Digital Banking Revolution: Legal Perspectives in the Indian Context
- NLR Journal
- Nov 28
- 1 min read
By Tousif Khan, LL.M., National Law University and Judicial Academy, Assam.
Abstract
Technology's introduction into the banking industry has completely changed the way financial services are provided, guaranteeing previously unheard-of accessibility and ease. Technological developments have revolutionized traditional banking, empowering consumers and growing the financial ecosystem through anything from mobile banking applications to AI-powered customer service. Examining how technological advancements such as digital wallets, biometric security measures, and real-time financial transfers have changed consumer interactions, this article explores the complex effects of technology on banking services. It also draws attention to the legal structures that control these developments, guaranteeing consumer protection, security, and openness in the digital era. From the standpoint of the consumer, technology has made financial transactions easier, but it also presents problems, including privacy issues and cybercrime. The 2021 True caller Global Scam Report makes a shocking discovery that highlights the negative aspects of technology abuse in financial scams. For stakeholders, this research represents a wake-up call to improve protections and address risks.
Keywords: Privacy Concerns, Technology, Legal Frameworks, Financial Scams, Innovation.
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