A REPORT ON

DIGITAL BANKING IS THE FUTURE

OF BANKING
Submitted in partial fulfillment of the requirements for the degree of
Master of Business Administration
(2020-2022)
Submitted to
Department of Business Administration
Punjab College of Technical Education, Baddowal, Ludhiana.

Affiliated to
Punjab Technical University, Jalandhar.

Submitted to: - Submitted by: -

Prof. Naresh Sachdev Rishab Garg
Dean (Corporate Relations) Pupin No. 2012950
Business Management
PCTE Group of Institutes
 ABSTRACT
Digital Banking is the automation of traditional banking services. Digital
banking enables a bank's customers to access banking products and
services via an electronic or online platform. Digital banking offers
several benefits such as convenience, 24x7 availability, paperless
transactions and hassle-free payment of utility bills. From a macro
perspective it helps the financial inclusion cause, avoid counterfeit notes
and limits the growth of black economy. It helps accomplish wide range
of applications such as funds transfer, cash withdrawal from ATMs,
getting transaction statements, paying utility bills, investments, and other
services such as stopping checks. With the growing penetration of
internet and affordability of smartphones, digital banking holds promise
to be the future of banking.
INTRODUCTION:
Digital Banking is the automation of traditional banking services. Digital banking
enables a bank’s customers to access banking products and services via an
electronic/online platform. Digital banking means to digitize all of the banking
operations and substitute the bank’s physical presence with an everlasting online
presence, eliminating a consumer’s need to visit a branch.

“A method of banking in which transactions are conducted electronically over the

internet some customers have concerns about the security of online banking”
With the introduction of the latest technology, consumers have become
increasingly reliant on technology to get the best out of all resources easily.
However, the epidemic has increased the need for easy access to their basic needs,
medical facilities, the need for free access to banking products and services. The
future of banking will be driven by major technological changes and will change
dramatically. The future of ‘Digital’ banking. The COVID-19 epidemic has
redefined our lives in terms of how we buy, operate, and even bank, and this has
resulted in dramatic changes in everyone's lifestyle.

Online banking is allowed in India, followed by National Electronic Fund Transfer

(NEFT), Immediate Payment System (IMPS), RTGS, etc. Recently, India relied
heavily on the UPI or digital wallet payment system. With a view to digitizing the
economy, Government introduced democratization in 2016, followed by GST in
2017. Through such courageous efforts, the Government of India has stated its
intention loudly and clearly - to make the banking and financial services sector
truly digital. Moreover, these measures have yielded amazing results. Debit and
credit card transactions, UPI platforms have seen an increase, especially last year
due to the epidemic. During that time, many applications have been submitted by
the RBI to continue banking all the money by staying home and making instant
payments, for example, Paytm, G-Pay, YONO SBI, etc.

As the Indian banking industry undergoes major reforms, the country's banks are
also changing. They invest a lot of money and make the software available so that
payments can be made easily. Such luxury will attract customers and encourage
them to make cashless payments.

Although for the average person, digital banking services can mean digitizing
payments and receipts, but it actually involves many other activities. Like any
other business or organization, banks also have merchants and customers. Over the
past few years, banks have been thoughtfully developing a tech quotient to cater to
customers and retailers. Under these circumstances, banks and other financial
institutions promote the implementation of technology in almost all banking
activities, whether credit rating, CIBIL points, bank investment, lending, lending,
private banking, customer service and credit, etc. has resulted in improved
productivity of staff and provided better consumer information.

One hundred years ago, it was almost impossible to convince a person that his
liquid amount would one day be available for viewing and that transactions would
be completed with a small plastic card. Today, you may face a similar challenge in
convincing others that the cards will soon expire. Asian markets are leading the
trend, where more than 50% of transactions are made using digital wallets.

DIGITAL BANKING PRODUCTS

If an individual has access to a stable internet connection and an internet-enabled

smart device, digital banking has a lot to offer.

DIGITAL PRODUCT SERVICES

TYPES OF DIGITAL BANKING PAYMENTS:

BANKING CARDS:
Cards are not only used to withdraw cash but also enable other forms of digital
payment. Cards can be used for online transactions and on Point of Sale (PoS)
machines. Prepaid cards can also be issued by the banks; such cards are not linked
to the bank account but function through the money loaded onto them.
UNSTRUCTURED SUPPLEMENTARY SERVICE DATA (USSD):
By dialing the number * 99 #, mobile transactions can be made without the
application and internet connection. The number has played a national role and has
encouraged massive investment at the grassroots level. The service allows the
caller to tap into the interactive voice menu and select the desired option on the
mobile screen. The only catch is the caller's mobile phone number which must be
linked to a specific bank account.
AADHAAR ENABLED PAYMENT SYSTEM (AEPS):
AEPS lets the client initiate banking instructions following the successful
verification of the Aadhaar number.
UNIFIED PAYMENTS INTERFACE (UPI):
UPI is the most advanced digital banking system right now. UPI uses a virtual
payment (VPA) address so the user can transfer funds without entering bank
account details or IFSC code. Another amazing feature of UPI is that the apps
allow you to integrate all your bank accounts into one place. Funds can be
transferred and received around the clock without time constraints. UPI-based apps
in India are BHIM, PhonePe, and Google Pay. The BHIM application, in addition
to transferring funds to other visible addresses and bank accounts, also allows the
user to transfer funds to another Aadhaar number. More importantly, UPI-based
payments are free.
MOBILE WALLETS:
Mobile wallets eliminate the need to remember four-digit card pins or insert CVV
details or cash handling. Mobile wallets maintain a bank account and card details
so you can easily add money to your wallet and make payments to other merchants
with similar apps. Popular mobile wallets are Paytm, Freecharge, Mobiwik, etc.
Mobile wallets, however, usually have a limit on how much money can be put into
a wallet. A small amount can also be charged by depositing money from the
mobile wallet back into a bank account.
POS TERMINALS:
Typically, PoS machines are portable devices that read the card to authorize and
complete payments. Supermarkets and gas stations prefer this payment method.
However, with the prosperity of digital banks, PoS terminals have evolved into
more than just visible PoS machines. Virtual terminals and Mobile PoS already
exist, enabling the use of NFC mobile feature and web-based applications to
initiate payments.
INTERNET AND MOBILE BANKING:
Commonly known as e-banking, internet banking means obtaining certain online
banking services, such as transfers, and opening and closing accounts. Online
banking is part of digital banking because online banking is limited to core
functions only. Similarly, mobile banking utilizes banking services through
mobile-based applications.

APPLICATIONS OF DIGITAL BANKING

1.FUND TRANSFERS:
The ability to transfer funds is probably the main advantages of Digital Banking.
There is no need to go through the ordeal of issuing checks or Negotiations. Digital
Banking helps to transfer money to anyone, at any time.
There are a few options available, such as IMPS, RTGS, NEFT, and so on. It is
very easy to do in the Mobile Banking App.
2.CASH WITHDRAWAL:
With ATMs all over the place, there is no need to visit a bank branch. Digital
Banking allows to withdraw cash from the ATM at any time, day or night.
3.GETTING STATEMENTS:
Using Digital Banking bank statements can be downloaded for any period at any
time. There's no need to visit a bank branch and get a printout.
4.PAYING THE BILLS:
Digital Banking has made it much easier to pay off debts. Whether electricity, gas,
telephone or separate bills, they can be paid by logging in. And in addition, there is
an automated charging system that allows bills to be paid automatically upon
arrival and arrival.
5.INVESTMENTS:
Investing has never been easier, thanks to Digital Banking. Opening a Fixed
Deposit with the bank takes a couple of moments. Further, Digital Banking can be
used to make investments in different instruments as well.
BENEFITS OF DIGITAL BANKING:

1.IMPROVED ACCOUNTABILITY:

Since each transaction has a record and is easy to track, the transactions become
transparent. With transparency follows accountability. These two together create a
safe and secure banking space for the citizens of the country.

2. IMPROVED TAX REVENUES:

Digital transactions ensure that tax fraud and tax evasion are maintained. As
everything is done electronically, the chances of lowering income and avoiding
taxes are greatly reduced. Improved tax collection means a better level of
development in the nation.

3. WIDER REACH OF BANKING SERVICES:

Previously banking was only considered for affluent and educated workers. Rural
India, which is a large part of the population, did not have adequate access to
banking services. However, this situation has changed dramatically in the last few
years. This has been a very exciting journey for the Indian economy as even a
small street vendor still has a bank account and accepts payments with digital
wallets.
4. CONVENIENCE:

The ease of digital banking is remarkable. Payments and receipts can be made with
the click of a button anywhere with a fully protected gate. In addition, in addition
to receipts and payments, other digital technologies have simplified bank
compliance and streamlined service delivery process.

5. THE START-UP AGE:

Indian start-ups in just four months in 2021 raised approximately 7.8 billion,
despite the second COVID-19 wave. Our country is leading the start-up space
globally. With several start-ups coming up and growing each day, it is only natural
and crucial for the banks, which usually fund these start-ups, to become equally
tech–reliant.

The Government of India has taken multiple steps and measures to enable better
and more accessible banking experiences. With the growth trajectory seeming
optimistic, the Indian banks, both private and public are comprehending the
importance of using digital technologies such as RPA’s, Artificial Intelligence,
Machine Learning. These technologies open new possibilities. Financial
institutions including banks would have to re-assess their digital strategy to check
if they are capable of meeting future needs. Technology will make banking more
personalized and ubiquitous across devices and applications. This future will be
enabled by a number of innovations that are transitioning from being emerging into
transformative. They will cause aspects of banking to become unrecognizable from
what we experience today – changing the channels, the services and the role banks
play in everyday life. By 2030 a hyper-connected world will be the norm.
Consumers will be interacting with their service providers through voice and
personal assistants, facial recognition and wearable devices.
Carrying a plastic card to tap at dedicated point of sale or even making mobile
payments will be replaced by a secure voice command or a facial expression. With
connectivity through the Internet of Things, virtually any device can become a
digital channel for traditional business interactions such as payments and enquiries.

Many of the ‘connected everything’ devices still emerging in society today will
become commonplace by 2030. The true enabler of all this connectivity will be a
trusted digital identity provider with digital currency and sophisticated /
personalized algorithms that will make the underpinning technology completely
behind the scenes. Banks would be a natural fit for fulfilling this role.

Key to all developments is the need for secure, trusted technologies and platforms
in which customers and service providers can have absolute trust and confidence
that privacy will be protected, and transactions secured. Biometric and behavioral
technologies, combined with real-time AI security profiling will be used to provide
constant, real-time user identity validation, and advanced behavioral profiling. The
human element will be removed entirely. PINs and passwords will be gone.

DIFFERENCE BETWEEN DIGITAL BANKING AND ONLINE

BANKING:

More often than not, the principles of digital banking and online banking are used
interchangeably. However, there is a small line between the meaning of the words.
Online Banking deals with important day-to-day matters, such as balancing checks,
transaction reviews, and transfers. This is the essence of banking, which is
transformed into an online presence with the help of online banking. Online
banking is a way to reach a conclusion. However, digital banking is an end in
itself. Digital banking aims to include digits in all banking activities, which are
context, or non-core. Basically, from customer entry to account performance,
account closure is a major goal of digital banks. The Digital banking agenda is to
make the physical presence of the bank branch more efficient for its customers so
that customers can manage all banking activities in their convenient location.
Therefore, online banking is a subset of the main set, the digital bank.

DISADVANTAGES OF DIGITAL BANKING

Is digital banking safe? Contrary to popular opinion that digital banking poses
security concerns, most readers will be surprised to know that digital banking is
safer as compared to traditional branch banking. While digital banking forums are
prone to vulnerabilities and hacks such as phishing, pharming, identity theft, and
keylogging, banking institutions are investing a lot in their security systems.
Security is at the forefront when considering a service such as digital banking. If
security were to be compromised, banks would lose a crucial selling factor, and
more so than risking user data and resources, banking institutions cannot afford
negative publicity.

In a hypothetical scenario where banks do, in fact, lose your money to a hacker,
you will be entitled to receiving the due amount of your bank balance for the sole
reason that your money is protected. Therefore, to avoid massive public liability
and bad publicity, banks are bound to invest heavily in reinforcing the security of
digital banking platforms.

However, a digital banking user must do their part by following certain practices
that act as a safeguard:

▪ Follow prompts to change your passwords regularly and keep your

passwords confidential.
 ▪ Avoid using public networks and devices to access digital banking – if you
must use a public device, remember to clear cache and browsing data. It is
good practice to not allow the browser to save your username and passwords
for bank details.

▪ Banks never ask for confidential information so refrain from sharing it with
anyone who asks for it.

▪ Anti-virus protected systems offer another layer of security to your systems.

▪ The URL address MUST begin with ‘https’, or a padlock must appear next
to the website address. The padlock is a security certificate. The address bar
turns green when the site is secured with an SSL certificated, which is an
additional validation for the security of the website. Therefore, use the
bank’s URL and refrain from clicking on other links. Banks generally use
minimum SSL/128-bit encryption.

▪ Lastly, disconnect from the internet when the system is left idle.

DIGITAL BANKING IN INDIA

In India, digital banking started taking shape in the late 1990s with ICICI Bank
being the first one to bring the service to their retail clients. Digital banking
became mainstream only in 1999 as internet charges were reduced and there was
increased awareness and trust with respect to the internet. It was only after the
internet further developed and the costs came down, banks started serving a
broader basket of products online.

• Which is the best digital bank?

There is a list of companies providing the offering the opening of digital savings
bank account. A digital savings account is no different than a basic savings bank
account in that digital savings bank account also allows a user to avail full banking
facilities without any constraints of maintaining a minimum balance. The user is
also entitled to a virtual debit card convertible to a physical debit card. The banks
also offer net banking services through their portals like HDFC net banking or
ICICI net banking etc.

Some of the best zero balance digital savings bank account in India:

▪ Axis Bank ASAP

▪ Digi savings – DBS

▪ Kotak 811

▪ Pockets and Insta Save FC Account – ICICI Bank

▪ Indus Online Savings Account – IndusInd

All the above bank products offer differential services based on the accounts
chosen. Some of the services can be attained by logging onto their website whereas
others require an application. All accounts are enabled for fund transfers in the
form of IMPS, NEFT, and UPI. Pockets by ICICI also offer the facility of NFC
payments. Kotak, DBS, and Axis bank offer a 6 percent interest rate on digital
savings bank account. Each account may offer more variants with differing levels
of service and charges.

• How can I do Digital Banking?

For any individual to do digital banking in India, you need to first open a checking
or savings account with the bank. This can be done by visiting the branch in
person, or by using the online account opening options on bank websites where
you just have to upload a few documents from the comfort of your home.
Once you have an account ready with a bank, most banks will provide you with
your digital banking credentials which can be used to do seamless transactions
24*7. If you do not receive your credentials in the welcome kit, you can always
contact your bank to provide net banking free of cost.

To create a digital banking account in India, the individual must:

▪ Be over 18 years of age

▪ Have both PAN and Aadhaar Card

▪ Complete KYC, i.e., paper-based verification of details within twelve

months of opening the digital bank account. Failure to comply with the norm
will take away the individual’s right to open a digital bank account with the
same Aadhaar and PAN in the future

As an improvisation to physical verification for KYC, the market regulator may

allow video-based verification in the future to improve the process from a digital
point of view.

FUTURE OF DIGITAL BANKING

As per a Deloitte research report on must-haves for a fully digital bank, each
bank striving to become fully digital require the following as the key drivers for
their success
▪ Option to order currency

▪ Customizable standing options

▪ Accounts linked to tax exemptions status

▪ Card blocking feature

▪ Innovation toward safety vaults

 ▪ Integration with stock market investment channels

▪ Financial management analytics

▪ Enable grouping of accounts of different banks

▪ Easily accessible assistance

A full-fledged replacement of physical branch banking with digital banking right

now seems like a far-fetched dream. Digital banking comes in handy for recurring
banking essential functions. However, customers prefer human interaction for
more important and irregular decisions, such as while taking a loan or negotiating
the terms of the loan.

ACCELERATING TOWARDS DIGITAL CHANNELS

Prior to the emergence of COVID-19, the US retail banking landscape was already
seeing a dramatic shift in channel preferences towards digital. Across all age
groups, branch usage declined on average -35 percent over the previous five years,
and the number of digital interactions rose by 15 percent. This change was most
pronounced within the youngest age cohort of 18 to 24-year-olds, where branch
usage dropped by nearly half1.

This shift accelerated during the pandemic. Across all age groups, the share of
Americans who did not use financial services online fell by over 30 percent. From
simple payment transactions to obtaining advice on their finances, all types of
services began to be used online for the first time by many Americans.
DIGITAL LAGGARDS SHOW STRONGEST SHIFT IN
BEHAVIOR
Partially driving this acceleration has been the "catching-up" of those with lagging
preferences. For individuals who used legacy payment methods, the new norm of
social distancing and quarantine has had a forced-adoption effect. Temporary bank
branch closures and fear of high-contact surfaces have pushed this group to move
online (or to their phones) for their banking and payment needs. The effects are
here to stay, even as parts of the country lift restrictions on social distancing.

The more analog the payment method, the greater the adoption of digital. For
example, individuals who primarily wrote checks are adopting mobile payments
the quickest, even faster than consumers who primarily use cards. Only 13 percent
of check users don’t plan to use digital payment tools at all in the future, compared
to 20 percent of card users.

CONCLUSION

Studies show that digital banking is gaining recognition these days. With the
advancement of science and its technology, people are aware about the changes
happening around them. Moreover, The helpline services available at an every
bank branches helps the customers to know more about the updating. By this way,
people are facing less troubles and are trying to stay updated by gathering all the
necessary information’s. Last but not the least, If people think that digital banking
has some negative impacts, then it is the utmost responsibility of banks to ensure
that best of all the services are being provided because DIGITAL BANKING is the
FUTURE of banking.
 JOURNAL DATE OF TITLE OF THE PAPER OBJECTIVE OF THE STUDY METHODOLOGY KEYWORDS
PUBLISHME
NAME NT

Digital economy 18-06-2020 Digital bank of future The research objective is to define the A Multivariate Regression Analysis Digitization, future,
and finances concept of digital bank, identify and was implemented to analyze the items banks
advantages of digital technologies in of the Technology Acceptance Model.
banking.
Solid-state 15-4-2020 Digital banking-a case The objective of the present paper is to A survey instrument was developed to IT, digital, security,
technology study of India discuss the emergence of Digital banking measure the significance of OBs’ banks
landscape in India and the challenges service quality gaps on customers’
which are lying ahead, which need to be willingness to use and customer
tackled so that the nation can go ahead in satisfaction in OB. Linear regression
the path of becoming digital economy. was used to analyze the survey data.
Financial 18-6-2021 Financial technology and In order to understand what the bank A five-point Likert scale (1 = strongly Financial inclusion,
Innovation future of banking of the future will look like, it is disagree to 5 = strongly agree) was used Fintech Digital

necessary to understand the nature of for each statement. For the first two finance, Financial
models, there were two dependent stability
the aforementioned intermediation,
variables that were tested separately
and the way it is changing. In this
(customers’ willingness to use and
respect, there are two key types of
customer satisfaction) and had one
intermediations.
statement each.
Journal of king 12-12-2020 A study of the effects of This study aims to develop a conceptual In this study, a survey instrument was Saudi Arabia,
saud university online banking quality framework of OB by understanding the developed to measure the significance Quality gaps,
gaps on customers’ interaction of stakeholders in the banking of OBs’ service quality gaps on Online banking,
perception in Saudi industry, and to identify the quality gaps customers’ willingness to use and Service quality
Arabia. of OB based on a relevant literature. customer satisfaction in OB. Linear
regression was used to analyze the
survey data. Each quality gap has one
statement that was used as the
independent variable.
Journal of open 26-09-2021 Digital Transformation This article examines the acceptance rate A Multivariate Regression Analysis digital strategy;
innovation and Strategy in the of digital transformation in the banking was implemented to analyze the items digital
Banking Sector: sector in Greece. One hundred and sixty- of the Technology Acceptance Model. transformation;
Evaluating the Acceptance one employees at Greek banks completed digital banking;
Rate of E-Services the survey. technology
acceptance model;
e-services; user’s
intention; business
model
Borsa Istanbul 10-12-2018 Impact of digital finance Focusing on digital finance, this article The research design for the study is Financial inclusion,
review on financial inclusion and provides a discussion on digital finance ‘Descriptive’ as it focuses on different Fintech Digital
stability and explores the impact of digital finance banking characteristics associated with finance, Financial
for financial inclusion and financial the concerned population. stability
system stability - an issue which has not
been addressed in the literature.
Asia-pacific 13-06-2019 Online Banking and This study aims at examining the factors A structured questionnaire was Online banking,
journal of Customer Satisfaction: that may influence users to adopt Internet designed to collect the data. The customer
management Evidence from India banking. The impact of awareness of respondents asked to answer the satisfaction,
research and service, security, knowledge and quality questions on a 5-point Likert scale perceived
innovation. of Internet connection, cost and time ranging from ‘5 = strongly agree’ to ‘1 usefulness, TAM
savings, keenness to change, perceived = strongly disagree’.
usefulness, perceived ease of use, per-
ceived enjoyment etc.
Journal of green 05-10-2020 Are incumbent banks This study examines the effects of digital A qualitative research strategy is digital
management bygones in the face of technologies on retail banks operations, deemed appropriate for the exploratory transformation,
digital transformation? structure and capabilities of those who nature of this study. This includes using information and
deploy, implement and use it. different sources of data, which to some communication
extent facilitated triangulation in data technologies,
analysis as far as evidence from rethink banking,
between and within methods. technology
disruption
Frontiers in 14-01-2021 e-Banking Adoption: An This study analyses the factors which To test the proposed hypotheses, the e-banking, digital
psychology Opportunity for Customer influence bank customers to adopt e- authors carried out a study in Southern banks
Value Co-creation banking to facilitate their banking Europe’s banking industry. A
services and support the process of value convenience sampling method was
co-creation. used to collect the data, taking e-
banking users’ opinions as reference.
SSRN 31-08-2018 Employees' and To know the level of adaptability of The research design for the study is Banking,
Customers' Adaptability digital banking for customers. ‘Descriptive’ as it focuses on different Customers,
of Digital Banking To know the level of adaptability of banking characteristics associated with Digitalization
digital banking for employees. the concerned population.
To identify the factors that affect
customers’ acceptance of digitalization in
banking
sector.
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