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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

1. Cyber crime – Siphoning of funds on massive Siphoning of funds on massive 8. Good user experience on digital channels or user Good user experience on digital channels or user
scale by cyber attackers is possible. scale by cyber attackers is possible. Money and f friendly nature is crucial to the overall customer riendly nature is crucial to the overall customer
data security is at constant threat by data security is at constant threat by hackers. All experience and acceptance. acceptance. And banks that
neglect the digital channels are reducing their eglect the digital channels are reducing their
businesses big or small face growing cybergrowing cyber threats n
which damage image and reputations of the which damage image and reputations of the bank. c
chances with their best customers. Poor digital hances with their best customers. Poor digital
The key challenge in the digital era is key challenge in the digital era is experience could shift affluentshift affluent customers towards
safeguarding the customers from cybercrimes with from cybercrimes with other alternatives, whereas a website or mobile , whereas a website or mobile
advanced cyber securities incorporated in the IT advanced cyber securities incorporated in the IT a
app that provides great user experience could pp that provides great user experience could
infrastructure of the bank. enhance the bank’s revenue from the tech’s revenue from the tech-savvy
2. Choice of technology-user’s choice of device that e of device that customer.
will be used for smooth functioning is important will be used for smooth functioning is important 9. Traditional banks are facing severe competition Traditional banks are facing severe competition
.Office goers will prefer Laptops and desktops .Office goers will prefer Laptops and desktops from FinTech companies, which are financial companies, which are financial
while those who travel for business prefer tablets who travel for business prefer tablets t technology firms that facilitate banking and echnology firms that facilitate banking and
and depend upon high quality cameras. Device and depend upon high quality cameras. Device financial services.
compatibility with software plays crucial compatibility with software plays crucial role. The 10. Launching new innovative products which are Launching new innovative products which are
customers are more enthusiastic to use full range customers are more enthusiastic to use full range s
sometimes difficult to automateometimes difficult to automate
of e-commerce financial services. 11. Mergers and acquisitions and new government Mergers and acquisitions and new government
3. Achieving error free or flawless appAchieving error free or flawless app-customers r rules and regulations are ules and regulations are difficult to incorporate
especially younger ones experience power especially younger ones experience power while i into existing IT solution and customization of the nto existing IT solution and customization of the
banking through smart phone applications. software to continuous changes becomes tedious hanges becomes tedious
Keeping control over one’s expeKeeping control over one’s expenses and due to rigid software.
monitoring investments at any time and from any monitoring investments at any time and from any 12. Many banks do not have expert Many banks do not have expert in house
place in the world is the core place in the world is the core benefit made infrastructure to support the changing business nfrastructure to support the changing business
i
available to customers by banking and financial available to customers by banking and financial priorities
applications .The organizations which fail to adopt applications .The organizations which fail to adopt 13. Risk Management/Mitigation helps in reducing Risk Management/Mitigation helps in reducing
this technological advancements to overcome the this technological advancements to overcome the intervention delays, continuous continuous monitoring, fraud
outdated approaches and inefficiently handled d approaches and inefficiently handled detection, smarter, deeper, faster controls.deeper, faster controls.
customer relationships will be out from be out from
competitive market and will not be able to retain competitive market and will not be able to retain Bank Opportunities-
the customers. 1. Competitiveness –Banks can Banks can innovate simple
products which are fairly priced and attract more roducts which are fairly priced and attract more
4. Targetting the new customers by way Targetting the new customers by way of p
innovative digitalized techniques can pose a digitalized techniques can pose a customers to withstand thewithstand the competition.
problem to banking industry. Digital Banking . Digital Banking 2. Marketing and Branding –– Digital marketing with
Readiness Index (DiBrix) can be used in the Readiness Index (DiBrix) can be used in the convergence of networks caof networks can strengthen the brand
process for evaluation. image.
5. Sustainability – Post successful innovation and Post successful innovation and 3. Risk Management / mitigation , dashboards, Data Risk Management / mitigation , dashboards, Data
implementation , the next challenge is sustaining implementation , the next challenge is sustaining Analytics, Fraud prevention , Real time Fraud prevention , Real time
o
as leader in the market operations , Process Dematerialisation, Digital perations , Process Dematerialisation, Digital
s
6. Quality and speed should go hand in handQuality and speed should go hand in hand- In the signatures will enable the bank to be a market ignatures will enable the bank to be a market
process of offering maximum financial products process of offering maximum financial products leader.
and services to widen customer base,base, it leads to 4. The digital Banking is concerned wconcerned with 2 aspects
compromises on quality of products. products. The both having digital technology underneath oth having digital technology underneath them.
b
challenges in fast paced and dynamic digital world challenges in fast paced and dynamic digital world A. A new thrilling experience to the customer A new thrilling experience to the customer
w
are manifold. who has a plethora of eho has a plethora of e-services available to
7. The next phase of growth for cards is from the xt phase of growth for cards is from the him.
tap-and-pay pay feature, feature, through through NFCNFC-enabled B. efficient , effective business model in the efficient , effective business model in the
contactless technology where swiping or dipping contactless technology where swiping or dipping organisation
a card is eliminated; instead payment can be made a card is eliminated; instead payment can be made 5. High speed, secured and transparent procesecured and transparent processing of
when it is brought close to either a PoS machine when it is brought close to either a PoS machine transaction which results in which results in wide spectrum of
or card reader. These cards have become popular ards have become popular products and security proffered to the consumer at security proffered to the consumer at
in Australia, UK and France especially for metro in Australia, UK and France especially for metro fair prices and high quality relationships with high quality relationships with
travel or toll-and-transit facilities banks.

@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 200