E-banking - Challenges and opportunities in India

The modern world in which we are living is dominated by the concept called “Digitalization”. The concept of digitalization has been playing a significant role in all sectors of the economy and banking sector is not exception to it. Digitalization has become decisive for Indian Banking sector, which plays major role in providing better services to customers. Internet banking is a banking channel that allows consumers to do many transaction, either financial or non-financial through a bank's websites. The major services offered are Internet banking, SMS banking, ATMs, mobile banking, e-cheques, and debit/credit cards. The main purpose of the study is to know the opportunity, challenges and risk factor involved in e-banking. This paper is studied on the basis of secondary data referred from various research articles and journal publications. With the help of E-banking, banking sector is gaining customer satisfaction and loyalty. Banks should provide their customers with convenience, meaning offering service through several distribution channels and have more functions available online. There is a need to have more innovative solutions so that the challenges can be solved and opportunities can be availed efficiently by the banks.