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’t useful anymore the way it is; yet, there’s a dire need to look for something ‘better and relevant’ to today’s times. Let us take a look at why exactly we need digital banking services to meet the demands of the 21st century.
Importance of Digital Banking in Today’s Fast-Paced World
Let’s understand this first. Why the sudden hype about moving to digital banking when physical banks are already in place, and are, in fact, serving more unbanked communities now with changing times. The reason is that the consumers are changing too. They are becoming more digital-savvy, information-seeking, and most importantly, mobile.
Consider this. You have an important transaction to make, and the nearest bank is about 2 km away from you. You’re stuck up with something crucial and find it difficult to make time to go to the bank. Does that mean you don’t need to do the transaction right away? Can that important deal really wait just because you can’t access the bank?
Absolutely not! This is exactly how digital banking becomes more relevant in today’s busy, stressful, yet crucial times. Deals are important, work is stressful; consumers thus find solace in online banking modes, which enable them to carry out their deals wherever, whenever. From home, office, or any other place, just one click of a button, and you’re ready to send/receive amounts to any part of the world!
The Modern Customer and Digital Evolution of Banks
A report on Global Mobile Trends estimates that Asia alone is likely to add at least 750 million mobile subscribers by the year 2020. Besides, the number of smartphones is also predicted to rise to more than double by next year.
This only proves that people are looking for more digitally enabled solutions that can fulfil the following essential criteria:
  • Relevance in today’s times and changing needs of the consumers
  • Reliability in the face of cut-throat competition
  • Convenience to transact as per the comfort of the customer
  • Service that extends beyond the stipulated (and often limited) working hours of the banks
  • Responsiveness in a manner that offers solutions to customers in real-time rather than leaving them waiting for long periods before their issue can be sorted out
Interestingly, digital banking has been able to provide millions of customers this and much more. Because the modern user is mostly online, it’s only obvious that they want solutions at their fingertips, more than anything else.
The times, when one would fix a day in a week to visit the bank, are slowly changing. Now, even if you remember to pay someone at odd hours (outside of the usual banking hours), you can go ahead with online banking from your PC/smartphone.

If you are one among those aspiring for a banking profession, do not let yourself lag behind or even get left out in the race. Join the Post Graduate Diploma in Banking Management (PGDBM) by TimesPro, a professional education initiative by the prestigious Times Group. The programme focuses on equipping next-gen bankers with the nitty-gritty of the modern banking arena.

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