Developments and Perspectives Regarding the Impact of Digital Transformation on the Banking System in Romania

Abstract

To understand the impact of digital technologies on the banking system, it is necessary to know the defining features and functioning of the banking system, as well as the particularities of banking services and products. This article intends to clarify these issues and identify the changes that have occurred over time in the banking system. Digital transformation is a priority for every bank. Investments in technology and innovation are objectives to be achieved for any bank and that's because the competitive environment is growing, and the mentality of consumers is changing. Digitalization is no longer a choice, but a necessity for both, society, and banks equally.

Keywords

• banking system
• digital banking
• banking
• customers
• transactions
• services