Digital Banking in this era of fast paced human life needs to cope up to the increasing demands of lightning fast transactions of the population. The face of banking has changed with the boom of the digital era. No need to stand in a long queue or fill up a dozen slips just to carry out a transaction. Digital Banking in India has brought the bank to our fingertips. We can now carry out a multitude of activities just with a few clicks.
Mobile banking has led the impetus to cashless transactions. The user no longer needs to carry physical hard cash, cards or look for an atm. All you need is a bank account, mobile app & internet access.
One can open a bank account online and carry out their day to day transactions may it be a college student or a businessman through mobile banking apps. Online Banking is not only fast, easy and safe but has opened the door for a number of other services as well, providing opportunities to people and vendors to provide goods & services and get instant payments then and there.
Role Of Online Banking in India:
With technological advancements and lifestyle changes, banking in India had to reluctantly adopt to this changing market. Mechanisation and digitization of the banking industry gave a rise to ebanking and mobile banking.Different modes of online fund transfer were developed over time. Services like RTGS, NEFT bank transfer, IMPS payment mechanisms came into existence.
Benefits Of Online Banking:
Opening bank accounts became easier than ever. With just a few clicks and some essential documents one can open savings account right on their mobile banking app. With the invention of Unified Payment Interface (UPI) application for smartphones, bank to bank money transfer has become simple, fast and secure, giving more spending power in the hands of the consumer. It has made it possible for us to pay bills online through the app, may it be a mobile bill, gas bill or a restaurant bill, one click and the money gets transferred. Availing services like phone & DTH recharge online was never this easy. With e-banking and mobile wallets linked to our bank account one can pay for phone and dth recharge online itself, hassle free. Accessing the bank became easier and more user friendly with 24×7 banking available right on the device. Prompt customer service and query redressal has made online banking even more favourable and build trust.
With the boom of digital banking the race for the best digital banking app has begun. With private and nationalised banks alike coming up with their own e-banking apps the competition has intensified even more. With lower overheads and drastic reduction in operating costs of banks has it made it possible for them to offer higher interest rates for online bank deposits.
Furthermore advancing technology and A.I. has enabled these mobile banking platforms to launch A.I. powered chatbots that work on a human-like algorithm understanding our needs and adapting to our patterns. These Chatbots are enabled to service the online banking customers on the app itself and assist them in online bank account opening, making a FD (Fixed Deposit) online or avail cashback on bill payments.