Importance Of Digital Banking In India
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The trend was picked up by many banks and at present most of the banks provide internet banking facilities.
Importance of digital banking in india. The online services include making transactions checking bank statements submitting requests and other banking activities. Automation is one of the biggest focuses that banks are looking at. The following article will help you gain more insight on this topic as different aspects of digital banking are discussed with more elaboration. Digital banking in india is at an advanced peak and has many benefits.
It is also called internet banking or online banking. The main focus of reserve bank of india rbi was to ensure safer and authorized payment system to the people. Banks need to invest in building more capabilities to enhance service simplicity availability and interoperability. With this objective electronic clearing.
We have only discussed some aspects of digital banking in india or digital india in the banking sector and the future of digital banking in india. It is a vital change in how banks it is a vital change in how banks and other financial institutions learn about interact with and satisfy customers. The digital revolution has changed many elements within almost every industry especially the financial industry. Use it and its importance increased gradually.
The first bank to provide online banking service was icici bank in the year 1996. Digital banking should not be looked at just as a technological advancement. As the population increased in india the need of atms also increased in various parts of the country so in order to reduce the rush of atms rbi focused on introducing e banking in the country. Digital transformation is far beyond just moving from traditional banking to a digital world.
The new technology wave that has started throughout the entire finance industry has changed a lot of the banking structures that were traditionally set up. How important is digital banking in the modern world. From traditional banking to state of the art digital banking such as data integrity authentication including third party authentication and trust factors in a digital banking environment are gaining importance. Digital india is an initiative by govt of india to help the country adopt digital initiatives.
It is a revolution in how the banking industry functions and the services it renders. Digital banking provides mission critical solutions to bankers for their short term and long term business and technological. Digital banking has revolutionized the banking industry in india. Initiatives which are expected to cut dependency on bureaucratic processes decrease corruption and help cut down time in taking public services to the citizens of the country.
Government of india and rbi as part of digital india and financial inclusion agenda have launched a slew of initiatives and changes to enhance penetration.
