AN ANALYTICAL STUDY ON IMPACT OF DIGITALIZATION OF RETAIL BANKING ON AUDIT AND COMPLIANCE – A LITERATURE REVIEW

Abstract

The digitization of branch banking has had a profound influence on various stakeholders, including customers, employees, audit, and compliance. This literature review synthesizes existing research to examine the implications of digitization in these areas. For customers, digitization offers enhanced convenience and personalized experiences, although concerns around security and trust remain. Employees face changing roles and skill requirements, as well as potential job automation. Audit benefits from improved data analytics and real-time monitoring, while compliance faces regulatory challenges and opportunities for advanced anti-money laundering and fraud detection. Addressing technological barriers and ensuring inclusive access are crucial. This review provides insights for understanding the multifaceted effects of digitization in branch banking and informs future research and managerial practices.