Digitization in Indian Banking Sector

The Financial sector, of which Banking sector is the most astronomically immense player, plays an ascendant role in building the economy of an individual as well as a nation. Banks have control over a sizably voluminous part of the supply of mazuma* in circulation. They are the main stimulus for the economic progress of a country. A vigorous banking and finance sector is, ergo, obligatory for a country to emerge as a developed one. It is vital for magnification, engenderment of jobs, generation of wealth, eradication of penuriousness, emboldening entrepreneurial activity and incrementing the gross domestic product. Today banking is kenned as innovative banking. Information technology has given elevate to incipient innovations in the product designing and their distribution in the banking and finance industries. Customer accommodations and customer gratification are their prime work. The focus is shifting from mass banking to class banking with the prelude of value integrated and customized products. Technology sanctions banks to engender what looks akin to a branch in a business building's lobby without having to hire manpower for manual operations One of the most consequential areas where IT has had a positive impact is on substitutes for traditional funds kineticism accommodations. With the advent of electronic banking, electronic funds transfer and other kindred products, funds transfer within time frames which would have appeared infeasible a few years ago has made it authenticity. With networking and internet connection incipient challenges are arising cognate to security privacy and confidentiality to transactions. Determinately the banking sector will require tomaster an incipient business model by building management and customer accommodations with a variety of products and controlled cost to stay in the long run and accommodations.

The paper endeavors to present the emerging trends and its challenges that recently emerged in the banking sector with special accentuation on digitization. It will be subsidiary to the academicians, banking and indemnification personnel, financial advisors, professionals, students and researchers. Mundane readers will withal find it informative and inculcating.