A STUDY ON DIGITAL BANKING SCENARIO OF INDIA

Abstract

Abstract:- The Banking industry and financial institutions are basic sectors of any economy. Development of these two sectors of the economy can impact the growth of the country in an incredible way. In the recent era of “Digital Indiaâ€, the banking and financial services in India have undergone an enormous evolution and the phenomenon continues. The change can be attributed to various components like new regulatory policies and customer expectations. Digitization has revolutionized traditional banking, bringing with it opportunities to enhance the customer experience, reduce bottom-line costs, and grow reach and market share. To compete effectively in the changing market and keep up with rising customer expectations, 53% of survey takers say they must better leverage new technology. Artificial intelligence, machine learning, block chain and the internet of things are making new business models possible. Internet banking and mobile banking are some of the classic examples of emerging trends in the banking sector and financial services. In addition to the betterment of traditional systems, these banking and financial services industry trends are a few steps toward creating a cashless society, complete digital transformation, and the rise of Fintech. In this time of change, the only thing that is constant is change.

In the world so many countries are adopting the Fintech for economy development. Japan also placed a much higher emphasis on the sensitivity to changes in the economic cycle and viewed open banking initiatives as a more important trend than most regions. The U.K. placed more emphasis on impending data protection legislation. The EU’s results were consistent with the overall results, although they placed slightly more weight on the importance of technology and had less concern for the changing economic cycle. In this research paper we are illustrate the requirement of technology enhancement in Indian economy.

Keywords: Internet banking, Digital Banking.