Paradigm shift in the digital transformation of the banking sector: A bibliometric analysis

Abstract

This study attempts to provide a comprehensive analysis of the impact of digital technology on the banking industry. The banking industry is undergoing a rapid paradigm shift, driven by the need for reliable, intuitive, and efficient financial services, as well as the proliferation of innovative financial technologies and changing regulations. This calls for a comprehensive study of digital transformation in the banking industry. The main objective of the study is to analyze the growth pattern of technological transformation in the banking industry. This paper adopts bibliometric analysis of data with substantial use of R package and VOSviewer software. The study examines 328 articles published in the Web of Science and Scopus databases between 2009 and 2023. The results show an increasing trend of 18.29% in the publication of articles based on their annual production. The study conducted a network analysis to identify the paradigm shift in banking technology related to FinTech, innovation, digital transformation, adoption of digital banking technology, digital economy, e-commerce, and digitization. The results show that the period from 2017 to 2023 is of great importance, as it has witnessed a significant increase in the volume of publications related to digital transformation in the banking sector.