A STUDY ON DIGITAL TRANSFORMATION OF LOANS AND INSURANCE IN FINANCIAL SERVICES

Abstract

The quick advancement of digital technology has significantly impacted the financial services industry, particularly in the domains of loans and insurance. Digital transformation has revolutionized traditional financial processes, enhancing efficiency, customer experience, and accessibility. Financial institutions are leveraging artificial intelligence, blockchain, cloud computing, and big data analytics to optimize lending and insurance processes. This study explores the evolution, impact, and challenges associated with digital transformation in loans and insurance. It examines the role of digital platforms, mobile applications, and automated decision-making in streamlining financial services. The study also investigates the implications for financial service providers, consumers, and regulatory bodies. Through observed data analysis, this research highlights key drivers, barriers, and future opportunities in the digital financial landscape. Ultimately, the study aims to provide insights into the effectiveness of digital transformation strategies in enhancing operational efficiency and financial inclusion.