International Journal of Research in Management Sciences (IJRMS)

Volume 9, Issue 1, January-December 2021, pp. 1-10, Article ID: IJRMS_09_01_001

Available online at https://iaeme.com/Home/issue/IJRMS?Volume=9&Issue=1
ISSN Print: 2347-8780 and ISSN Online: 2347-5943
DOI: https://doi.org/10.34218/IJRMS.9.1.2021.001
© IAEME Publication

REVOLUTION OF DIGITAL FINANCE IN INDIA

– TRENDS &CHALLENGES
R. Devi
Part -Time Lecturer, University College of Commerce and Business Management (UCCBM),
Osmania University, Hyderabad, India

ABSTRACT
Digital is an unstoppable force that is redefining the financial services sector. Those
institutions that know instantly what their customers and employees want can stay one
step ahead of competitors. Thinking about digital strategically, and working with
partners that can deliver innovation, will be key factors in long-term success. Financial
services industry as a driver of economic growth. Deep capital markets and strong
financial institutions give consumers easy ways to save, invest, borrow and plan for
their future. Enterprises and small businesses, in turn, depend on financial institutions
to raise capital for growth, efficiency, and infrastructure expansion. This cycle of
saving, investing and lending is crucial foremerging economies like India to sustain
economic growth. The government and the RBI who have been experimenting with
various initiatives, including Jan Dhan Yojana, creation of payment banks, and Rupay
to enable domestic card payments systems among other initiatives. But policy alone
cannot deliver the promise of financial inclusion. Technology-ledinnovation in financial
services is needed to enable rapid, large-scale, and positive change. For the growth of
any country’s economy various sectors play a very important role. In the Indian
economic growth banking sector is the most important aspects. Banking sector become
the backbone of Indian economy. Any changes regarding technology or other aspects
directly impact the growth of the economy. With the change in technology various
changes occur in banking sector. Now more of customers are educated. They don’t want
to stand in queue for various activities like: Make payments, Deposit Cheque, Open
bank accounts, Deposit Cheque and many more. With the change in time now digital
banking introduced and it proves a star for the banking sector. Today’s era accepts this
digital banking concept very easily and in a short time period it become more demanded
mode of transaction in the market. In this paper we analyses the concept of digital
finance. How it effects the human life. The research is based on secondary data. The
concept of digital finance in banking industry brings numerous opportunities. But with
every benefits some risk also introduced. And this digital banking also come with some
risk.
Keywords: Digital Finance, Financial Services, Financial Technology, Economic
Growth, Risk.

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 Revolution of Digital Finance in India – Trends & Challenges

Cite this Article: R. Devi, Revolution of Digital Finance in India – Trends &
Challenges, International Journal of Research in Management Sciences (IJRMS). 9(1),
2022. pp. 1-10.
https://iaeme.com/Home/issue/IJRMS?Volume=9&Issue=1

1. INTRODUCTION
There are 500+ financial technology (fin-tech) start-ups in India who have collectively attracted
over $1.4B in funding since 2012. While mobile payment start-ups have garnered a lot of
attention, there are many others attacking a range of services that have been the bailiwick of
banks and traditional financial services providers – consumer and small business lending,
remittances, wealth management, personal finance and related areas such as credit scoring and
stock trading. Together, these make financial services the single largest market opportunity for
start-ups in terms of economic value. Digital payment services like M-PESA, Tigo Pesa, Airtel
Money, Easypaisa, B-Kash and others help advance financial inclusion because they allow
providers to process frequent, low-value transactions remotely and deliver a broad range of
financial services, from payments to insurance, at near marginal cost. Now banks are part of
human life. Now Indian govt. do efforts to make cashless economy. In this process digital
banking play an important role. In the present era we found ourselves in a wonderland, where
the milkman accepts wallet payment without a fuss, a man buys a geometry set worth rupees
100 using a credit card and the vegetable vendor uses QR code based “scan and pay” utility.
The new innovative digital technologies and fantastic thoughts have given birth to whole new
business and social dimensions. Digital banking provides solutions to bankers for their short
term and long term business and technological requirements. Digital Banking is the new
paradigm in India which offers multiple benefits to the banking sector. It helps in increasing
the productivity and profitability of banking sectors. It is a technological Updating in the
growing era. This is mainly introduced to improve 4C‟s namely: Cost, Convenience, Control
and Customer satisfaction. The framework/ structure of digital banking is the result of the
collaborated efforts of the group comprising IDRBT research team, bankers, IT professionals
and consultancy experts. The term digital is referring to the storage of data in the form of digital
signals. It can make the banking function easy. ATM (Automatic Teller Machine) is an
electronic telecommunication device. It is the best example of digital banking system. Digital
banking makes the transaction very simple & easy. SMS banking is the example. Now every
customer is free and do their as per their convenience. Digital banking is part of the broader
context for the move to online banking, where banking services are delivered over the internet.

1.1. Definitions of Digital Finance

Digital Finance- a new concept in the era of electronic banking, which aims to enrich standard
online and mobile banking services by integrating digital technologies, for example strategic
analytics tools, social media interactions, innovative payment solutions, mobile technology and
a focus on user experience.
Digital Finance is the application of technology to ensure seamless end to end (STP in the
„old‟ jargon) processing of banking transactions/ operations; initiated by the client, ensuring
maximum utility to the client in terms of availability, usefulness and cost; to the bank in terms
of reduced operating cost, zero errors and enhanced services

1.2. Evaluation of Digital Banking in India

The traditional system of banking in India has been the branch banking. The (MICR) Magnetic
Ink Character Recognition based cheque processing was introduced during the period 1986-
88. The late 80‟s marked the emergence of computerization of banks with the introduction of

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 R. Devi

LPM‟s (Ledger Posting Machines). The new economic policy gave motivation to introduce
digital banking process in India in 90‟s. The year of 1991- 92 proves a successful year because
of its rapid growth in the market. The major turning point was private and foreign banks
came to Indian banking sector due to this New Economic Policy. It has born a high competitive
market. And due to this the trend of digitalization arises. Now every bank wants to use digital
banking services, so that they can give better services to their customers. The challenges for
banks are now facilitate demands that connect vendors with money through channels
determined by the customers. This is a dynamic shape which is the base of customer satisfaction.
It can be maintained by customer relationship management (CRM) software. This is an
important aspect in digital banking. It can directly communicate with the customers. And it can
be base to connect both customers and bank management.

2. REVIEW OF LITERATURE
Arunangshu (2020) in his paper focus on digitalization on rural banking system in India.
Digital banking system have enormous potential to change the landscape of financial inclusion.
They found that with the features of low cost, ease of use of digital banking can accelerate the
integration of unbanked economy to the maintenance.
Rajeshwari (2019) in his research paper found that digital banking increase the expectations
of customers from banks. With the help of secondary data, they analyses that digital banking
become the milestone in Indian banking system. It enhances the growth and progress of Indian
banking. It found that due to digital banking the operating cost of banks has been reduced
rapidly. Lower operating cost means more profits for the banks. According to him digital
banking has a power change the banking structure.
Aarti Sharma (2018) in his research paper concluded that digital banking will proves a
milestone in the Indian economy. The study is analytical in nature and based secondary data.
According to him digital banking impact on Indian economy. With the change in the technology
of banking system, the economy also faces the changes. It can provide better services to their
customers. Due to their rapid growth it is acceptable in the market. Now by analyzing the
benefits of digital banking everyone in the market demanded this for the overall growth and
success.
Kiran Jindal (2017) conducted a research and analyses that with the promotion of digital
banking it is also necessary to enhance awareness and preference of customers for banking
products. It basically emphasis on HDFC banking products. The paper is based on empirical
study. They can use primary data for the study. With the use of questionnaire, they collect the
data they analyses that age factor is most effective factors which effects the digital banking
system. The customers over the age of 35 doesn’t accept the change and still they are dependent
upon public sector banks other than privet sector banks. Customers are not much aware with
the new technology. So it is very important for the success of digital banking is to promote
awareness among customers. For analyzing the data researcher use SPSS software.
Ruby (2016) in his paper studied the problems and prospects of E- Banking. It also focusses
on the pros and cons of digital banking which effects the customer’s perceptions. They also
focus on the risk involved while introducing digitalization in the market. The secondary data
was used for the research paper. They concluded that E- Banking offered a high level of
convenience for managing finance for the customer in the digital market. They also analyzed
the risk means financial security, personal privacy towards the customers
Vishal (2015) conducted a study and concluded that customers always want safety and security
during cash transactions. This paper makes more emphasis on the perception and opinion of
urban mobile banking users. He focuses on practices, challenges and security issues related
mobile banking in India. He uses quota sampling method. The data is collected from the primary

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 Revolution of Digital Finance in India – Trends & Challenges

source of data. The sample size is 100 respondents divided into two categories: 50 users and 50
non- users of mobile banking. The sample is taken from Ghaziabad city. It was analyzed that
knowledge regarding use of mobile phone was the most important issue in mobile banking due
to availability of various handsets models supporting different types of technology in the
market.
Chandrawati (2014) identify the drivers of digital banking transformation for Indian banking
system. E- Technology has become a tool that facilitates banks‟ organizational structures,
business strategies, customer services and related functions. Using exploratory research, the
study concluded that digitalization changed the face of branch banking and mobile was being
increasingly used as a primary channel of banking. Moreover, integration with social media
components as their online channels was also a major driver for digital banking transformation
Sahu and Kumar (2013) studied the important factors responsible for successful
implementation of digital payment (e-Payment) system in India. Conducting a qualitative study
with extensive literature review and using interview and expert opinion, 13 success factors
namely Anonymity, Bank Involvement, Drawer, Infrastructure, Mobility, Parties, Popularity,
Range of Payment, Risk, Security, transfer limit, transfer mode, and Transfer time were
responsible for successful implementation of digital payment at Allahabad city.
Ankit and Singh (2012) conducted a study to analyses the impact of technology acceptance
model (TAM) in the context of internet banking adoption in India under security and privacy
threat. Keeping the TAM proposed by Davis as a theoretical basis, the paper revealed that
perceived risk had a negative impact on behavioral intention of internet banking adoption and
trust had a negative impact on perceived risk. A well‐designed web site was also found to be
helpful in facilitating easier use and also minimizing perceived risk concerns regarding internet
banking usage.
Geetha (2011) conducted a study on 200 respondents of metropolitan city in India. The
researcher has laid down various parameters which has direct impact on the adoption of E-
Banking facilities. They specified the parameters like innovativeness, familiarity, awareness,
security and trust among the various customers. These factors affect the customer’s perception
regarding digital banking.
Utpala (2010) conducted a study to evaluate the current status of E- Banking in the market.
From the primary source of data, she analyses the respondent’s reviews about E- banking. It
will cover the Indian respondents as well as the non- residence respondents of India. They
analyses the hurdles faced by the customers during online banking. They found that 60% of
the urban population using digital banking. So for banks it should be important to focus on
rural population by creating awareness programs and training session. It should help in
promoting digital banking in India.

3. OBJECTIVES OF THE STUDY

• To know the role of digital finance among Adults life.
• To identify the services provided by Indian banks to promote digital banking.
• To know the Pros & Cons of digital finance
• To understand the challenges of digital finance

4. METHODOLOGY
The data is collected through secondary source. Various research papers, bank data, banking
structure should be analyzed for this paper.

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 R. Devi

5. ANALYSIS & RESULTS

Objective 1: To know the role of Digital Banking among Adults life
Now the time has been changed. With the change in technology human life also changes. In the
past people go to banks and do their works by their own. But now all are educated and adopts
new technologies for their growth. Now no one is like to go to banks because of shortage of
time. All are busy in their jobs. I am sure any one of them not wants to stand in queue for
depositing money or to withdrawal of money. Everyone wants comfort and peace in their life.
In the past this system of queue is applied. Now smart banking starts. And this smart banking
is come in our way of life. It is a part of our life. Now every transaction is done through mobile
banking. Now paying bills with mobile banking become very easy.

Table 1 Number of Mobile Banking Users in Millions

Years Users in Millions
2013 524.9
2014 581.1
2015 638.4
2016 684.1
2017 730.7
2018 775.5
2019 813.2
2020 985.9
Number of adult Indians with bank accounts rises to 80%

Table 2 No. of Adults using Mobile Phone Banking

Years % of people
2020 80%
2019 76%
2018 69%
2017 62%
2016 51%
2015 49%
Globally, 69% of adults (3.8 billion adults) now using mobile banking. The Modi
Government put more efforts to increase the use of digitalization in banking. India’s Jan- Dhan
Yojana scheme, developed by the government to increase account ownership, brought an
additional 310 million Indians into the formal banking system by March 2018, many of whom
might not yet have had an opportunity to use their new account. In India the contribution of
adults has been increased by doubled since 2011 with 80%. During 2017-18, the number of
transactions carried out through credit cards and debit cards was 1.4 billion and 3.3 billion,
respectively. Prepaid payment instruments (PPIs) recorded a volume of about 3.5 billion
transactions, valued at Rs 1,416 billion. Indians prefer a digital-first approach to banking, and
will not hesitate to protest poor service, finds a survey by Avaya. 51% of Indians use online
banking channels. 26% of Indian customers prefer to access services via their bank’s website,
and the same number would prefer to use a mobile app rather than talk to a human agent.

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 Revolution of Digital Finance in India – Trends & Challenges

Figure 1
Benefits of Digital Finance for Student’s:
• No need to carry cash (plastic notes).
• Avoid long queues.
• Highly secured system.
• No worry of loss and theft of money.
• Easily availability of money.
• One card- multiple uses.
• Reduce operational expenses.
Table 3 Digital banking Users according to Age Group
Age Group % of Users
Below 18 33.3
18- 29 78.6
30- 49 67.5
50- 59 33.3
60 and Above -

Objective 2: To identify the services provided by Indian banks to promote digital

banking
Table 4
Sl. No. Services Provided by Banks
1 Tablet Banking
2 Mobile Cheque Deposit
3 Tax Alerts
4 E Statements
5 Online Bill Pay
6 Deposit Account Opening
7 Cheque Book Issue
8 Fund Transfer
9 SMS Banking
10 Request Status Enquiry

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 R. Devi

Objective 3: To know the Pros & Cons of Digital Banking

Table 5
(Pros) Advantages of Digital Banking (Cons) Disadvantages of Digital Banking
Customer Satisfaction. Increase Cyber-attacks.
Cost Reduction. Afraid of Privacy & Security.
Paper less Work. Increased in unemployment.
Face Competition. Increase training and development cost.
Reduce Human Error. It is not useful for uneducated Peoples.
Easy Accounts Handling. Digital knowledge is must.
Cash less Transactions. Customer’s perception changed.
Increased Productivity. Low internet speed.
Increased employees Performance. Transactional Charges.
Time Saving. Habitual causes.
Eliminate area gap

Objective 4: To understand the challenges of digital banking

Security/ Privacy: This is the most important challenge in digital banking. Every person has
a doubt regarding privacy and security of digital banking. They don’t believe on digitalization.
They only prefer to do cash transactions. Most of the customers were not changed their
perception regarding banking. They think that with the growth of technology some problems
also occur. Customers don’t want to take any chance with their money which they have earn in
their life with full of efforts and hard work. With digitalization, antivirus also come which
destroy your life.
Knowledge of Digitalization: Many people don’t understand the concept of digitalization. This
system wants updating time to time to improve its accuracy. This digitalization work only when
the customers are educated and have knowledge regarding this. This is the challenge that it
wants to cover more & more customers. For this knowledge is most important.
Internal Barriers: Banking industry also has departments like other industry. With the change
in technology effects the departments of the organization. Like customers & bank employees
are the most important part of banking system. As customer knowledge regarding digital
transaction is important as such employee’s knowledge regarding digitalization is also matters.
If employees don’t know this, then how they can influence the customers. So banking system
can give training to their employees so that they can update themselves with the change in
technology. It can increase the performance & productivity of employees.
Non-financial Institutions: Like Govt. banks, several other institutions like Google, face book,
paytm etc. offers similar services like banks provided to their customers. These non-financial
institutions provide a platform to the customers to send their money directly to someone’s bank
account. These institutions were not bounded with any rules and regulations. But financial
institutions were bounded with some rules. This is the most challenging concept for financial
institutions.
Digital banking system: Now a day the demand for digitalization grow on a high speed. But
most of the banks have no guts to adopt this technique quickly. For this best and skilled
management will be required so that their policies & strategies will give benefits to the
organization. Some wants a readymade system and some wants to build a system and then
implement it. It takes a lot of time to take a decision which is beneficial for the organization.
This makes a challenge for the organization to adopt which system because each decision has
with some cools & fires.

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 Revolution of Digital Finance in India – Trends & Challenges

6. INITIATIVES FOR REVOLUTION OF DIGITAL FINANCE IN INDIA

Two initiatives at CGAP are working to explore how digital finance can be taken further,
beyond simply powering remote payments and financial services. Digital Finance “Plus”
explores how the ability to process small-value payments digitally can help extend critical
services and utilities, such as clean water, health, energy, and education, to previously
underserved communities. Digital Finance Frontiers explores the role of digital data in the
relationship between customers and financial services providers. As more and more people
begin to use mobile phones and digital financial services, customers build up credit histories
and data trails. With permission, providers can tap this information to get to know their
customers digitally and offer them products better suited to their needs. Another initiative at
CGAP, Inclusive Payment Ecosystems, focuses on country success cases in South Asia and
sub-Saharan Africa where digital payments are widely used and provided in a diverse and
competitive ecosystem. This involves working directly with businesses and on the regulatory
and policy framework needed to protect customers while at the same time support innovation.
Despite the promise of digital financial services to reach the unbanked, challenges remain.
Many providers have struggled to develop compelling products that customers actively use. An
analysis of the Kenya Financial Diaries data shows that even in Kenya, where the majority of
adults use mobile money, less than 1 percent of total transactions among low- income
households are digital. In India, where 22 percent of the world’s unbanked residesand over
900 million mobile phone connections exist, 0.3 percent of adults use mobile money. On the
data side, customers’ privacy also must be weighed and balanced with the potential of data to
power new financial services.

7. CHALLENGES FACED IN REVOLUTION OF DIGITAL FINANCE

Unlike developed markets, there are still significant gaps in financial and operational data
availability in India. Lending start-ups, for example, have built impressive credit underwriting
models. But they need regular access to trustworthy and high quality data to have impact. There
are two issues – one of coverage (three quarters of the population does not have a credit score)
and data access (many small businesses do not have reporting systems to tap into).
Co-opetition with banks: Incumbent Indian banks are not fading away anytime soon. The
reality for any fin-tech start up is the need to work with a range of banks and financial
institutions. They need understanding of and access to Indian banking systems and also have to
differentiate themselves from dozens of start-up peers who are lining up with the same
requirements. This calls for both sales skills and domain understanding to persuade banks, in
addition to great technology.
Regulations: The good news is that both the government and the RBI view start-ups as being
able to bring new ideas and technology to the table. That said, navigating the regulatory maze
and securinglicenses is challenging for small start-ups. A recommended way is to proactively
meet and educate the regulator (SEBI, IRDA, RBI depending on the solution) and stay abreast
of evolving viewpoints.
Trust: Banks may have a lot of inefficiencies and are often lagging in technology. However,
consumers do trust them. Start-ups will need to win this trust by ensuring a high quality,
transparent and safe transaction experience. To scale beyond being a niche provider, these firms
will also have to raise significant capital to build a national brand and a broad set of services.
These challenges while non-trivial can be overcome.
Unprecedented reach: While less than half the population may have a bank account; over 90%
of consumers own a mobile phone. Smart phone sales have taken off and expected to touch
500M units in five years, providing unprecedented mobile Internet access. From start-ups to

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 R. Devi

banks, every player in the financial ecosystem suddenly has reach and consumer access that
was impossible even five years ago.
User behavior of a digital generation: In less than a decade, there has been a massive shift in
consumer behavior among a young Indian population. Starting with e-commerce, consumers
are embracing a new generation of mobile Internet solutions for services ranging from taxis,
music, movies and food ordering to medical care and furniture purchase, among others. It’s not
hard to see this extend to financialservices, fundamentally changing the way Indians expect
these services to be found and delivered.
Targeted high impact solutions: Most start-ups are focusing on a specific pain point and
attempting to deliver value, cost reduction, and efficiency enhancement that can attract
consumers. Take lending, for example. Getting a consumer or a small business loan is a
complex, frustrating, and broken process. There are start-ups reimagining the loan search and
fulfillment process to make it more efficient for consumers while reducing the cost of customer
acquisition for banks. Another category of fin-tech providers is building lending platforms for
small business working capital loans as well as pioneering peer-to-peer lending. Lending by
itself is a massive market($500B in 2014). Digital lending is less than 2% of the market today.
There is enough promising innovation in this category to tackle the core issue of broadening
credit access and banking reach for consumers and small businesses

8. CONCLUSION
There is no doubt that the role of finance and how that role is undertaken is changing rapidly.
They were innovative in their use of technology and in models to meet the needs of low- income
customers, and they were making progress on business viability through aggressive product
roll-outs, cross-selling, and aligning their operations to digital banking. They were eager to
learn what was working in other contexts, channels, and operations. They also articulated an
agenda of advocacy with regulators, the need for coordination among government bodies, and
the importance of governments making digital payments across all oftheir functions a role in
building trust in many organizations and driving even greater operating efficiencies. Digital
banking captures a large market share. Now a day with technical advancement there is a change
in the banking sector. Now every customer accepts the digital banking for their comfort. But
with benefits of this advancement some errors also occur. So there are some technical issues
which effects customer’s perception. According to the study the active users of digital banking
are 562 million in India. Digital banking is converting the brick and mortar banks into greater
and efficient places to operate. Digital banking makes easier all the transaction for the
customers. They can easily pay their bills, convenient places, transfer money from one place to
another and easily check the bank details. Growth of digital banking in India can help in various
issues like: Growth of capital market, Growth of insurance sector, Growth of venture capital
market.

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