The Indian banking sector is undergoing a remarkable transformation, driven by digital technologies. This shift is not just an upgrade but a complete overhaul of traditional banking systems. The government’s push for a cashless economy, increased smartphone penetration with over 600 million users, and the need for greater financial inclusion have accelerated digital transformation in Indian banking.
Digitalization of banks has empowered millions of Indians, spanning from urban hubs to rural areas, by granting them convenient, secure, and efficient access to financial services. Popular digital banking services such as mobile applications, online payments, and digital wallets have reshaped how individuals manage their finances and interact with financial institutions.
With its robust stack infrastructure and extensive integration of the Unified Payments Interface (UPI), India currently leads the global charts in real-time digital payments volume. UPI has emerged as a game-changer in digital payments in India, with 131 billion digital payment transactions recorded in FY24.
The biggest driver of digital transformation is improving customer experience. Modern customers demand seamless, fast, and personalized banking services. Digital transformation allows banks to meet these expectations with online and mobile banking, digital wallets, and real-time updates.
Additionally, operational efficiency is significantly enhanced as digital tools and automation streamline banking operations, reducing manual processes and operational costs. This efficiency allows banks to serve more customers with fewer resources.
FINANCIAL INCLUSION: CREATING SPACE FOR ALL
Esta historia es de la edición July, 2024 de Beyond Market.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July, 2024 de Beyond Market.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates
