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DIGITAL BANKING : A NEED OF TIME

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 IJAAR Issue-3 ISSN – 2347-7075
International Journal of Advance ISSN – 2347-
7075 and Applied Research (IJAAR) Impact
Factor –7.328
Peer Reviewed Bi-Monthly Vol.9 Issue. 3 Jan-Feb-2022
CONTENTS
Sr No Paper Title Page No.
THE ONLINE FEATURES OF GOOGLE MEET PLATFORM: THE NEW NORMAL
41 TECHNIQUE 252-257
Shirsak Ghosh
MARKETING OF SANITARY NAPKINS AND OTHER ALTERNATIVE PRODUCTS AND
42 ITS EFFECT ON MENSTRUAL HYGIENE MANAGEMENT (MHM) 258-266
Kamat Vanita
IMPACT OF COVID-19 PANDEMIC ON DIGITAL MARKETING: A STUDY
43 267-270
Dr.Kishor Baburao Jadhav
NEW ASPECTS OF COMMERCIAL BANKS IN INDIA
44 Dr. M.P.Morghade ,Dr. S.B.Borkar 271-279

A STUDY OF ONLINE BUYING BEHAVIOR OF CUSTOMERS

45 280-287
Dr. Prakash Krishna Tone , Mr. Naganath Dnyanoba Banasode
E-COMMERCE : CHALLENGES IN INDIA A STUDY
46 288-293
Miteshkumar B.Panchal, Dr.Maheshkumar C. Rathva
NATURAL FARMING AND PRICE POLICY IN INDIA
47 294-299
Rajendra Baburao Mithari
ROLE OF LANGUAGE IN DIGITAL MARKETING
48 300-305
Dr. Amar Lahu Powar
INDIVIDUAL PARTICIPATION PRINCIPLE AND RIGHT TO BE FORGOTTEN UNDER
49 DATA PROTECTION LAW: A CRITICAL APPROACH 306-315
Dr. Suresh G. Santani
KAUSHLYA KARNATAKA- KUSHALA KARNATAKA, SKILL DEVELOPMENT PLAN FOR
50 KARNATAKA, 2017-2030 316-328
Shweta Maruti Hulkunda
A STUDY OF CUSTOMER SATISFACTION TOWARDS HOTEL INDUSTRY
51 329-333
Ashwini Tanaji kamble
52 STUDY OF AUTOMATION IN THE INDIAN BANKING SECTOR 334-343
Ms. Meghna Neelakantan ,Dr. Sunil Bhaskar Chandanshive
53 AN EXPLORARTION FOR PROTECTIVE EFFECT OF RHIZOME EXTRACT OF IRIS 344-351
PSEUDACORUS L.AND SEED EXTRACT OF DOLICHOS BIFLORUS L. IN SODIUM
OXALATEINDUCED UROLITHIASIS IN RAT MODEL
Sarita Sharma , Dr. (Prof) Amit J. Raval , Dr. (Prof) Raju Koneri
54 A CHALLENGE OF DIGITAL MARKETING IN INDIA 352-363
Dr. Jamadar Shahida Abdulrahim
55 ROLE OF SOCIAL MEDIA PLATFORM IN AGRICULTURAL MARKETING 364-369
Mr.D.N.Karle ,Dr.Amit kumar Mishra
56 DIGITAL MARKETING: AN OVERVIEW 370-377
Dr. B. D. Girigosavi
57 GROWTH AND STRATEGIES OF DIGITALMARKETING 378-384
Dr Sanjay Shivaji Omase
58 PERCEPTION TOWARDS CASHLESS TRANSACTION AMONG RETAIL CUSTOMERS IN 385-392
BEED DISTRICT
Mr. B. B. Rajemane
59 ETHNOBOTANICAL STUDY OF WILD EDIBLE PLANTS OF KHED REGION, PUNE 393-401
DISTRICT, MAHARASHTRA, INDIA
Admuthe N. B. ,Pokale S. T.
60 DIGITAL ECONOMY AND ITS BENEFITS 402-407
Dr. Magar S. R.
61 OMNICHANNEL RETAILING: A NEED OF INDIAN MARKET 408-413
Dr. Mansingh Sambhajirao Dabade
62 A GEOGRAPHICAL REVIEW OF MODERN AGRICULTURAL PRACTICES 414-421
Dr. Ashok Shamrao Patil
ii

Vol.2

63 DIGITALIZATION IN INDIAN AGRICULTURAL SECTOR 422-426

Dr. Satish Ashinath Gonde
64 USE OF TECHNOLOGY IN MEDIA 427-432
Tisha Ashok Uchil
65 ROLE OF GOAT FARMING IN FINANCIAL DEVELOPMENT OF GOAT FARMERS IN 433-443
MAHARASHTRA
Mr. Adinath. S. Kamble, Dr. M. A. Koli
66 5G TECHNOLOGY & DIGITALISATION 444-449

Dr. Shubhangi B. Patil

67 DIGITAL MARKETING AND EMPLOYMENT OPPORTUNITY 450-456

Shaziya Mohammed , Irfan Momin
68 ONLINE / DIGITAL EDUCATION & ITS STRESS TO TEACHERS IN HIGHER 457-465
EDUCATION
Gorakhnath Rangrao Patil , Dr. Sharvari S. Kulkarni
69 SOURCE OF DIGITAL MARKETING Dr.Sujata Jitendra Patil 466-472

70 DIGITAL MARKETING: ELEMENTS, CHALLENGES AND OPPORTUNITIES FOR 473-478

PRESENT TIME
Warvadkar Rohit Rajendra, Shinde Saurabh Uttam
71 E- MARKETING AND NEW OPPORTUNITIES FOR IMPROVING FOOD SUPPLY CHAIN 479-484
MANAGEMENT
Dr. Mrs.Madhuri R. Shinde
72 DIGITAL MARKETING OF MEDICINE IN INDIA:-TRENDS AND CHALLENGES 485-491
Mrs. Anagha P. Bartakke, Dr. Mrs. Sharvari S. Kulkarni
73 COVID-19 LOCKDOWN IMPACT ON RURAL ECONOMY Mr. Kadam Rajaram, Mr. 492-503
Shende Popat2, Dr. Jadhav Ashish
74 DIGITAL BANKING : A NEED OF TIME 504-513
Dr. Bhavna Sharma , Ms. Anugya Dubey
75 MERITS AND DEMERITS OF DIGITALIZATION: EDUCATION 514-520
Ms. Mohd. Hussains. Z, Ms.Gujar S. M
76 CONSUMER PERCEPTION TOWARDS ONLINE SHOPPING 521-526
Pratibha Dattatrya Pudale
77 MERITS AND DEMERITS OF DIGITALISATION 527-532
Smt. Asmita D. Ghorpade , Dr. Hindurao V. Sankpal
78 CONTRIBUTION OF WOMEN LEADERSHIP IN 21ST CENTURY 533-538
Dr. Savita R. Rasam
79 SOCIAL CHANGE: IMPACT OF DIGITAL MARKETING ON YOUTH 539-545
Dr. Hina Shah , Ms. Shanthi Seshadri, Smt. Maniben MP Shah
80 WOMAN LEADERSHIP IN INDIAN PERSPECTIVES 546-550
Sunita Amar Powar
81 DIGITAL BANKING : A FUTURE OF BANKING Dr. Vivek V. Patil 551-557

82 DIGITAL MARKETING: 21ST CENTURY CHALLENGES AND OPPORTUNITIES 558-568

Mr.Ashok R.Herwade, Dr.R.N.Shendage
83 E - COMMERCE SITES IN TOURISM INDUSTRY IN INDIA – A REVIEW 569-577
Dr. A. A. Kulkarni
 IJAAR Issue-3 ISSN – 2347-7075
84 CURRENT ERA’S IMPACT ON DIGITAL MARKETING 578-579
Agarsana T K
85 DIGITAL MARKETING IN INDIAN REGIONAL LANGUAGES: AN OVERVIEW 580-586
Ms Sawant Neeta Ankush
86 IMPACT OF DIGITAL MARKETING ON CONSUMER BEHAVIOR IN 21ST CENTURY Mrs. 587-593
Pallavi Swapnil Kale
iii

International Journal of Advance ISSN – 2347-7075 and Applied

Research (IJAAR) Impact Factor –7.328
Peer Reviewed Bi-Monthly Vol.9 Issue. 3 Jan-Feb-2022

DIGITAL BANKING : A NEED OF TIME

Dr. Bhavna Sharma1 ,Ms. Anugya Dubey2

1
Assistant Professor (Department of Commerce)
JIMS Engineering Management Technical Campus, Greater Noida
bhavnasharma.gn@jagannath.org
2
Bachelors in Commerce (Honors)
JIMS Engineering Management Technical Campus, Greater Noida Email-
anugya.d23@gmail.com

Abstract
Banks play an important role in the financial system of an economy by
facilitating the creation and maintenance of a robust payment system to meet
the requirements of government and general public. The modernization of
banking sector , after the introduction of IT & Technology has benefited both
customers and banks . The banking now is not just limited to the physical
transactions in banks but has made its way into hand held devices. This current
phase of banking is aptly called as „Digital Banking‟. The ongoing COVID-19
pandemic has made the need for digital banking greater than ever. This
pandemic has forced consumers to access their funds and use banking services
only through digital channels. This change has left banks rushing to ensure
that they have the technology infrastructure set up , which can give start to
finish contributions of administrations and items, by means of advanced
channels. This paper discusses the impact of COVID-19 on digital banking in
India. The present study is descriptive and uses secondary data to study the
challenges and opportunities using digitalized banking.
Keywords- Digital Banking, COVID-19, Technological infrastructure
Introduction Defining ‘Digital Banking’
Digital Banking also known as E-banking or online banking or internet banking is a system
which enables banking transactions like payments, deposits, withdrawals of cash virtually
with the help of internet rather than physically visiting the bank branches. Digital banking is
a term which is synonym to the frequently used term e-banking. Both these terms are used in
place of each other
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many a times stating no or very minimal use of paper cash and shifting to plastic money Jain
et al (2020).
Modernization of banking
Modernization of banking sector and shifting to digitization is a ceaseless cycle that
influences both the outside and inside environment by updating inner cycles and existing
techniques. There are many reasons that digital transformation happens, for example,
overhauling far off regions without physical branches, separation from contenders or decrease
of working expenses. Regardless, there are a great deal of questions about the acceptance of
digital technologies (Kitsios, Giatsidis, & Kamariotou, 2021). The patterns and progress in
the Indian Banking the innovation advancements area is show: The send off of United
Installments Interface (UPI) in April 2016 and Bharat Interface for Money in December 2016
by Public Payments companies of India (NPCI) are huge strides for development in the
installment framework space (Jain, Sharma, Kumar, & Kansal, 2020).
UPI is a portable connection point where individuals can make moment subsidizes
move between accounts in various banks based on virtual location without referencing the
financial balance. In August 2016, around 93,000 UPI exchanges occurred through 21 banks.
This, in July 2018, increased complex to 23.5 crore exchanges through 114 banks. The shift
towards UPI accumulated pace post-demonetization, when there was a shortage of money on
the lookout. BHIM application, which was sent off in December 2016, has additionally seen a
tremendous leap in the exchanges from a simple 43,000 toward the starting to
1.64 crores in July 2016 (Jain, Sharma, Kumar, & Kansal, 2020).
Covid-19 and Digital Banking
Coronavirus has altogether changed our way of life on numerous fronts. From the
manner in which we take care of our expert responsibilities, approach our day to day
obligations to arranging or overseeing funds, we as a whole have been pushed to embrace
digital technologies. ATM cash withdrawals and footfall at actual bank offices are down,
while online business and contactless installments have expanded altogether. The information
shows a significant expansion in advanced reception during the hour of COVID-19, the
monetary foundations should constantly audit the necessities of retail client portions and
make it simple for their clients to embrace the computerized innovations Sharma, B. & Gupta
(2017).

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Banks can take a gander at the computerized reception across fragments and gadget
means to build the reception rate. The Essential Banking needs like survey records and
exchanges, making installments, benefiting advance and credits, stay comparable for various
sections in spite of the pandemic. The pandemic has essentially affected how much traffic to
branches, and money withdrawals from ATMs. It has likewise brought about a flood sought
after to utilize computerized channels to do fundamental banking, look for virtual help
assuming there are issues and furthermore have online instructional exercises to assist clients
with understanding how to utilize web based financial devices. Furthermore, the pandemic
has affected the monetary prosperity of the retail client portion, driving interest for difficulty
help, extra credit, and ordinary cash the executives instruments on the web, Sharma(2021).
Rationale
COVID-19 has recently hit the Indian economy and has impacted digital banking in
this respect. Many research works are conducted in the field of digital banking nationally and
internationally but only a handful are done in the field of digital banking with respect to
COVID-19 scenario. Therefore , the presented descriptive study will help in identifying and
analyzing the impact of pandemic on digitization and to provide further with different
opportunities and challenges in the adoption of digital banking.
Review of Literature
Jain et al. (2020) examined the development of Digital financial scene in India and the
difficulties which are lying ahead, which should be handled so the country can go on in the
way of becoming digitalized economy. Kitsios et al. (2021)shown the view of bank
representatives concerning new advancements and gave a commonsense commitment to
chiefs of Greek financial associations to plan designated instructive projects to work with the
progress to the new computerized period for their workers. Shettar et al. (2019)studied the
role of digitization in Indian Banking and found that the overall operating costs of banks is
reduced due to digital shift. ( Lakshmi & Kavitha, 2020) studied the demographical profile of
customer using digital banking and found the level of customer satisfaction on digital
banking. Joshi et al. established the fact that customers are in the process of getting
acclimatised with the notion of digital banking and that despite all the challenges, their
perception towards digitalization is fast changing. (C.B & V, 2020) examined recent trends in
digital banking services, benets, opportunities, hurdles and challenges of Digital Banking
System in India.

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Objective
1- To analyse the impact of Covid 19 on digital banking in India.
2- To study the challenges and opportunities using digitalised banking.
Hypothesis
Covid-19 Pandemic has increased the number of users on the digital platforms.
Methodology
The paper analyzes the impact of COVID-19 on digital banking platforms and
presents some opportunities and challenges pertaining to this field. The research is based on
secondary data and the paper has used explorative method to draw conclusions and come up
with the suggestions and recommendations. The information is collected from various
authentic websites, journals, articles and e-support. The major information is collected from
the government publication also.
Findings
Digital banking has become increasingly more throughout the long term, and the
COVID-19 pandemic just underlined the requirement for helpful, sans contact monetary
foundations. Customers presently expect that advanced financial will be accessible to them,
paying little heed to where they do their banking. That request has placed tension on many
banks to extend their advanced contributions and stay up with the quick changing monetary
administrations industry. Advanced banking conveys various advantages to the business in
general, like simpler and more helpful exchanges with clients. All things considered,
advanced financial carries its own arrangement of difficulties to monetary establishments, as
well, for example, greater online protection risk and a more noteworthy requirement for
dependable, "on all of the time" IT frameworks. Banks need to consider that large number of
difficulties and open doors cautiously to execute an effective advanced change.

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Convenience-

The capacity to bank any place and anyway you need is one of the principle
advantages of portable and web based financial arrangements. Our cell phones and PCs are
ordinarily promptly accessible, permitting day in and day out account admittance to deal with
quite a few financial undertakings rapidly. Versatile banking applications. Simultaneously,
you can check your equilibrium, move assets and set up a notice to alarm you in the event that
you overdraft your record all without the need to visit a branch. It's an ongoing saver.
Computerized banking additionally offers longer-tail comforts.
Paying with cash isn‟t as convenient as an electronic transaction. Electronic
transactions are more secure (you aren‟t carrying cash), they‟re better from a cleanliness
standpoint (you aren‟t touching cash) and you can track what happens with your transaction
electronically. “A cashless society with digital transactions is much more efficient and it
allows for much better management of your financial resources".
Features-
Many banks' portable and online encounters are rich with highlights. "Banks could offer
customized monetary counsel, reserve funds apparatuses, huge buy mini-computers or even
menial helpers who can assist them with concluding what goes overboard they can really
bear, all inside the accommodation of an application". Versatile really look at store. Finding
close by ATMs, cardless ATM withdrawal and planning and following instruments are
advantages your portable application might propose too. "Buyers ought to search out banks
that focus on offering a human touch even in their advanced channels, finding some kind of
harmony between the human component and computerized computerization". Security-
"Security is a No. 1 need for monetary organizations" . Also, that reaches out to
versatile and internet banking. Dangers, obviously, exist all over the place, including inside
the bank office. Luckily, many banks make it simple to play it safe. For instance, your bank
might permit you to add multifaceted validation to your versatile application and online
financial balance. Numerous versatile banking applications presently permit you to utilize
biometric confirmation to sign in. Axis Bank's application. In general, you might be safer than
you suspect utilizing computerized banking. "It's been accounted for that advanced
instalments and e-wallets really offer more security sometimes than an actual card, giving a
few clients significantly more motivation to utilize computerized financial devices".

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Control-
Having command over your funds with the capacity to self-serve is one more critical
advantage of advanced banking, as is constant admittance to oversee and move cash as you
see fit. "The universe of innovation is offering the potential chance to have the option to get
cash and to burn through cash in manners that are a lot more straightforward than they were
in previous times". Banks are proceeding to propel the highlights presented on their advanced
financial stages. Computerized reserve funds instruments and pop-up message alarms for
things like low adjusts or overdrafts are typical. At times, you could in fact actuate another
charge or Visa from your application.

Benefits beyond banking-

Digital banking offers a large group of significant advantages for buyers that can make
their lives more straightforward and make them better stewards of their cash. In any case, on a
lot bigger scope, he says we can utilize this freshly discovered network that we have in our
general public to make monetary, social and financial change. "This internet banking item
takes into account a more extensive base of correspondence that can be utilized for things like
showing monetary proficiency”.

The opportunities lying in the pathway of digital banking may be impressive , Figure 2 but
there are certain challenges that follow the process:
Security concerns
This is quite possibly the most basic worry with the computerized switchover to the digital
banking . Different organizations and foundations have observed network safety as the worry
that they have not had the option to totally survive. Utilization of complex programming that
intends to safeguard information can't give 100 percent security from phishing, con artists,
programmers etc.
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Services
The present moment, there are not an excessive number of banks that give an assortment of
online administrations. They might in any case require the actual presence at the customary
bank offices.
Transactions
For making complex exchanges, the physical presence might be expected at the bank offices.
In addition, worldwide transactions are as yet impractical with all digitalised banks .
Technologies
The digitalized banking system gives online based financial services which should be
consistently refreshed so they might have a satisfactory security level. The banks should set
up a definite system and select proper innovations to transform thoughts into the real world.
The course of digital transformation is perpetual as technologies keep on upgrading every
day; therefore, it's significant is to remain refreshed. This is a challenge with digital banking.
New advances will achieve new administrations that should be overhauled and constantly
upheld.
Conclusion
The computerized change of banking establishes perhaps the best development lately.
At a worldwide level, the digitalization of all cycles is relentless, including the utilization of
cutting edge innovations and the execution of programming to streamline their activities. For
this to occur, nonetheless, it is critical to comprehend that there are difficulties that should be
met. The first is to acknowledge that the advanced change of banking is a framework wide
interaction and in addition to a business elective. Indian economy has progressed significantly
from late 1980s when the computerization in financial area has just started to the current time
of advanced financial where PDAs are administering. There is little uncertainty that advanced
banking has acquired astonishing client experience with critical improvement in the
conveyance of banking administrations. Nonetheless, Indian financial area should survive
many difficulties to make advanced banking inescapable. Web network and related advanced
foundation is to be guaranteed for making the computerized dream a reality.
Then there is the gamble of digital dangers which might cause huge disturbances in
the financial administrations separated from gambles with connected with delicate client data
and web cheats. It will be intriguing to perceive how these difficulties are managed by the

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financial area. The public authority and different partners play a significant part to play here.
That will choose the speed and course of the advanced excursion of our country.
Suggestions/Recommendations
The banking industry needs to move past observing the ideal channel blend to figuring
out what turns out best for every individual client. It is likewise about a consistent
coordination between contact focuses. Sadly, not very many (if any) associations can uphold
the starting of an excursion on one channel and the finishing on another. This turns out to be
particularly obvious during the onboarding phase of commitment at banks and credit
associations. o serve the advanced purchaser, monetary establishments should move past
FAQs to chatbots and intuitive substance (particularly video). Both of these innovations,
when utilized related to cutting edge knowledge (AI) and AI, will work on the conveyance of
administration while bringing down costs. "Secure chatbots will turn into a center part of
numerous advanced banking propositions. While there are very few models today, progress is
being made across the financial business and particularly outside banking). "Past chatbots, the
mix of voice banking might be one of the most thrilling development regions for a superior
client experience. “To handle the uncertainty of the future, banks need to make sure that they
future-proof, both in terms of digital proposition and organizational structure”.
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2. C.B, S. A., & V, S. V. (2020). THE DIGITAL BANKING IN INDIA-RECENT TRENDS,
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3. Jain, V., Sharma, P., Kumar, A., & Kansal, A. (2020, December). Digital Banking: A Case
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