Asamani and Majumdar (2024) thoroughly studied the fast adoption of Financial Technology (fintech),

particularly in the context of the pandemic, which contributed to massive development in the Banking, Financial
Services, and Insurance (BFSI) industry. They noted that this expansion has been largely driven by the rise of digital
lending services, which have fundamentally altered the process of the creation of loans, processing, and distribution.
These services have transformed the traditional banking framework by utilizing online platforms and technology,
providing borrowers with exclusive convenience and accessibility. Furthermore, the researchers highlighted
significant causes driving this transition, such as the increasing adoption of smartphones and the growing
availability of internet connectivity, which democratizes access to digital banking solutions. They also emphasized
the need of flexible loan choices that are customized to the different demands and preferences of modern customers.
Overall, Asamani and Majumdar's research sheds light on the complex processes that are driving the fast expansion
of digital lending, emphasizing its substantial significance for the future of financial services and giving useful
insights for industry practitioners and academic researchers alike.

Dr. (CA) Subrahmanya Bhat (2019) undertakes a thorough analysis of the significant effects of digital
transformation on the banking business. Dr. Bhat provides a comprehensive historical analysis of the growth of
digital banking and identifies the fundamental reasons driving the sector's digitalization trend. Furthermore, the
research investigates the complex relationship between financial technology and traditional financial institutions,
offering insight on the potential for change and operational challenges connected with digital initiatives. His study
aims to give a thorough knowledge of the potential and difficulties that digital transformation presents in the
banking sector, as well as practical insights for industry practitioners, policymakers, and researchers. Dr. Bhat's
study also critically evaluates the influence of digitalization on consumer satisfaction, market dynamics, and
regulatory frameworks, emphasizing the difficulties and regulatory implications of this paradigm shift.

Abrian Joy B. Orencia (2023) thorough evaluate the Philippines' expanding digital banking sector. Orencia seeks
to identify the causes driving the rise of digital banking, examine its implications, and solve possible obstacles in a
rising economy. The report highlights a number of key factors for the expansion of digital banking, including
extensive internet availability, mobile phone use, fintech advancements, supporting government legislation, and
strategic alliances. The survey results show that digital banking has a beneficial impact on financial service
accessibility, financial inclusion, and credit accessibility. Despite the limitations, the Philippines' developing digital
banking sector provides great potential for financial inclusion. Orencia promotes a proactive strategy to reducing
cybersecurity threats, strengthening technology infrastructure, raising consumer awareness, encouraging innovation,
and strengthening regulatory frameworks. These ideas seek to develop a safe and sustainable digital banking
environment, delivering widespread benefits for society and contributing to economic progress.

N. Gigante, P. Martin and H. Marutani (2022) delves into the complicated dynamics of banking consumers'
developing personal preferences and behaviors in Metro Manila, giving insight on their choice for traditional brick-
and-mortar banks over entirely digital banking services. The data highlight a strong preference for traditional banks
among Metro Manila clients, with the majority preferring them to entirely digital alternatives. The study recognized
important preference standards, such as ease, efficiency, customization/personalization, security, and privacy, as
critical in defining client preferences in the banking industry. According to this study, banks may adapt and adjust
their services to better suit the demands of clients in an increasingly digitalized world, assuring long-term viability
and competitiveness. Furthermore, the study provides to a deeper understanding of the variables that influence client
preferences and behaviors as the banking sector transitions to a completely digital environment, guiding strategic
decision-making and supporting innovation.

In Nakashima's (2018) study it focuses on the risks associated with the adoption of innovative loan services, which
include two key dimensions: financial risk and privacy risk. Financial risk in this sense refers to the probability of
incurring monetary losses as a result of using FinTech services. This encompasses a number of possible outcomes,
such as system failures, moral hazard, and unexpected costs imposed by the service provider. On the other hand,
privacy risk is defined by individuals' subjective views of the possible harm to the confidentiality of their personal
information. This involves important data such as banking details, individual identities, and family information,
which may be compromised as a result of FinTech enterprises' use of modern technology such as Big Data analytics,
artificial intelligence algorithms, and cloud computing infrastructures. While these technology improvements
provide various benefits, they also present distinct threats to data privacy and transaction security, necessitating
careful evaluation and control in the financial services industry.

https://www.academia.edu/105636145/
Adoption_factors_in_digital_lending_services_offered_by_FinTech_lenders?auto=download

Lenders are regularly facing pressure to reduce the prices as well as to reduce and save time. Lender hence switches
into automation for better efficiency and accuracy of service. With automation bots, lenders can automate loan
processing by collecting customer information, loan approval, loan monitoring, and automatic loan pricing. This can
be achieved with the help of rule-based software bots. Also, many of the lenders do some part of the process
partially automated and some part manually. Banks and financial institutions are switching to automation and
training to stay on top of the latest security developments. This helps to keep an eye on the evolving trends in the
payment space. The paper talks about how RPA can mitigate fraud risks through various methods such as
reassessing current processes, eliminating human errors, enhanced trade monitoring, automated threat detection, and
searching for anomalies and much more.

https://ieeexplore.ieee.org/abstract/document/9596076