Study on Digital Platforms for Different Facility in Banking Sector

i) Background of Work
The banking sector has been the backbone of every economy whether developed or emerging.
It plans and implements the economic reforms. Any change in this sector through the
adoption of technology will have an extensive impact on an economy’s growth. Nowadays,
banks are seeking unconventional ways to provide and differentiate amongst their diverse
services. Both corporate as well as retail customers are no longer willing to queue in banks,
or wait on the phone, for the basic banking services. They require and expect a facility to
conduct their banking activities at any time and place. Plastic money (Credit Cards, Debit
Cards and Smart Cards); internet banking including electronic payment services, online
investments, online trading accounts, electronic fund transfer and clearing services, branch
networking; telephone banking; mobile applications and wallet are some of the recent
products and services acting as the drivers to the growth of banking sector.
The study aims to examine the recent digital banking trends in India along with identifying
the challenges faced by banks in incorporating these digital banking platform trends.
The concept of digital banking is likely to bring numerous opportunities as well as
unprecedented risks to the fundamental nature of banking in India.
New developed and implemented technologies change the way people behave and interact in
their everyday life. They are changing the business world strategic context, by altering
customers’ behaviour and expectations, business conduct and structure of competition, so the
banking industry is no exception at all. Most people in the banking sector agree that digital
banking is the wave of the future. Digital banking is the incorporation of new and developing
technologies throughout a financial services entity, in concert with associated changes in
internal and external corporate and personnel relationships, to provide enhanced customer
services and experiences effectively and efficiently. The migration to a digital banking world
will not be smooth and will lead to further fragmentation in the financial service markets.
Banks must undergo a deeper modification of their business, culture, and IT, and above all,
will need put innovation at its core and use data to create new business, revenue and customer
engagement.
ii) Statement of Problem
Digital platforms in banking are subjected to risk from time to time, and it takes a lot of effort
to restore trust of customers in the digital platforms hence it is a huge challenge for banking
industry to maintain security and privacy of the customers. It is responsibility of the banks to
maintain their user interface understandable to the customers.
iii) Research Objective
• Challenges faced by the users of Digital Banking platform services
• Aspects of digital banking platforms that excite Millennials
iv) Proposed Methodology
This study is based on the analysis of the recent trends, opportunities and challenges in
banking with the help of secondary data collection.
v) Limitation of the Study
The study will be done in the young population of greater Noida and Hyderabad region and
responses from senior citizens and citizens above 40 years of age has not been considered.