Business Model Canvas of Banking Industry Before and After Digitalization
The pandemic has really made a huge impact in almost all the industries. Banking is also one among them. But the pandemic was just a reason, the change was already in progress with the advent of digitalization. Pandemic acted as a catalyst for digitalization in banking. Our research question is how are the business model of banking sector transforming in the wave of digitalization? The paper describes how digitalization has brought in a change in the business model canvas of the banking industry. Starting from the key partners, resources, processes, value banks give to the customers, the way banks maintain relationship with the customer, changes in distribution channels, their targeted customers, and also about their cost and revenue. The data is collected through secondary research and expert interviews. Experts would include individuals with high work experience and at an AGM level.
Keywords - Banking, Digitalization, Business Model Canvas