Digital and Green Banking Transformation towards Environmental Sustainability

Abstract

In the VUCA world the connection of digital transformation and sustainability have seemed to be a grave area of concentration across the industries. This study aims to delve into the complex association between these two domains, exploring the synergies, challenges, and implications. Digital transformation, characterized by technological advancements and innovative strategies, has revolutionized operations across sectors. Simultaneously, sustainability, with its focus on environmental, social, and economic considerations, has become a paramount concern globally.  The study explores how digital transformation can be harnessed to foster sustainability, analyzing both the positive impact and the challenges it presents. The various ways in which digital technologies can promote sustainability, including resource efficiency, reduced carbon footprint, enhanced transparency, and increased social responsibility. However, it also highlights the potential challenges and risks associated with the rapid integration of digital solutions, such as data privacy concerns, electronic waste, and digital divide issues. The paper concludes by emphasizing the need for a balanced approach that leverages digital transformation to advance sustainability while proactively addressing the associated challenges. Amidst the rise of the digital economy, traditional industries have embarked on a significant shift towards digital transformation. This evolution is particularly vital for commercial banks, not just as a prevailing trend but as an imperative for achieving sustainable development. Executives, positioned at the forefront of these enterprises, play a pivotal role in driving this change.