Digital Banking as an Enabler of Bullion Banking Innovation: A Systematic Literature Review

Abstract

The rapid development of digital banking has created new opportunities for financial innovation, including the emergence of bullion banking and digital gold services. However, existing research remains fragmented across technological, behavioral, Sharia, regulatory, and financial market perspectives, limiting an integrated understanding of how digital banking enables bullion banking innovation. This study aims to systematically identify, evaluate, and synthesize national and international research published between 2017 and 2026 concerning digital banking and bullion banking innovation. A qualitative systematic literature review was conducted using Scopus, Web of Science, Google Scholar, and Garuda, following PRISMA procedures. From the reviewed literature, 45 articles met the inclusion criteria, comprising 20 national and 25 international studies. The findings indicate that digital banking provides the technological and organizational infrastructure for secure custody, transparent record-keeping, and accessible gold services. Adoption is primarily influenced by trust, financial literacy, investment knowledge, perceived risk, and cognitive evaluations. Sharia compliance functions as both a legitimacy requirement and an innovation enabler, while regulatory fragmentation and consumer protection gaps remain important constraints. International evidence also supports the conditional stability and hedging potential of gold-backed digital instruments. Digital banking can enable sustainable bullion banking when supported by integrated technology, sharia assurance, customer literacy, and effective regulation.