Advantages And Disadvantages Of Digital Banking

Some limitations that hold back Rural India from advanced technologies and the solutions for the same are as follows: -
• Hesitation from using those services from the fear of unknown mistakes and consequences.
• Shortage of cash in the account, this can be overcome by introduction of credit system provided that there is a safeguard against non-payment.
• Inability to understand or read the instructions. for ex. In case of an ATM, they would be incapable to follow the instructions that is mentioned in English or in any other language.
• Adaptation of e-banking to all govt. services available in villages can be initiated, for example payment of farmers for their goods sold at govt. collectors such as milk unions etc.
Urban Users
After a recent

India is in the midst of a digital revolution where the internet users are going beyond just browsing and social networking and moving over to more mature activities like online banking and making online transactions worth of lakhs of rupees on a daily basis. As more and more Indians access the internet on their mobile phones, there is a big opportunity for financial companies to create a powerful digital experience that is intuitive and secure for their customers. The report confirms that consumers are leaning in towards digital adoption of financial services faster than previous estimates, and the time is now for the financial services industry to invest so we can help more people contribute to a digital future. However, there is another side of the story where more than 50 percent of consumers are dissatisfied with their online banking and mobile app experience largely because of fear of hidden charges, lack of trust, complicated information provided among others. This is also indicated by the very low downloads of mobile apps of financial institutions when compared with e-commerce

Usage of the Internet for banking in India has seen a massive rise in the 2010-11 survey, taking the overall number of bank consumers who use the internet to close 7 percent of the total bank account holders there has been a seven-fold jump since 2007 even as for the first time in the past 13 years, branch banking has come down by a considerable amount during the same period according to a McKinsey & Company India employee . The percentage of online users of banking transactions was just about 1% in the agency 's 2007