TECHNOLOGICAL TRANSFORMATIONS AND THE IMPACTS OF CHANGES IN THE FINANCIAL MARKET: THE CASE OF DIGITAL BANKS

Abstract

In the current context, banks face challenges arising from the constantly changing business environment, influenced by rapid technological evolution and changes in customer expectations. In this scenario, this course completion work (TCC) aims to investigate how banking institutions are adapting and reinventing their service models to meet the demands of the contemporary market. Initially, the transformations resulting from digitalization in the banking sector are addressed, emphasizing the impact of technological innovations, such as artificial intelligence, blockchain and fintechs, on the way financial services are provided and consumed. Subsequently, the strategies adopted by banks to improve their service models are explored, such as digitizing processes, developing mobile applications, implementing chatbots and virtual assistants, in addition to offering personalized and omnichannel services. The study also analyzes the challenges and opportunities associated with the adoption of digital service models, such as cybersecurity issues, data privacy and financial inclusion, as well as examining the impact of these transformations on relationships between banks and their customers. Finally, conclusions are presented on emerging trends and best practices in the field of banking service models in the digital era, highlighting the importance of continuous innovation and agile adaptation for competitive success in the modern financial sector.