Digital Transformation in the Banking Sector: A Driving Force for Reshaping Financial Services and Enhancing Their Efficiency and Quality.

Abstract

The study aimed to examine digital transformation in the banking sector as a driving force for reshaping financial services and enhancing their efficiency and quality. This was achieved by identifying the readiness of the banking sector to implement digital transformation, analyzing its implications for the quality of financial services, determining the main challenges facing its implementation in banks, and finally measuring customer satisfaction with digital banking services compared to traditional banking services. The descriptive approach was adopted due to its suitability for the study objectives. The study reached the following results: -The banking sector demonstrates a moderate to high level of readiness for digital transformation, with variations among banks. Infrastructure and qualified human resources contribute significantly to this readiness, despite the presence of some challenges. -Digital transformation has contributed to improving the quality of financial services, increasing efficiency, reducing costs, and enhancing customer satisfaction, although some concerns related to security and trust persist. -Digital transformation faces technical, human, and organizational challenges, most notably weak infrastructure, lack of competencies, and cybersecurity risks, which require comprehensive strategies to address them. -Customer satisfaction with digital services is higher compared to traditional services; however, some groups still prefer direct interaction, and security concerns remain, alongside a general trend toward expanding the use of digital services.