The Vitality of Digital Banking in the 21st Century
As per a 2019 survey, digital banking services have been rated as the best feature of primary banks in the UK. The scenario is more or less the same everywhere in most of the developed and developing nations across the globe. General public is showing more affinity towards convenient, anytime, anywhere banking, which has been gifted to them by the digital world. In India as well, the change is happening at quite a swift pace. More and more people in the country are giving higher preference to digital modes of banking like NEFT, RTGS, IMPS, mobile wallets, etc. Even the Indian government has recently laid several steps to promote as well as strengthen the digital banking space in the nation, some of which include the launch of United Payment Interface (UPI) and Bharat Interface for Money (BHIM). These statistics go on to reveal the increasing importance people are assigning to transiting to digital banking from conventional banking methods. Not that our current banking system isn’