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

at the brochure and get in touch with tat the brochure and get in touch with the customer digital analytics. This benefits both customers and analytics. This benefits both customers and
representative for taking the process ahead. This representative for taking the process ahead. This banks.
process involves a lot of manual intervention in terms process involves a lot of manual intervention in terms Technology is non -discriminatory. Everyone will discriminatory. Everyone will
of converting suggestions /decisions into real of converting suggestions /decisions into real be treated same at banks.
investment which also takes a lot of time.investment which also takes a lot of time. Number of customers will be increased for banks Number of customers will be increased for banks
because of the increased convenience of banking.ecause of the increased convenience of banking.
b
The users does a basic search on the internet foThe users does a basic search on the internet for Digitalization reduces human errDigitalization reduces human error.
buying any financial products and the post that, raises buying any financial products and the post that, raises Need of handling large amounts of cash will be Need of handling large amounts of cash will be
a query of request with the bank for further a query of request with the bank for further reduced?
information. User raises the query , either through information. User raises the query , either through Opening and maintaining bank accounts are never Opening and maintaining bank accounts are never
website or calling of the customer care .Based on the website or calling of the customer care .Based on the been easier.
query and field of the query ,customer represenquery and field of the query ,customer representatives Repetitive task will be eliminated by automation.Repetitive task will be eliminated by automation.
forwards the call to the specific department and forwards the call to the specific department and Rural and urban gap will be Rural and urban gap will be eliminated.
arranges a meeting with the use .The user ,then arranges a meeting with the use .The user ,then With the increasing cashless transaction, fakWith the increasing cashless transaction, fake
c
,selects either video conference with expert or the ,selects either video conference with expert or the currency threat will be reduced.urrency threat will be reduced.
physical meeting .Before the meeting multiple fields physical meeting .Before the meeting multiple fields Productivity will be increased.Productivity will be increased.
query ,the users decides whether to have all pquery ,the users decides whether to have all physical
meetings or video conferencing .Post reviewing all meetings or video conferencing .Post reviewing all Disadvantages of digitalization in bankingDisadvantages of digitalization in banking
the suggestions user accept or reject the suggestions if the suggestions user accept or reject the suggestions if Digitalization reduce the effort of employees and the effort of employees and
any of the suggestion is accepted then the any of the suggestion is accepted then the h
hence results in loss of jobs.ence results in loss of jobs.
representative goes ahead with the paper work or representative goes ahead with the paper work or Some bank branches may cease to exist with the Some bank branches may cease to exist with the
other formalities. increasing use of online banking.online banking.
Banks will be more vulnerable to cyber attacks.Banks will be more vulnerable to cyber attacks.
Limitations of current process Privacy may have to be compromised.Privacy may have to be compromised.
Personal assistance from the banks perspective is Personal assistance from the banks perspective is
must. Major technology trends that will reshape banking ajor technology trends that will reshape banking
M
Separate meetings for the various productsproducts. are as follow
Users need track all products separately.Users need track all products separately. 1. Open banking is the new norm.Open banking is the new norm.
Bank suggestion based on only users financial Bank suggestion based on only users financial O
Open banking a connected ecosystem for financial pen banking a connected ecosystem for financial
strengths. and non financial services with multiple financial services with multiple
underlying services providers is the future of nderlying services providers is the future of
Service based on user’s stated needs.Service based on user’s stated needs. u
banking .The launch of UPI by the National anking .The launch of UPI by the National
b
P
Role of digitalization in banking Payments Corporation of India (NPCI)has thrown ayments Corporation of India (NPCI)has thrown
Banks are not just a part of our lives, but have a Banks are not just a part of our lives, but have a open the gates for innovation in the open banking pen the gates for innovation in the open banking
o
significant role in our daily lives. For many, day will significant role in our daily lives. For many, day will space.
not be end without at least a single financial not be end without at least a single financial 2. Banking on the could first stBanking on the could first strategy
Progressive banks are already making strides in rogressive banks are already making strides in
transaction .Thus banks always try to adopt latest transaction .Thus banks always try to adopt latest P
cloud adoption .Disruptive technologies that are loud adoption .Disruptive technologies that are
technologies to enhance customer experience.er experience. c
c
changing the face of business .Business models hanging the face of business .Business models
Digitalization is not an option for banking industry, Digitalization is not an option for banking industry, f for emerging banks also be largely driven by the or emerging banks also be largely driven by the
rather it is inevitable because every industry is being rather it is inevitable because every industry is being cloud first strategy. Demonetization is pushing loud first strategy. Demonetization is pushing
c
digitalized and banking sector is no exception.digitalized and banking sector is no exception. India towards a cashless society, and as banks wards a cashless society, and as banks
prepare to deal with the increased influx of repare to deal with the increased influx of
p
electronic transactions, cloud will provide with the lectronic transactions, cloud will provide with the
Mobile banking is increasing at a fast pace more than Mobile banking is increasing at a fast pace more than e
online banking. r required elasticity to meet these demands.equired elasticity to meet these demands.
3. Usage of Blockchalns
A
Advantages of digitalization in bankingof digitalization in banking As banks try to become more efficient to meet the s banks try to become more efficient to meet the
Improved customer experience. increasing demands of customers, blockchalns asing demands of customers, blockchalns
will be one of the enable for reimaging process. In ill be one of the enable for reimaging process. In
Reduction of cost for banks and customers as well Reduction of cost for banks and customers as well w
2017, banks will increasingly move some projects 017, banks will increasingly move some projects
by using ATMs, cashless transaction etc.by using ATMs, cashless transaction etc. 2
With more digital data available with banks, they With more digital data available with banks, they f from pilot to production and leverage blockchaln rom pilot to production and leverage blockchaln
can take data driven dynamic decisions by using can take data driven dynamic decisions by using t to automate inter organizational processes.o automate inter organizational processes.

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