electronically deposited in financial institutions) transfers.
• Do you need specific features as a safety net? Many banks offer overdraft protection , and some may even provide it for free. Other features like early paycheck access , no-fee paper checks, and online bill pay are also worth consideration.

Tip: Discover and most other banks are Federal Deposit Insurance Corporation (FDIC) members, but always verify that your assets will be insured by this independent government agency (and avoid banks that aren’t FDIC-insured).

Read reviews

Finding out about a bank’s products and services gives you an important starting point, but hearing from consumers who use those products can be invaluable when deciding. Ask your friends and family and read online reviews to make sure there are no red flags about how a bank treats its customers.

Check out the terms and conditions

Lastly, look at specific terms or special features to determine the right account match for your needs . If the interest rate is conditional based on the account balance or is a promotional rate offered for a limited time for new customers, you’ll need to keep that in mind, too.

How to choose the right bank

Choosing a new bank is a big decision with far-reaching impact. If you learn how to choose a bank well, you can potentially save more, spend less, and even make more significant progress toward your money goals. Evaluating what you need from your bank and accounts helps you narrow the list and make a more confident decision.

Discover offers checking, savings , money market, CD, IRA savings, and IRA CD accounts for all your needs, from a name you know. Learn more today.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

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2024 Annual ECB Banking Supervision Research Conference

“the european single supervisory mechanism at 10: lessons learnt and challenges ahead”.

Frankfurt am Main, Tuesday, 11 and Wednesday, 12 June 2024

Hybrid event

In 2024 the European Single Supervisory Mechanism (SSM) will celebrate its 10th anniversary. Taking over direct banking supervision of the largest banks across the euro area in November 2014 was a crucial milestone to build the banking union. The need for a centralised banking supervision in Europe was a direct lesson learnt from the great financial crisis and the subsequent sovereign debt crisis in order to rebuild trust in the banking sector and increase the resilience of the financial system within the monetary union.

Its 10th anniversary is a convenient opportunity to take stock and discuss both the achievements of the SSM and the challenges ahead, in particular from a supervisory perspective. Therefore, the organisers of the conference invite submissions of research papers that address inter alia the following topics:

10 years SSM: Lessons learnt

• Which impact did the SSM have on the resilience of the banking system, for example regarding capital adequacy and governance of banks; non-performing loans; profitability and performance of banks?
• How far have we progressed and which obstacles remain for the integration of a European banking market? Which roles can M&A activities and cross-border banking play?
• The interaction between SSM and banking union: Which lessons can be learnt from the last 10 years on the interplay between banking supervision and banking resolution and which challenges still lie ahead?

Supervisory architecture

• Which supervisory approach is more effective? How can supervisory effectiveness be measured?
• Has a supervisory level playing field been achieved in the SSM? How best to reconcile need for consistency with more risk-focused supervision?
• The current institutional structure of a joint European banking supervision approach: mission accomplished or in need of further supervisory and regulatory reforms?
• How can the interplay of micro-and macro-prudential supervision be most efficient considering also a progressively changing financial sector?

Future challenges for banking supervision in a changing financial system

• How do risks and their modelling evolve and which role can supervision play in making banks more resilient to risks?
• How could business models of the “bank of the future” look like? Which role will digitalisation play? What does the evolution of the financial sector imply for the supervisory approach?

The 2024 ECB Banking Supervision Research Conference offers a forum to discuss these themes, bringing together leading academics, representatives of central banks and supervisory authorities, and market practitioners.

Submissions

Deadline for submissions: Monday, 15 January 2024

Please submit your draft paper to ECB Banking Supervision at [email protected] .

The submission deadline is 15 January 2024.

Contributors will be notified by end of February 2024.

The conference will be held in hybrid format. The ECB will contribute towards the cost of travel and accommodation expenses for academic speakers and discussants who attend in person.

Programme committee

• Thorsten Beck, EUI Florence, Chair
• Andreas Beyer, ECB
• Diana Bonfim, Banco de Portugal
• Jean-Edouard Colliard, HEC, Paris
• Klaus Düllmann, ECB
• Jacob Gyntelberg, EBA
• Florian Heider, SAFE and Goethe University Frankfurt
• Marie Hoerova, ECB
• Vasso Ioannidou, Bayes Business School
• Angela Maddaloni, ECB
• José-Luis Peydró, Imperial College, London
• Alexander Popov, ECB

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