Top trends in digital transformation: pain points and opportunities

Aman Virk
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Aman Virk: VASS, UK

Journal of Digital Banking, 2025, vol. 10, issue 1, 87-98

Abstract: The banking sector stands at a pivotal moment in its journey of digital transformation, propelled by rising customer expectations for seamless, personalised experiences and rapid advances in artificial intelligence, blockchain and cloud technology. This paper explores how traditional banks can successfully navigate digital transformation to stay competitive in an era where agility, innovation and customer centricity are essential. Through real-world examples, it examines strategies like agile development, phased modernisation of legacy systems and fostering of a digital-first culture. The paper also addresses pressing challenges — from outdated infrastructure to cybersecurity risks — highlighting the need for a strategic, incremental approach to overcoming these barriers. As banks embrace digital solutions and forge partnerships with FinTechs, they pave the way for a future defined by autonomous financial agents, open finance and secure, real-time transactions. In an increasingly digital world, those who prioritise transformation and customer relevance will shape the future of banking. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Keywords: digital transformation in banking; AI in banking; customer-centric banking innovation; blockchain; open finance (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2025
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