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
This story is from the July, 2024 edition of Beyond Market.
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This story is from the July, 2024 edition of Beyond Market.
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