Page 126 - ICDEBI2018

International Journal of Trend in International Journal of Trend in Scientific Research and Development (IJTSRD)Research and Development (IJTSRD)
International Open Access JournalInternational Open Access Journal | www.ijtsrd.comwww.ijtsrd.com

ISSN No: 2456 ISSN No: 2456 - 6470 | Conference Issue – ICDEBIICDEBI-2018

INTERNATIONAL CONINTERNATIONAL CONFERENCE ON DIGITAL ECONOMY AND FERENCE ON DIGITAL ECONOMY AND

ITS IMPACT ON BUSINESS AND TS IMPACT ON BUSINESS AND INDUSTRYINDUSTRY

Organised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, Sangli

The Impact of Digitalisation Digitalisation on Indian Banking SectorIndian Banking Sector

Dr. Mrs. Manisha Vikas JagtapDr. Mrs. Manisha Vikas Jagtap
Assistant Professor
Department of Management Studies, KES’s Rajarf Management Studies, KES’s Rajarambapu Institute of Technology,ambapu Institute of Technology,
Affiliated to Shivaji University, Kolhapuro Shivaji University, Kolhapur, Maharashtra, India

ABSTRACT
“Digital” is the new buzz word in all sector. With “Digital” is the new buzz word in all sector. With banking. Strong initiatives have been taken by tbanking. Strong initiatives have been taken by the
other sector, banking is also all around the globe other sector, banking is also all around the globe Reserve Bank of India in strengthening the Payment Reserve Bank of India in strengthening the Payment
shifting towards digitalization. Banks of all sizes and shifting towards digitalization. Banks of all sizes and and Settlement systems in banks. Indian government, and Settlement systems in banks. Indian government,
across all regions are making huge investments in across all regions are making huge investments in banks, fintech companies have been innovating and banks, fintech companies have been innovating and
digital initiatives in order to maintain a compedigital initiatives in order to maintain a competitive changing the way India spends its money. At the same changing the way India spends its money. At the same
edge and deliver the maximum to its customers. edge and deliver the maximum to its customers. time digital revolution also raises new challentime digital revolution also raises new challenges to
Adoption of digitalization is very important for the Adoption of digitalization is very important for the the stability and the integrity of the financial system the stability and the integrity of the financial system
banking sector. By embracing digitalization, banks banking sector. By embracing digitalization, banks and the protection of consumers.and the protection of consumers.
can provide enhanced customer services. This can provide enhanced customer services. This
provides convenience to customers and helps in provides convenience to customers and helps in INTRODUCTION
saving time. Digitalization has transformed manual time. Digitalization has transformed manual Digitization is the conversion of data into a digital Digitization is the conversion of data into a digital
processes, transactions and activities into digital processes, transactions and activities into digital form with the adoption of technology. Digitization form with the adoption of technology. Digitization
services. Across all verticals, consumer needs have services. Across all verticals, consumer needs have reduces human errors and, therefore, reduces human errors and, therefore, encourages
been met in entirely innovative ways, disrupting been met in entirely innovative ways, disrupting customer loyalty. Banks of all sizes and in all regions customer loyalty. Banks of all sizes and in all regions
existing enterprise value chains. Digitalization existing enterprise value chains. Digitalization are making large investments in digital initiatives in are making large investments in digital initiatives in
reduces human error and thus builds customer loyalty. uman error and thus builds customer loyalty. order to maintain a competitive advantage and offer order to maintain a competitive advantage and offer
Today, people have round-the-clock access to banks clock access to banks the maximum to their customers. In addition, the maximum to their customers. In addition,
due to online banking. Managing large amounts of due to online banking. Managing large amounts of digitization leads to intelligence andigitization leads to intelligence and intelligence of
cash has also become easier. Digitalization has also cash has also become easier. Digitalization has also solid data, which helps banks to approach customers solid data, which helps banks to approach customers
benefitted benefitted customers customers by by facilitating facilitating cashless cashless and get closer to the competition. By adopting and get closer to the competition. By adopting
transactions. Customers need not store cash anymore . Customers need not store cash anymore digitization, banks are now providing better customer digitization, banks are now providing better customer
and can make transactions at any place and time. and can make transactions at any place and time. services. This provides convenience to customservices. This provides convenience to customers and
Several commercial banks started moving towards Several commercial banks started moving towards helps save time.
digital customer services to remain competitive and digital customer services to remain competitive and
relevant in the race. Banks have benefitted in several relevant in the race. Banks have benefitted in several Today, people have access to banks 24 hours due to people have access to banks 24 hours due to
ways by adopting newer technologies. Eting newer technologies. E-banking has online banking. Managing large amounts of cash has online banking. Managing large amounts of cash has
resulted in reducing costs drastically and has helped resulted in reducing costs drastically and has helped also become easier. Digitization has also benefited also become easier. Digitization has also benefited
generate generate revenue revenue through through various various channels. channels. customers by facilitating transactions without cash. customers by facilitating transactions without cash.
Commercial Banks in India have moved towards Commercial Banks in India have moved towards Customers no longer need to store cash and can make Customers no longer need to store cash and can make
technology by way of Bank Mechanization and technology by way of Bank Mechanization and transactions anywhere, anytime. It is a powerful, sactions anywhere, anytime. It is a powerful,
Automation with the introduction to MICR based n to MICR based modular and open digital participation platform that modular and open digital participation platform that
allows people to boost agility and speed. The main llows people to boost agility and speed. The main
cheque processing, Electronic Funds transfer, Intercheque processing, Electronic Funds transfer, Inter- a
connectivity connectivity among among bank bank Branches Branches and and steps of the digital banking process have focused steps of the digital banking process have focused
implementation of ATM (Automated Teller Machine) implementation of ATM (Automated Teller Machine) mainly on adding to the existing offer the use of new mainly on adding to the existing offer the use of new
Channel have resulted in the convenience of Anytime Channel have resulted in the convenience of Anytime services enabled with technology to increase rvices enabled with technology to increase

@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 118