Digital Revolution in the Indian Banking Sector

  • J Shifa Fathima Ph.D. Scholar, Madurai Kamaraj University, Madurai, Tamil Nadu, India
Keywords: Digi-world, Technologies, Digital Financial Services, Fintech Companies, Bank Mechanization, Automation, Digital Evolution, Revolution

Abstract

“Digital” is the new popular expression in all sectors. With other sector, banking is additionally all around the world moving towards digitalization. Banks all things considered and over all areas are making immense investments in digital activities so as to keep up a competitive edge and convey the greatest to its customers. Selection of digitalization is significant for the banking sector. By grasping digitalization, banks can provide upgraded customer services. This provides accommodation to customers and aides in sparing time. Digitalization has transformed manual processes, transactions and exercises into digital services. Over all verticals, buyer needs have been met in entirely imaginative manners, upsetting existing enterprise esteem chains. Digitalization reduces human blunder and in this manner constructs customer unwaveringness. Today, individuals have nonstop access to banks due to online banking. Managing a lot of cash has additionally become simpler. Digitalization has additionally profited customers by encouraging cashless transactions. Customers need not store cash any longer and can make transactions at wherever and time. A few commercial banks began moving towards digital customer services to stay competitive and relevant in the race. Banks have profited in a few different ways by receiving more current innovations. E-banking has brought about reducing costs definitely and has created revenue through different channels. Commercial Banks in India have moved towards innovation by method for Bank Mechanization and Automation with the prologue to MICR based check processing, Electronic Funds transfer, Inter-availability among bank Branches and implementation of ATM (Automated Teller Machine) Channel have brought about the accommodation of Anytime banking. Solid activities are taken by the Reserve Bank of India for reinforces the Payment and Settlement systems in the banks. Indian government, banks, fintech companies have been advancing and changing the manner in which India spends its money. Simultaneously digital revolution additionally raises new challenges to the solidness and the uprightness of the financial system and the protection of buyers. Hence, the present study has been done on the digital revolution in the Indian Banking sector and the study based on the secondary sources of data.

Published
2020-01-01
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