With the introduction of AI, RPA, cloud-based core banking systems and digital communication channels that are always on, the nature of banking work has changed dramatically, and so too has the job of banking workers. Although digital transformation is highly touted as a benefit to the organization, creating more efficient processes and improved customer experiences, its impact on employee well-being and quality of work life (QWL) is under-researched and somewhat disjointed. This paper provides a conceptual analysis combining literature from organizational behavior, human resource management and information systems research in order to consider the impact of digital transformation on aspects of QWL, such as job design, work-life balance, psychological safety, the relevance of skills and social connectedness in the workplace. The paper adopts, integrates, and extends the concepts of Job Demands-Resources (JD-R) model, Walton’s QWL framework, and Technology Acceptance Theory to propose an integrative conceptual model, in which digital transformation is seen as a double-edged phenomenon with both job resources (efficiency, flexibility, skill building) and job demands (technostress, surveillance, work intensification, role ambiguity). The paper suggests that the net impact on well-being depends on the digital maturity of the organization, the leadership support, change management processes, and the design of digital systems of people. Theoretical and managerial implications are discussed and a research agenda for studying the proposed relationships is presented in order to validate them from an empirical perspective. The paper argues that digital transformation in banking cannot be measured just by efficiency measures but has to be rethought within a well-being-based framework, equating QWL with a strategic goal not a by-product of technological implementation.