In this study, the impact of the omnichannel banking system on the efficiency and accessibility of pharmaceutical retail industry in the state of Odisha in light of digitalization was explored. The impact of integrated channels of banking on transaction management, inventory management, supplier payments, and customer relations in pharmaceutical retail businesses was studied. In this research, primary data were collected based on an explanatory design. Quantitative data were gathered using a survey method among retail pharmacists, store managers, wholesalers, and customers involved in pharmaceutical retail and banking business. Technological readiness, agility of organizations, customer-centric approach, and regulatory compliance were identified as key factors, while customer satisfaction acted as a moderating factor. Structural equation modelling and confirmatory factor analysis were performed with the help of SPSS and AMOS. The results suggested that all four factors were equally important for the successful adoption of omnichannel banking within public and private organizations. Customer-centric approach and service orientation were identified as the most dominant factors impacting the success of the initiative. The factor of technology readiness played an important role in facilitating smooth retail activities, whereas organizational flexibility improved the performance level. Regulation played a supportive role as compared to the other three factors in the success of omnichannel banking. Customer satisfaction amplified the effect of these factors on the success of the project. The research helped formulate a conceptual model for the success of omnichannel banking and provided practical recommendations for bankers, pharmacies, and policymakers for enhancing service delivery in Odisha.
