The world is growing as a mobile hub. A mobile in hand can do anything just with a sequence of touch events. India is the second largest mobile user in the world. In this context, this articles talks about the evolving of banking sector in fast growing Digital India!
Banking in India is going high with the services like browser based banking, missed call banking services, mobile apps for banking, banking through social media and chat bots. After the Jio's advent into the mobile market, mobile technology and access of internet has emerged like never before. Internet has become one of the basic needs. Recent surveys has cleared that more than 70% of the internet searches are from mobile devices.
Effect of E-commerce on banking:
E-commerce has made every possible good available online. Every online service needs transaction with the bank online. Customer experience is one of the most affecting parameter of these services. As banks are dealing with more number of customers through e-commerce, they need to provide better user experience every time a user chooses to go for online banking.
Effect of services on banking:
As India is growing as a Digital nation, the Government of India has updated the payment of bills to online payment. A citizen with an internet connection and a bank account can pay almost every bill online. This is reducing the effort to stand in queues and time issues. On the other hand, all the info like last dates and bill generation dates are notified to the user through mobile notifications.
Effect on Conventional banking:
With digital banking, the crowd in the banks has reduced drastically. Need an account? You can open it online with simple steps. Need to transfer money? Just a touch and an OTP. Need to pay bill? Again a touch. This is how digital banking is eliminating the time and effort to stand in queues through digital banking. Also, digital banking stands as a transparent medium, where a user can get the statements and transaction details through a mobile.
Employability in other related services:
The basic requirement of an online transaction is a gateway. Through digital banking, the service of gateway has emerged as a power payment catalyst. For individual or organisational services, every entity needs an app in respective stores. Hence, it is creating employability for many app developers.
Of course, there are many other advantages of online banking. Every coin will have two faces. Online banking also have disadvantages - data security being one of the major concerns.
There has been huge spin of ransomware over the internet and data leakage. There is also news about the malware targeting several banking systems. Anyhow, as it is comfortable with digital banking, so it is advised to be secured.
Read more: Petya ransomware, Judy Chef malware
Interesting: Earn bounty from Google!
Effect of E-commerce on banking:
E-commerce has made every possible good available online. Every online service needs transaction with the bank online. Customer experience is one of the most affecting parameter of these services. As banks are dealing with more number of customers through e-commerce, they need to provide better user experience every time a user chooses to go for online banking.
Effect of services on banking:
As India is growing as a Digital nation, the Government of India has updated the payment of bills to online payment. A citizen with an internet connection and a bank account can pay almost every bill online. This is reducing the effort to stand in queues and time issues. On the other hand, all the info like last dates and bill generation dates are notified to the user through mobile notifications.
Effect on Conventional banking:
With digital banking, the crowd in the banks has reduced drastically. Need an account? You can open it online with simple steps. Need to transfer money? Just a touch and an OTP. Need to pay bill? Again a touch. This is how digital banking is eliminating the time and effort to stand in queues through digital banking. Also, digital banking stands as a transparent medium, where a user can get the statements and transaction details through a mobile.
Employability in other related services:
The basic requirement of an online transaction is a gateway. Through digital banking, the service of gateway has emerged as a power payment catalyst. For individual or organisational services, every entity needs an app in respective stores. Hence, it is creating employability for many app developers.
Of course, there are many other advantages of online banking. Every coin will have two faces. Online banking also have disadvantages - data security being one of the major concerns.
There has been huge spin of ransomware over the internet and data leakage. There is also news about the malware targeting several banking systems. Anyhow, as it is comfortable with digital banking, so it is advised to be secured.
Read more: Petya ransomware, Judy Chef malware
Interesting: Earn bounty from Google!
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