Study on Digital Banking Financial Services in India: Trends, Opportunities & Challenges

EasyChair Preprint 9529

Abstract

The rise of India's digital banking industry has been a key factor in the country's economic development. The country's banking system has strengthened the country's economy. Economic expansion is a direct result of technological and other improvements. These technological shifts also have an impact on the banking industry.. The Indian government has made a number of changes to the digital banking system in an attempt to promote "Digital India." The goal of the initiative is to help India transition to a "digitally empowered" economy that is "Faceless, Paperless, and Cashless." Over the last several years, the financial services industry has undergone a series of significant digital transformational phases. They need and anticipate being able to do their banking 24/7, from any location. “Plastic money (Credit Cards, Debit Cards, and Smart Cards), internet banking (including electronic payment services), “online investments, online trading accounts, electronic fund transfer and clearing services, branch networking, telephone banking, mobile applications,” and wallets are just some of the more recent products and services that have contributed to the growth of the banking industry. The banking sector must quickly adopt digital technology in order to maintain competitiveness.. Banking innovations in the present day include things like digital know your customer (KYC) processes, chatbots, fintech firms, blockchain technology, cloud banking, and biometric authentication.Opportunities to improve service quality and increase profitability are also made possible by the rise of digital banking. The goals of this paper are to provide an overview of the advantages and disadvantages of becoming digital in the Indian banking industry and to provide some suggestions for addressing the disadvantages.

Keyphrases: Challenges, Digital Banking, Opportunities, Technology, innovation services

@booklet{EasyChair:9529,
  author    = {Harshil Sharma and Shipra Aggarwal},
  title     = {Study on Digital Banking Financial Services in India: Trends, Opportunities & Challenges},
  howpublished = {EasyChair Preprint 9529},
  year      = {EasyChair, 2023}}