Digital Transformation Of Cooperative Banking Sector In Kerala And Adoption Of Financial Technologies

Abstract

Despite the prevalence of technical breakthroughs across all industries, Indian cooperatives still lag behind commercial banks in the adoption of high-tech resources. Cooperatives must undergo digitisation to adapt to the evolving environment. They might provide financial services via conventional channels and physical sites. However, this may hinder their ability to retain key clientele seeking easy and digitised operations in the future. The cooperatives presently depend on a connection with their members and clients within a restricted vicinity. However, the present generation is unlikely to be drawn to financial services solely based on trust and relationships with stakeholders. Digitisation enables cooperative banks to achieve sustainable profitability. The main aim of the study is to comprehend the challenges encountered by clients in utilising cooperative digital banking services. It also examines the future potential of digital banking inside cooperative banks. The current study is based on primary data collected from a sample of 280 bank clients. Additionally, secondary data has been acquired from many published sources, including websites, government documents, journals, and other relevant materials. It is essential to implement measures to engage more youth in the cooperative banking system. Concentrate on key capabilities to enhance performance and strengthen the financial foundation of their technology infrastructure. The study's results are expected to provide valuable insights to legislators in their development of programs and legislation aimed at fostering the expansion of cooperative banking in the state.