Advanced International Journal for Research

E-ISSN: 3048-7641   •   Impact Factor: 9.11

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Volume 7 Issue 1
January-February 2026

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India's Financial Sector's Digital Transformation: Evolution, Issues, and Challenges

Author(s) Dr.R. Bhuvaneswaran, Vaishnavi.M, Dr.N. Santhanavadivu, Dr.B. Jagadeeswaran
Country India
Abstract The digital transformation of the financial sector in India has significantly reshaped the way financial services are delivered, accessed, and consumed. With the rapid advancement of information and communication technologies, the Indian financial system has transitioned from traditional brick-and-mortar banking to a digitally driven ecosystem encompassing online banking, mobile payments, fintech innovations, artificial intelligence, blockchain, and data analytics. Government initiatives such as Digital India, Jan Dhan–Aadhaar–Mobile (JAM) trinity, Unified Payments Interface (UPI), and regulatory support from the Reserve Bank of India (RBI) have accelerated digital adoption across banking, insurance, capital markets, and non-banking financial services. While digital transformation has enhanced financial inclusion, operational efficiency, transparency, and customer experience, it has also introduced challenges such as cybersecurity threats, digital divide, data privacy concerns, regulatory compliance issues, and technological risks. This paper examines the evolution of digital transformation in the Indian financial sector, reviews existing literature, and analyses the major issues and challenges associated with digitalization. The study highlights the need for robust digital infrastructure, effective regulation, and inclusive strategies to ensure sustainable digital growth in India’s financial ecosystem.
Keywords Digital Transformation, Financial Sector, FinTech, UPI, Financial Inclusion, Cybersecurity, India
Published In Volume 7, Issue 1, January-February 2026
Published On 2026-02-07
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E-ISSN 3048-7641
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