Digital Services of Indian Banking Sector - A Study

Information Technology (IT) is very powerful in today’s world, and financial institutions are the backbone of the Indian economy. Indian Banking Industry today is in the midst of an IT revolution. Nearly, all the nationalized banks in India are going for information technology-based solutions. The application of IT in Banks has reduced the scope of traditional or conventional banking with manual operations. Nowadays banks have moved from disbursed to a centralized environment, which shows the impact of IT on banks. Banks are using new tools and techniques to find out their customers need and offer them tailor-made products and services. The impact of automation in the banking sector is difficult to measure. In the Indian Banking Industry, digitization has evolved from simple customer service to a complete digital model for driving revenues and enhancing customer experience. Customer behavior has changed with the advent of new technologies and platforms including smart phones and social media. Banks need to step up their game and evolve their customer service model. This article attempts to describe the various digital services in the Indian banking industry