Purpose:
The main purpose of this paper is to find the impact of digitization of branch banking on audit and compliance in branch.
Method:
The impact of digitization on audit and compliance is evaluated with respect to the following five audit and compliance performance criteria viz., Branch audit rating, FOCUS, Customer escalation, No. of critical requests, Compliance Adherence Score. The data for the above-mentioned parameters is gather for a three years pre-digitization period ranging from 2014-2015 to 2016-2017. Similarly, the post digitization data is gathered for three years period from 2017-2018 to 2019-2020. The pre-digitization and post-digitization averages of all the parameters are compared with the help of paired t-test.
Results:
The result of paired sample t-test reveal that, since. P-value obtained in case of all the parameters is less than the alpha value of 0.05 (p<0.05), there is significant impact of digitization of bank on audit and compliance.
Conclusion:
The result of the hypothesis testing reveal that there is significant impact of digitization of banks on audit and compliance. All the parameters i.e. Branch audit rating, FOCUS, Customer escalation, No. of critical requests, Compliance Adherence Score have shown a significant improvement post digitization.
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