Online Banking Revolutionizing our Lives

Digitization took place, it feels like it happened in a blink of an eye. People can’t imagine life without online banking services. If we take a look at the growth, RBI stated that from 2011 to 2016 the mobile banking sector grew from rs.25 million to rs.400 million, while online banking risen from rs.512 million to rs.3 billion.

It’s because of people getting familiar with technology and feeling the ease of doing things handy. This gives the online banking sector a tremendous amount of success. No more waiting in line, no ATM no problem, even people are not going to the bank anymore.

Below are the reasons which made this life hassle-free

So you have taken a day off from work. Good. But Technology doesn’t take holidays. Internet Banking, Apps, ATMs and swipe machines will be working 365 days and nights.

Make transactions any minute of the day. And because it’s in your hands, you can do it from any corner of the world. As long as you have internet access of course.

Ever thought of how much time you have spent in the bank to debit money from your account. Cashier confirms your form signature and also put that into computer manually then count the cash and give that you. And how much time ATM took. Exactly! 

Carrying cash. And it’s in 6 figures. You know what I am trying to say, don’t you? I know you will say that cyber attacks are penetrating into banking systems and all. However, technology is simultaneously improving and banks also implemented multiple layers of security. e.g. most transactions required OTP now which will only provided on your registered mobile number.

Well it’s easier than risking your life after all.

Whether you are using an internet service or electricity. Waterbill or T.V. recharge, you can pay all these bills without going anywhere. This is because other services can integrate with banks and process payment directly through OTP. Due to cheap rates of digital payments for bank and operators you will get cashback and discounts as a reward.

Need loan right away but don’t want to do heavy paperwork. Well there are online apps which will get you covered. They are completely paperless, verify your identity with eKYC and you can also check if you are eligible or not in matter of minutes. 

Also the interest rates are lower than that of a credit card, it is also calculated on the amount you spent not on the entire limit.

Majority of the banks use Artificial Intelligence (AI) bots on their systems now. This technology is self-capable to process what customer wants and also what should be done too. Consumers get their queries solved more quickly, the AI is working as a virtual finance planner for them. Also Bots are less vulnerable to mistakes, it provides accuracy in workspace with reduction in costs. At the same time improving efficiency and performance.

RBI takes the lead to guide banks in forming rules and regulations and recommending various ideas. As a result commercial banks in India also keeping up with latest technology with MICR cheque processing, Electronic Funds transfer, Inter-connectivity among banks resulted in the ease of anytime-anywhere banking.

Indian Government is also playing a key role by implementing new protocols from their side. Launch of UPI and BHIM by National Payments Corporation of India (NPCI) are remarkable steps taken by the Govt.

Today the sole objective of Banks in India is to provide fast, accurate and best banking experience to the consumers by digitizing themselves.   

   

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