DIGITAL REVOLUTION IN BANKING SERVICES AND ETHICAL ASPECTS: A REVIEW

Abstract

Ethics in banking simply means morality or a moral code of conduct in banking operations and service activities. Ethics is an essential aspect of the existence and survival of the banking and financial service system. The banking system dramatically changed all over the world with the advent of cyber-physical systems that facilitates instant delivery of financial and customer services. The journey of the traditional banking system to the modern digital technology-enabled banking or financial system is the decisive and most important point of innovation. The digital transactions and payments system has become more customer-centric and become an inherent part of all business activities. The financial inclusion or easy access of banking services to all, irrespective of rich or poor is becoming a reality today. Undoubtedly digital banking platforms have materialized the concept of financial inclusion. But a major question remains; Are digital banking services ethical by all means? The philosophy of digital banking services must be strengthened through ethical behavior. In this article, we exhibit an ethical perspective on the digital revolution in the Indian banking and financial service system.