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Revolution of Digital Banking in India

Congratulations if your organization is one of those who are approaching digital business culture and updating yourself in this digital era. In this modern economic world, banks are the pillars of our country.
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digitization in Indian banks

In this modern economic world, banks are the pillars of our country and hence investing in digitization turns out to be an important step.

Let’s see different ways in which Indian banks can stay ahead in the digital economy.

Table of Contents

Innovation in Digital Payments

‘Digital Banking’ is the term used to access financial data through websites, applications, or ATM services. Banking applications are carried more smoothly and human beings are incredibly fathoming and improvising technological trends. 

Open APIs allow potential banks customers or developers to build new financial apps.

AI & ML in Bank Economy

Machine Learning and Artificial Intelligence are now the main pillars of advanced banking systems may it be chatbots or integrating apps or search engine optimization. With AI, it gets easy to track and customize customers’ journeys using cookies. Customer-related products and services are directly shown using customer’s search and relevant information. On basis of their search, behavior, and action it gets easy to predict customers’ needs.

Benefits generated from digital methods

Revenue generated from digital methods directly or indirectly satisfies and improves employee and customer experience.  

With advancements in digital strategy, IoT connected devices, data management, and workforce transformation living have been quite easy.

Revenue generated from digital marketing products and services has quite influenced our industries in all sectors

Sophisticated Search

Optimization in search options has been quite popular now. As with the advancement, this content should be totally optimized to reduce complexities from voice queries or mobile searches. Proper keywords and sophisticated data should be integrated to fulfill customers’ expectations.

Chatbots

Nowadays, chatbots are the primary contact service provider. A chatbot is anytime available, with less complexity where there is no need to pick your phone and dial rather get solutions instantly. These are integrated into websites and apps too. 

Government Initiatives

  • According to ibef.org 2020 stats, India has 209,282 ATMs, 22 Private Sector Banks, 12 Public Sector Banks, 56 Regional Rural Banks, 96 thousand Rural Cooperative Banks, 46 Foreign Banks, 1485 Urban Cooperative Banks. 
  • WhatsApp began UPI payment after NPCI approval to ‘Go Live’ in November 2020 in India.
  • HDFC Bank and Apollo Hospitals collaborated in October 2020 to initiate the ‘‘HealthyLife Programme” to provide affordable healthcare solutions on a digital platform.
  • UPI recorded 2.54 billion transactions worth US$ 67.32 billion in May 2021.
  • In April 2021, India’s Foreign Exchange Reserve reached US$ 582.41 billion.
  • IMPS service reached 279.81 million by volume transactions in May 2021.
  • 204,000 PoS (Point of Sale) terminals are sanctioned from the Financial Inclusion Fund by NABARD to improvise infra in villages.

Final Thoughts

All these factors are expected to provide robust growth in India’s Banking Sector. Many elements will remain the same year-to-year as online competition has increased.

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Tejaswini

I’m translating complex technical ideas into concise, business-oriented content and storylines! I ensure every article we publish is EPIC. My team and I help people better understand their search.

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