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Advantages And Disadvantages Of Adapting To Digital Banking

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Challenges in adapting to Digital Banking

I have been a banker with a leading nationalized bank and I feel that the challenges being faced by the Indian banking industry are immense, and adapting to digital banking is definitely one of them.

Rising NPAs, shortage of manpower are just to name a few but the challenges being faced in adapting to digital banking are too being faced by the banks in India and worldwide, being a banker and someone who has helped his customers in turning to digital banking I can understand this issue to its core and have a deep insight of what it is all about.
Digital banking includes reaching out to customers through digital augmentation. Digital banking is done specifically to offer customer service of their choice …show more content…

Digital banking is the need of the hour, it not only make transactions and dealings faster and easier but also save a lot of revenue of the bank. Convenience and affordability are the other reasons that people turn towards digital banking or banks channelize them in this direction. Digital banking makes transfer of money cashless, black money and ‘hawala transactions’ can also be tracked and mitigated by the use of digital banking. Digital banking has many advantages and a diverse scope but its full potential is yet to be …show more content…

Bankers are too busy to guide people how to use the digital banking alternatives.
Device Incompatibility—Majority of Indians who use landline phones or basic mobile phones cannot access the digital banking facilities through their devices. The features are open only to smartphone, tablet, laptop and PC users. Though the users have a huge number but not all of them use electronic facilities and the scope can never be extended beyond these users. There are many other challenges and issues too.
PSU banks lagging behind—In India PSU banks are lagging behind than private and foreign banks in the use of technology and have been unable to facilitate i-banking, mobile banking and electronic banking features. It is mainly due to technical, organizational hardships, corrupt practices and poor infrastructure that these banks have failed to provide services the way it should have been

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