Banking plays a fundamental part in financial activity today, and digital banking in India is highly advanced. Finding its roots, the word bank developed from the Italian word ‘Banca’ which means ‘bench’. The traders in the early middle ages would sit on benches where they would keep their coins for lending, exchanging, and trading. Chanakya, in his Arthashastra of the second or third century CE, mentions to dominant money lenders who lent money and kept deposits.
But currently, the new era is into internet banking. What is it? Digital banking, also known as online banking, provides its services online, and customers can access banking transactions, submit requests, and manage other banking activities online, it is called digital banking.
Indian banks were very hesitant to implement the changes brought about by technological advancement. Several factors brought about modernisation and digitisation in the banking industry in India. Putting in place standard cheque encoders was the first step towards digital transformation in banking.
Digital banking services allow funds to get transferred using different online modes such as RTGS, NEFT, and IMPS. Recent years have seen an increase in mobile banking services and other innovative services online.
Benefits of digital banking
Availability:
The customer can access his/her bank records anytime he/she wants, and several banking services are available to him/her 24/7. Transferring money is easier, faster, and secure.
No time constraint:
Several services require waiting for long periods. Banks have fixed times at their branches for different services. Even simply encashing a cheque takes time. But with digital banking, it is instant, with zero-time constraints.
Online bill payments
It is a feature that saves customers a lot of time and money. Customers no longer require carrying cash and wait in long queues to pay their utility bills or other bills.
The benefits of digital banking highlight its importance by themselves. However, the socio-economic conditions that surface add to the importance of digital banking in India. With the increase in crime rates and corruption, digital banking is a secure way to manage financial transactions.
Nowadays, even digital banking apps have changed the way banking is done in India. Almost every bank provides the same.
But currently, the new era is into internet banking. What is it? Digital banking, also known as online banking, provides its services online, and customers can access banking transactions, submit requests, and manage other banking activities online, it is called digital banking.
Indian banks were very hesitant to implement the changes brought about by technological advancement. Several factors brought about modernisation and digitisation in the banking industry in India. Putting in place standard cheque encoders was the first step towards digital transformation in banking.
Digital banking services allow funds to get transferred using different online modes such as RTGS, NEFT, and IMPS. Recent years have seen an increase in mobile banking services and other innovative services online.
Benefits of digital banking
Availability:
The customer can access his/her bank records anytime he/she wants, and several banking services are available to him/her 24/7. Transferring money is easier, faster, and secure.
No time constraint:
Several services require waiting for long periods. Banks have fixed times at their branches for different services. Even simply encashing a cheque takes time. But with digital banking, it is instant, with zero-time constraints.
Online bill payments
It is a feature that saves customers a lot of time and money. Customers no longer require carrying cash and wait in long queues to pay their utility bills or other bills.
The benefits of digital banking highlight its importance by themselves. However, the socio-economic conditions that surface add to the importance of digital banking in India. With the increase in crime rates and corruption, digital banking is a secure way to manage financial transactions.
Nowadays, even digital banking apps have changed the way banking is done in India. Almost every bank provides the same.
