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Digitalization in Banking Sector

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Volume-4 | Issue-1

Last date : 26-Dec-2019

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Digitalization in Banking Sector


Mrs Jyoti Suraj Harchekar

https://doi.org/10.31142/ijtsrd18681



Mrs Jyoti Suraj Harchekar "Digitalization in Banking Sector" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | International Conference on Digital Economy and its Impact on Business and Industry, October 2018, pp.103-109, URL: https://www.ijtsrd.com/papers/ijtsrd18681.pdf

In order to improve the customer service, book-keeping and MIS reporting, the need for computerization was felt in the Indian banking sector in late 1980s. Reserve Bank of India set up a Committee headed by Dr. C. Rangarajan on computerization in banks in 1988. Conversion of data into a digital format with the adoption of technology is called as digitization. By implementation of digitalization, banks can provide enriched customer services. This provides convenience to customers and helps in saving time. Digitalization decreases human error and thus builds customer reliability. A new wave of technology is revolutionizing the way customers engage with their finances. From social to mobile capabilities, banks have to rethink the way they do business to deliver a better customer experience and remain competitive. The recent introduction of open banking and the Payments Services Directive 2 (PSD2) regulation is hastening this transformation by placing power in the hands of customers. Banks must now allow customers to share their financial data, such as spending habits and regular payments, with authorized third-party providers if customers wish to do so. In addition, until the past few years, banks were not visualizing the tremendous shift in consumer behavior that occurred as a result of the millennial generation now become the largest consumers of financial products. With the increasing usage of smart-phones, digitization of banking sector is predictable to catch up the increasing expectations of the world. It indeed reduced human errors and increased convenience. Now, cyber threats are on the rise hence, banks must be very vigilant and should be prepared to handle cyber-attacks.

Digitalization, Internet Banking, Online Banking


IJTSRD18681
Special Issue | International Conference on Digital Economy and its Impact on Business and Industry, October 2018
103-109
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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