DIGITAL BANKING IN INDIA: A REVIEW OF TRENDS, OPPORTUNITIES AND CHALLENGES
2
Author(s):
AARTI SHARMA, NIDHI PIPLANI
Vol - 8, Issue- 1 ,
Page(s) : 167 - 179
(2017 )
DOI : https://doi.org/10.32804/IRJMST
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Abstract
Abstract
The banking sector has been the backbone of every economy whether developed or emerging. It plans and implements the economic reforms. Any change in this sector through the adoption of technology will have an extensive impact on an economy’s growth. Nowadays, banks are seeking unconventional ways to provide and differentiate amongst their diverse services. Both corporate as well as retail customers are no longer willing to queue in banks, or wait on the phone, for the basic banking services. They require and expect a facility to conduct their banking activities at any time and place. Plastic money (Credit Cards, Debit Cards and Smart Cards); internet banking including electronic payment services, online investments, online trading accounts, electronic fund transfer and clearing services, branch networking; telephone banking; mobile applications and wallet are some of the recent products and services acting as the drivers to the growth of banking sector. Towards this, the paper aims to examine the recent digital banking trends in India along with identifying the challenges faced by banks in incorporating these digital banking trends.
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