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

7. Business efficiency –Reduced cost and enhanced Reduced cost and enhanced When the payments move digital, each and nts move digital, each and
speed improve the efficiency of internalof internal functions e
every individual is bound to have a bank very individual is bound to have a bank
account, a mobile phone, etc. This way, the ccount, a mobile phone, etc. This way, the
leading to increased human productivity.leading to increased human productivity. a
g
8. Transparency is ensured due to which problems of ensured due to which problems of government can easily transfer the subsidies overnment can easily transfer the subsidies
fake currency or black money will dissolve.dissolve. directly to Aadhaar-linked bank accounts of linked bank accounts of
p
9. Approaching fast on the new horizon of cashApproaching fast on the new horizon of cash-light people. In short, people no longer have to wait eople. In short, people no longer have to wait
India or a cashless future which excludes Paper India or a cashless future which excludes Paper to receive the incentives and subsidies that ive the incentives and subsidies that
money. t they are bound to receive from the hey are bound to receive from the
g
10. Customer centricity – In the pre digital era banks digital era banks government. This feature is already in place in overnment. This feature is already in place in
most cities. One example of that would be the ost cities. One example of that would be the
used to focus on pushing and selling the existing used to focus on pushing and selling the existing m
LPG subsidy that government gives to the PG subsidy that government gives to the
available products to customers but available products to customers but with L
common people. This subsidy payment is done ommon people. This subsidy payment is done
digitalisation at the core of everyday life , the digitalisation at the core of everyday life , the c
ultimate goal of banks is to make customer ultimate goal of banks is to make customer via bank transfers these days.bank transfers these days.
happy. Digital infrastructure provides billions of happy. Digital infrastructure provides billions of 14. Risk management software Risk management software can detect and respond
customers with affordable broadband and lowcustomers with affordable broadband and low-cost t to market changes more quickly than expert o market changes more quickly than expert risk
devices. Banks should focus on innovating new devices. Banks should focus on innovating new managers.
products and services that are meeting the d services that are meeting the
changing expectations of customers, maintain changing expectations of customers, maintain Disadvantages of digitalisation of digitalisation -
competitive edge and match with the latest competitive edge and match with the latest 1. Though digitalisation leads to Though digitalisation leads to unemployment in
technology trends o
one area but new jobs are created in IT ne area but new jobs are created in IT sector,
11. Physical cash handling has reduced Physical cash handling has reduced – possibility cyber security, research Team etc., research Team etc.
of misplacement of cash or the potential for of misplacement of cash or the potential for 2. Large sections of Indians are digitallysections of Indians are digitally illiterate so
t
money to be stolen is reduced to a great extent, duced to a great extent, they are not comfortable in digital hey are not comfortable in digital banking.
additionally, digital cash can be traced and , digital cash can be traced and 3. Banking environment is more prone tomore prone to hacks and
accounted for more accurately in cases of accounted for more accurately in cases of cyber attacks as financial data is more vulnerable.data is more vulnerable.
disputes. As consumers can purchase with the help disputes. As consumers can purchase with the help 4. Some concrete bank branches may cease to exist concrete bank branches may cease to exist
of apps, there is less need to carry physical cash in there is less need to carry physical cash in w
with the increasing use of online banking.ith the increasing use of online banking.
their purses and handling large amount otheir purses and handling large amount of cash can
be avoided. R
Requirements in digitalised banksequirements in digitalised banks –
12. In the absence of personal intervention , all In the absence of personal intervention , all A. A vibrant digital future will need a strong A vibrant digital future will need a strong
customers are treated at par ,be it urban or rural .customers are treated at par ,be it urban or rural . underlying technology withtechnology with right omni channel
d
13. Benefits to government : - development platform which will incorporateevelopment platform which will incorporate
f
A. Digital transactions can be easily monitored Digital transactions can be easily monitored features like easy app eatures like easy app management, inbuilt
security and strong feasibility. ecurity and strong feasibility.
and any payment made by any customer to any and any payment made by any customer to any s
merchant will be recorded in the recorded in the system. Thus B. The required infrastructure should provide mass The required infrastructure should provide mass
there will be no means for illegal transactions. there will be no means for illegal transactions. data storage, infinite computing infinite computing power, and
By prohibiting cash-based transactions and based transactions and pervasive connectivity, advanced, advanced analytical tools
using only digital payments, the government using only digital payments, the government e
enabling the customer to perform thenabling the customer to perform their operations
can efficiently expel the black economy.can efficiently expel the black economy. o
on one simple finger touch. n one simple finger touch.
B. Increase in Revenues: In case of n case of digital C. An integrated IT infrastructure is utmost essential infrastructure is utmost essential
.
economy, when the transactions are digitized, the transactions are digitized, .High speed and transparent processing High speed and transparent processing of
monitoring sales and taxes becomes monitoring sales and taxes becomes easy. transactions which results in which results in wide spectrum of
Since each transaction is recorded, the each transaction is recorded, the products and security offered to the consumers at security offered to the consumers at
customers will get a bill for their purchase, customers will get a bill for their purchase, fair prices resulting into highinto high quality relationships
and the merchants are bound to pay the sales and the merchants are bound to pay the sales with banks.
tax to the government. This, in turn, increasetax to the government. This, in turn, increases D. The software solution should be flexible The software solution should be flexible adapting
the revenue of the government, thusgovernment, thus resulting to constant customisation and avoiding rigidity.constant customisation and avoiding rigidity.
in growth of the overall financial in growth of the overall financial health of the E. A strong in house IT team is a must.IT team is a must.
country.
C. Empowerment to People: One of the Empowerment to People: One of the greatest Challenges of digitalized bankingChallenges of digitalized banking-
advantages of moving towards digitalisation is of moving towards digitalisation is Banks are facing competition from nonBanks are facing competition from non-banking
that it gives an empowerment to the citizens. that it gives an empowerment to the citizens. companies as well as smaller Fintech companies. Fintech companies.

@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 199