THE IMPACT OF DIGITALISATION ON INDIAN BANKING SECTOR

"Digitalisation" has become the new trend in every industry. The banking sector is
moving toward digitization in India. Banks are offering digital facilities to their
customers. Digitalization adoption is a major change in the banking industry. Banking
industries have improved their customer service by adopting digitization. Manual
procedures and activities have all been changed into digital services in the digitalization
of the banking era. Due to online banking, customers now have access to banks 24 hours
in a day. Customers no longer need to keep cash on hand and they can make a payment
anytime using an online payment system at any location. Digitalization of banking has
resulted in cost savings tools for the banking industries and it resulted in to increase in
revenue.
Digitalization of banking is customer-friendly therefore it takes place of traditional
banking. India is moving towards a cashless economy. Digitalization of banking plays an
important role to move India towards a cashless economy. At the same time, the digital
revolution faced digital challenges therefore financial stability, as well as consumer
protection, is an important aspect for the banking sector while the digitalizing banking
sector.