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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

Information Technology was implemented by banks Information Technology was implemented by banks customers. Today, the topmost agenda for all the customers. Today, the topmost agenda for all the
initially with the introduction of standaloinitially with the introduction of standalone PCs and banks in India is digitization.
voyaged voyaged to to Local Local Area Area Network Network (LAN) (LAN)
connectivity. Further, Core Banking platform was connectivity. Further, Core Banking platform was Difference between Online andand Digital Banking
adopted by banks. Thus branch banking changed to adopted by banks. Thus branch banking changed to For the most part, these two words are alternatives. For the most part, these two words are alternatives.
bank banking. Core Banking Solution (CBS) bank banking. Core Banking Solution (CBS) But, online banking can be defined a bit more But, online banking can be defined a bit more
facilitated banks to increase the comfort feature to facilitated banks to increase the comfort feature to narrowly as- online banking primarily emphases on online banking primarily emphases on
the customers as a encouraging step towards a encouraging step towards money transfers, bill pay, remote deposits, and basic money transfers, bill pay, remote deposits, and basic
improving customer accessibility through anywhere improving customer accessibility through anywhere online management of accounts. Other synonyms foonline management of accounts. Other synonyms for
online banking include virtual banking, internet nline banking include virtual banking, internet
and anytime banking. o
banking, and e-banking. So, online banking focuses So, online banking focuses
Different Core banking platforms such as Finacle Different Core banking platforms such as Finacle on digitizing the “core” features of banking, but on digitizing the “core” features of banking, but
designed by Infosys, BaNCS by TCS,designed by Infosys, BaNCS by TCS, FLEXCUBE digital banking incorporates digitizing every digital banking incorporates digitizing every
program and activity undertaken by financial rogram and activity undertaken by financial
by i-flex, gained popularity. p
institutions and their customers.and their customers.
In 1991-92, with the opening of the economy, the of the economy, the
process of Computerization gained a leap. Several process of Computerization gained a leap. Several Banks play a significant role in our daily lives. For Banks play a significant role in our daily lives. For
commercial banks started moving towards digital commercial banks started moving towards digital countless people, at least a single financial transaction countless people, at least a single financial transaction
customer services to remain economical and customer services to remain economical and is been done in a single day. Thus banks always try to Thus banks always try to
significant in the race. implement latest technologies to enhance customer mplement latest technologies to enhance customer
i
experience. Digitization is not aization is not a choice for banking
Dan Jones, partner and head of Capco’s UK Digital Dan Jones, partner and head of Capco’s UK Digital industry, rather it is certain because every industry is industry, rather it is certain because every industry is
practice, says convenience, speed and flexibility are enience, speed and flexibility are being digitized and banking sector is no exemption. being digitized and banking sector is no exemption.
no longer considered attractive add-ons, but have ons, but have .Mobile banking is increasing at a fast pace more than is increasing at a fast pace more than
become a standard expectation of the rapidly become a standard expectation of the rapidly online banking.
changing customer-bank relationship. According to bank relationship. According to
O
Mr Jones, successful organizations will be those that Mr Jones, successful organizations will be those that ADVANTAGES ADVANTAGES OF F DIGITIIGITIZATION IN
D
can keep pace with customer needs and demands, and tomer needs and demands, and BANKING:-
implant appropriate services into the wider ecosystem implant appropriate services into the wider ecosystem Reduction of costs for banks and customers as for banks and customers as
of digital products. w
well by using cashless transactions, ATMs, etc.ell by using cashless transactions, ATMs, etc.
With more digital data available with banks, they With more digital data available with banks, they
II. Research Methodology:- can take data-driven vibrant decisionsdriven vibrant decisions by using
d
Research paper is based on secondary data obtained Research paper is based on secondary data obtained digital analytics. This benefits both customers and igital analytics. This benefits both customers and
from various sources like banks.
1. Earlier paper published. Number of customers will be amplifieder of customers will be amplified for banks
2. Websites because of the increased convenience of banking.convenience of banking.
3. Articles published in Research magazines.published in Research magazines. Digitalization decreases human error.decreases human error.
4. Articles appeared in news paper. Need of handling large amounts of cash will be Need of handling large amounts of cash will be
reduced.
Current status in the Digital Space Rural and urban gap will be eliminated.Rural and urban gap will be eliminated.
Indian Government is aggressively promoting digital Indian Government is aggressively promoting digital Fake currency threat will be will be reduced, with the
transactions. Some of the significant steps for transactions. Some of the significant steps for increasing cashless transactions.ncreasing cashless transactions.
i
innovation in the Payment Systems domain are the innovation in the Payment Systems domain are the
launch of United Payments Interface (UPI) and Bharat ch of United Payments Interface (UPI) and Bharat DISADVANTAGES OF DIGDISADVANTAGES OF DIGITIZATION IN
Interface for Money (BHIM) by National Payments Interface for Money (BHIM) by National Payments BANKING:-
Corporation of India (NPCI). UPI is a mobile Corporation of India (NPCI). UPI is a mobile Digitalization shrinks the effort of employees and Digitalization shrinks the effort of employees and
interface where people can make immediate funds interface where people can make immediate funds hence results in loss of jobs.loss of jobs.
transfer between accounts in different banks on the transfer between accounts in different banks on the Some bank branches may conclude to exist with Some bank branches may conclude to exist with
basis of cybernetic address without mentioning the netic address without mentioning the the increasing use of online banhe increasing use of online banking.
t
bank account. Today banks aim to provide fast, bank account. Today banks aim to provide fast, Banks will be more vulnerable toBanks will be more vulnerable to cyber-attacks.
accurate and quality banking experience to their accurate and quality banking experience to their

@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 104