Digitalizaion in Banking Sector

Digitalizaion in Banking Sector

Author Name : S. Aruna, Dr. V. Seetha

ABSTRACT This era in which we live today is predominated by the word "Digitization". This word which has evolved in recent times has undoubtedly become the crux of the "Banking Sector" in our country. Digitalization is mainly concerned with what all banks are required to do to provide better services to the customers. Various technologies are to be adopted for the digitalization of the back office. Digital banking is the digitization of doing the traditional banking activities and programs through online protocols and digital technologies. This includes activities like Money Deposits, Withdrawals, and Transfers, Checking/Saving Account Management, Applying for Financial Products, Loan Management, Bill Pay, and Account Services It also ensures self-sufficiency to the customers in whichever way possible... Since challenges often give birth to opportunities, so the major challenge in front of the banks is to digitalize themselves. Enabling them to meet the preferences of the people of all generations has also given rise to enormous opportunities, resulting in the revolutionized version of banking known as "Digital Banking". The paper constitutes the role of digitalization in the banking sector.