CHANGING PATTERN OF DEMAND FOR E-BANKING SERVICES

Abstract

Banking has undergone a sea change due to the advent of digital technologies, which have altered the distribution and consumption of financial services. One of the most noticeable developments is the expansion of e-banking services, which include a broad variety of digital financial transactions carried out through electronic channels. The article delves at the reasons behind the changing patterns of demand for e-banking services. There are number of reasons why people are starting to use e-banking services differently. These encompass developments in technology, variations in consumer tastes, changes in demographics, new regulations, and the effects of worldwide crises like the COVID-19 epidemic. Thanks to innovations in digital payment methods and mobile banking apps, e-banking has become more user-friendly and accessible. This has led to a rise in the use of online banking by people of all ages and backgrounds. Another factor that has contributed to the surge in demand for e-banking services is the shift in customer preferences towards digital interactions and contactless transactions. As a result of the COVID-19 epidemic, e-banking has become more popular as people look for methods to handle their money online, thanks to social isolation and lockdowns. Therefore, the trend towards e-banking has been expedited since many conventional banking operations, such as visiting branches and dealing in cash, have moved to digital platforms. Issues such as security and privacy, lack of digital literacy, and marginalized people' access to technology persist despite the ever-increasing demand for e-banking services. To guarantee that all parts of society can enjoy the benefits of e-banking, it is essential to tackle these obstacles. Technological advancements, shifting customer tastes, and outside forces like the COVID-19 epidemic are all contributing to a dramatic upheaval in the need for online banking. Financial institutions and banks must comprehend these dynamics if they are to modify their services and strategies to suit the changing demands of their clients in today's increasingly digital society.