Digital fnance and banking

There has been a shift in consumer expectations for banking experiences and wealth management as all industries experience a major digital shift, especially after the COVID-19 pandemic. This is more pronounced in the financial sector as finance is going through major changes due to disruptive innovations. Digital finance application in banking operations is paramount as it is transforming traditional ways of financial services delivery with new business models. The banking sector can be influenced by digital finance which can improve financial efficiency. This chapter covers the following topics: an overview of digital finance, an overview of banking, the benefits and role of digital finance in the banking sector, the barriers to or challenges of the development of digital finance in developing countries including Africa, and the future of the banking sector with the increasing application of digital finance.