International Journal of Trend in Scientific Research and Development (IJTSRD)

International Open Access Journal | www.ijtsrd.com

ISSN No: 2456 - 6470 | Conference Issue – ICDEBI-2018

ICDEBI
INTERNATIONAL CONCONFERENCE
FERENCE ON DIGITAL ECONOMY AND
ITS
TS IMPACT ON BUSINESS AND INDUSTRY
Organised By: V. P. Institute of Management Studies & Research, Sangli

Digitisation in Banking
Samita V. Dalvi
Assistant Professor,, V.P. Institute of Management
anagement Studies and Research,
Sangli, Maharashtra, India
Affiliated to Shivaji University, Kolhapur
Kolhapur, Maharashtra, India

ABSTRACT
A digital shift is taking place globally over wide range consumer needs have been met in entirely innovative
of sectors to stay ahead in the competition in their ways. The government’s drive towards making India a
respective fields to which banking industry is no cash light digital economy and increasing revenues by
exception. Digitalization is inevitable for banking empowering the citizens are in synergy. The wide
industry and hence “Hop on the digitalisation scope of digital banking spans from, dealings from the
express” should be the goal of every bank in the front desk which customers experience and helps in
world. The financial landscape is on the verge of building customer relationship, to the back end that
change and has essentially revolutionised the business bankers operate through their internal infrastructure
model of banking industry. In the new digital era, and the bridge that connects the two ends .A digital
increasing expectations of the customers across al all bank facilitates at all functional levels of banking
delivery channels, be it ATM, Internet banking or through all service delivery channels.
mobile banking is a standard requirement. Customer Customer (CRM) is an integral part of a digital
centric digitalised operations will increase the banking system, since it helps banks to directly
efficiency and effectiveness in banking services in the communicate with their customers.
challenging, dynamic environment. Millenials are
more eager to do their banking transactions and In today’s world Digital is a buzzword and Banks
financial planning via e-banking
banking and hence a key to have to stay in race to meet the ever increasing
success of banks is offering everything on electronic demands of new tech savy generation.
ge Digital
media. Projecting the banks offerings on thirdthird-party Banking is not only used for front desk operations like
sites and providing value added services on mobi mobile Internet Banking, Mobile Banking, Direct Banking,
application using the open API economy will be use of Social Media in Banking, Artificial
crucial too. Not only are the Customers, the key Intelligence, Robotics, Chat-bots,
Chat Cognitive
players of digitalisation as the banks are constantly computing, Block-chain,
chain, Big Data, voice biometrics
biom
striving hard to remain one step ahead of customers etc but also includes various back-end
back modernization
but also the competitors and the regulatory agencie
agencies programs integrated with front end users to achieve
are acting as drivers to digitalisation. Customers overall goals of digital Banking which includes legacy
expect a seamless multichannel experience and a modernization, Integration, CRM, Document Imaging
consistent, global service from banking sector. etc.

KEYWORDS: e banking, internet banking, mobile Due to accelerated technological improvements and
banking fierce competition, banking sector is working under
constant pressure.
INTRODUCTION
Digitalisation has transformed manual processes and
transactions into digital services. Across all verticals,

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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
History- place of cumbersome, redundant manual labour.
In 1988, Reserve Bank of India set up a Committee on Traditional bank business processes are time
computerization in banks headed by Dr. C. consuming and costly and prone to human error.
Rangarajan. In late 1980, banks were urged to Hence banks need to implement BPR (business
digitalise their
eir operations, in order to improve the process reengineering) Paperless working will
customer service and MIS reporting and hence started definitely reduce storage space cost as well as
using Information Technology initially with the increase human efficiency due to qualitative
introduction of standalone PCs and migrated to Local digital data and faster sensitivity to changing
Area Network (LAN) connectivity within the bank market trends in the hyper dynamic macro
branch setup. With further advancement, banks environment.
adopted the Core Banking solution. Thus branch
banking changed to bank banking. Core Banking e.g. E-banking
banking has resulted in reducing costs to
Solution (CBS) enabled banks to enhance the the extent that the cost of a bank transaction on
customer servicing through anywhere and anytime Branch Banking is estimated to be in a range of
banking. Different Core banking platfor
platforms such as Rs.70 to Rs.75 while it is around Rs.15 to Rs.16
Finacle designed by Infosys, BaNCS by TCS, on ATM,
TM, Rs.2 or less on Online Banking and Rs.1
FLEXCUBE by i-flex flex etc gained popularity during or less on Mobile Banking.
this time. 2. Accurate and reliable operational performance
with no scope for human error – The prerequisite
The process of Computerization gained pace with for banks aspiring to digitalise their operations is
deregulation and liberalisation in 1991
1991-92 which led financial accuracy. Traditional banking
bank had40%
to rising competition from private and fo
foreign banks. error rate which needed recomputing and was
Several commercial banks started moving towards worsened with lack of IT integration between
digitalised customer services by adopting banking branch , Head office and back office adding up to
solutions by joint venturing with information complexities in verification and authentication
technology firms. procedure.
3. Faster speed of delivery channels – customers are
RBI has been a driving force for Bank Mechanization enjoying round the clock connection with banks
and Automation with the introduction
roduction to MICR based and availability of services at the fastest speed.
cheque processing, Electronic Funds transfer, Inter
Inter- 4. Improved customer satisfaction and relationships
connectivity among bank Branches and due to 24/7 support availability, customer follow
implementation of ATM (Automated Teller Machine) up process automation.
Channel . Strong guidelines from Reserve Bank of 5. Acquisition and retaining of customers thereby
India have strengthened the Payment and Settl
Settlement achieving leadership in competitive environment.
systems in banks. – The fierce competition ultimately aiming to
increase customer strength results due to CRM
Goals of digitalised banking – solutions that assist the banks to maintain closer
1. The goal of integrating banking services and relationships with tech savvy consumers. Banks
technology is convenience, flexibility, simplicity maintain pool of data containing customer history
and security of operations for customers and to therby facilitating quick access to email and other
meet the industry’s rapidly rising customer forms of online communication. Banks can
expectations. effectively utilise customer reward programmes
2. Targeting the new customers by way of innovative for continued loyalty and satisfaction of
digitalized products customers.
3. Moving from lifecycle banking to lifestyle 6. Cost effective for banks as well as customers.
banking where bank will remain a constant part of ATMs help banks reduce overhead costs,
daily life of its customers providing ultimate especially if they are available at various strategic
personal and near real time solutions. locations beyond branch offices. Banks can take
data-driven
driven dynamic decisions with the aid of
Advantages of digitalisation – digital analytics which lend helping
helpi hand to both
1. Huge saving in cost and time of banking - customers and banks.
Automated banking software solutions work in

@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 198
International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
7. Business efficiency –Reduced
Reduced cost and enhanced When the payments move digital, each and
speed improve the efficiency of internal functions every individual is bound to have a bank
leading to increased human productivity. account, a mobile phone, etc. This way, the
8. Transparency is ensured due to which problems of government can easily transfer the subsidies
subs
fake currency or black money will dissolve. directly to Aadhaar-linked
linked bank accounts of
9. Approaching fast on the new horizon of cash cash-light people. In short, people no longer have to wait
India or a cashless future which excludes Paper to receive the incentives and subsidies that
money. they are bound to receive from the
10. Customer centricity – In the pre digital era banks government. This feature is already in place in
used to focus on pushing and selling the existing most cities. One example of that
th would be the
available products to customers but w with LPG subsidy that government gives to the
digitalisation at the core of everyday life , the common people. This subsidy payment is done
ultimate goal of banks is to make customer via bank transfers these days.
happy. Digital infrastructure provides billions of 14. Risk management software can detect and respond
customers with affordable broadband and low low-cost to market changes more quickly than expert risk
devices. Banks should focus on innovating new managers.
products and services that are meeting the
changing expectations of customers, maintain Disadvantages of digitalisation -
competitive edge and match with the latest 1. Though digitalisation leads to unemployment in
technology trends one area but new jobs are created in IT sector,
11. Physical cash handling has reduced – possibility cyber security,, research Team etc.
of misplacement of cash or the potential for 2. Large sections of Indians are digitally illiterate so
money to be stolen is reduceduced to a great extent, they are not comfortable in digital banking.
additionally,, digital cash can be traced and 3. Banking environment is more prone to hacks and
accounted for more accurately in cases of cyber attacks as financial data is more vulnerable.
disputes. As consumers can purchase with the help 4. Some concrete bank branches may cease to exist
of apps, there is less need to carry physical cash in with the increasing use of online banking.
their purses and handling large amount of cash can
be avoided. Requirements in digitalised banks –
12. In the absence of personal intervention , all A. A vibrant digital future will wi need a strong
customers are treated at par ,be it urban or rural . underlying technology with right omni channel
13. Benefits to government : - development platform which will incorporate
A. Digital transactions can be easily monitored features like easy app management, inbuilt
and any payment made by any customer to any security and strong feasibility.
merchant will be recorded in the system. Thus B. The required infrastructure should provide mass
there will be no means for illegal transactions. data storage, infinite computing
c power, and
By prohibiting cash-based
based transactions and pervasive connectivity,, advanced analytical tools
using only digital payments, the government enabling the customer to perform their operations
can efficiently expel the black economy. on one simple finger touch.
B. Increase in Revenues: Inn case of digital C. An integrated IT infrastructure is utmost essential
economy, when the transactions are digitized, .High speed and transparent processing of
monitoring sales and taxes becomes easy. transactions which results in wide spectrum of
Since each transaction is recorded, the products and security offered to the consumers at
customers will get a bill for th their purchase, fair prices resulting into high quality relationships
and the merchants are bound to pay the sales with banks.
tax to the government. This, in turn, increases D. The software solution should be flexible adapting
the revenue of the government, thus resulting to constant customisation and avoiding rigidity.
in growth of the overall financial health of the E. A strong in house IT team is a must.
country.
C. Empowerment to People: One of the greatest Challenges of digitalized banking-
banking
advantages of moving towards digitalisation is Banks are facing competition from non-banking
non
that it gives an empowerment to the citizens. companies as well as smaller Fintech companies.

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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
1. Cyber crime – Siphoning of funds on massive 8. Good user experience on digital channels or user
scale by cyber attackers is possible. Money and friendly nature is crucial to the overall
overa customer
data security is at constant threat by hackers. All experience and acceptance. And banks that
businesses big or small face growing cyber threats neglect the digital channels are reducing their
which damage image and reputations of the bank. chances with their best customers. Poor digital
The key challenge in the digital era is experience could shift affluent customers towards
safeguarding the customers from cybercrimes with other alternatives,, whereas a website or mobile
advanced cyber securities incorporated in the IT app that provides great user experience could
infrastructure of the bank. enhance the bank’s revenue from the tech-savvy
tech
2. Choice of technology-user’s
user’s choice of device that customer.
will be used for smooth functioning is important 9. Traditional banks are facing severe competition
.Office goers will prefer Laptops and desktops from FinTech companies, which are financial
while those who travel for business prefer table
tablets technology firms that facilitate banking and
and depend upon high quality cameras. Device financial services.
compatibility with software plays crucial role. The 10. Launching new innovative products which are
customers are more enthusiastic to use full range sometimes difficult to automate
of e-commerce financial services. 11. Mergers and acquisitions and new government
3. Achieving error free or flawless app app-customers rules and regulations are difficult to incorporate
especially younger ones experience
xperience power while into existing IT solution
ution and customization of the
banking through smart phone applications. software to continuous changes becomes tedious
Keeping control over one’s expenses and due to rigid software.
monitoring investments at any time and from any 12. Many banks do not have expert in house
place in the world is the core benefit made infrastructure to support the changing business
available to customers by banking and financial priorities
applications .The organizations which fail to adopt 13. Risk Management/Mitigation helps in reducing
this technological advancements to overcome the intervention delays, continuous monitoring, fraud
outdated approaches and inefficiently handled detection, smarter, deeper, faster controls.
customer relationships will be out from
competitive market and will not be able to retain Bank Opportunities-
the customers. Banks can innovate simple
1. Competitiveness –Banks
4. Targetting the new customers by way of products which are fairly priced and attract more
innovative digitalized techniques can pose a customers to withstand the competition.
problem to banking industry.. Digital Banking 2. Marketing and Branding – Digital marketing with
Readiness Index (DiBrix) can be used in the convergence of networks can strengthen the brand
process for evaluation. image.
5. Sustainability – Post successful innovation and 3. Risk Management / mitigation , dashboards, Data
implementation , the next challenge is sustaining Analytics, Fraud prevention , Real time
as leader in the market operations , Process Dematerialisation, Digital
6. Quality and speed should go hand in handhand- In the signatures will enable the bank to be a market
process of offering maximum financial products leader.
and services to widen customer base, it leads to 4. The digital Banking is concerned with 2 aspects
compromises on quality of products. The both having digital technology underneath them.
challenges in fastt paced and dynamic digital world A. A new thrilling experience to the customer
are manifold. who has a plethora of e-services
e available to
7. The next phase of growth for cards is from the him.
tap-and-pay
pay feature, through NFC NFC-enabled B. efficient , effective business model in the
contactless technology where swiping or dipping organisation
a card is eliminated; instead payment can be made 5. High speed, secured and transparent processing of
when it is brought close to either a PoS machine transaction which results in wide spectrum of
or card reader. These cards have become popular products and security proffered to the consumer at
in Australia, UK and France especially for metro fair prices and high quality relationships with
travel or toll-and-transit facilities banks.

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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
BASIC SERVICES OFFERED: transactions that are repetitive and periodic in
1. Mobile banking –It It refers to the use of smart nature offering credit and debit service to
phone or other cellular device to perform online corporate,, banks, and financial institutions.
banking tasks such as monitoring account 9. UPI- (Unified payment
ayment Interface)It is a unique
balances , transferring funds between accounts , interface that allows instant transfer of money
bill payment etc from one bank account to another on a mobile
2. Automated Teller Machine- It is electronic platform leading to swift payment across banks. It
telecommunication
cation device that facilitates will allow smart phones to substitute costlier POS
customers to perform functions like machines. This technological government
3. Internet Banking- Online bankingbanking, also known programmes expected a mass behavioural shift
as internet banking, is an electronic payment from cash to cashless transactions.
system that enables
nables customers of a bank or
other financial institution to conduct a range
of financial transactions through the financial
institution's website. The online banking system
will typically connect to or be part of the banking
system operated by a bank and is in contrast
to branch banking which was the traditional way
customers accessed banking services.
4. RTGS- Real Time Gross Settlement systems are
systems through which funds get transmitted by The shift towards UPI gathered pace, post-
way of transfer of money or securities[1] from demonetisation, when there was a scarcity of cash
one bank to another on a "real time" I.e. a in the market. Though payment interfaces such as
payment transaction is not subjected to any NEFT and RTGS and the debit card have done
waiting period, with transactions being settled as their share of work, payment through UPI is safer
soon as they are processed and on a ""gross" basis and quicker enabling real-time,
real 24X7 payments
i.e. "Gross settlement" means the transaction is for the masses.
settled on one-to-one one basis. Settlement means 10. NUUP
UUP is National Unified USSD platform (USSD
transactions undertaken once are irrevocable. stands for unstructured supplementary service
5. NEFT-National
National electronic funds transfer is a data) is a mobile banking service based on USSD.
payment system in which individuals can 11. Debit cards / smart cards, payment gateway -
electronically transfer funds from any bank branch RuPay launched in 2012 has challenged the
to any individual having an account with any other duopoly of Visa and MasterCard in the payments
bank branch in the country. gateway world.
6. CTS-cheque Truncation System or Image-based As of June 2018, as per RBI record, there were
Clearing System (ICS) is implemented by Reserve 94.4 crore debit cards in India, out of which
Bank of India (RBI), commencing in 2010, for almost 50 crore are RuPay-powered
RuPay debit cards
faster clearing of cheques. In this system cheque amounting to 50 % market share. Debit and credit
images and magnetic ink character card transactions still form the bulkb of digital
recognition (MICR) data are captured at the payments which can be validated from the
collecting bank branch and transmitted following. RBI’s data shows transactions through
electronically. debit and credit cards in June 2018, 2018 wereas
7. IMPS- Immediate payment service IMPS is follows –There
There were 3.93 crore credit cards and
managed by the National Payments Corporation of 94.4 crore debit cards used in India including
India (NPCI) and offers an inter-bank bank electronic individual and
nd corporate cards. The value of credit
fund transfer service through mobile phones. card transactions in the month of June 2018 is Rs.
Unlike NEFT and RTGS,, the service is available 46,629 crore and Debit card transactions in the
24/7
/7 throughout the year including bank holiday same period went up by 33 % to Rs. 3,15,627
8. NACH – National Automated clearing house crore. Percentage of Debit and credit card
introduced by National Payments Corporatio
Corporation of transactions to all digital transactions in terms of
India,, is a centralised clearing service that aims at volume- 22.5 %
providing interbank high volume, low value 12. PPI- Prepaid payment instrument

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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
13. POS-point of sale – Businessman has to acquire a Analytics –
point-of-sale
sale (PoS) machine for processing card 1. Today mobile banking and mobile wallets are
payments from banks with which they already fastest growing options in payment industry
have an existing account. Each machine would 2. As per the data of 5 banks in December 2016
have a fixed cost of approximately Rs 13,000 as A. NEFT, CTS,, NACH and cards account for
well as monthly rentals of 500-600. bulk of transactions by volume (76%)
Additionally, there would be an RBI RBI-mandated B. RTGS, NEFT, CTS account acc for (89%) of
merchant discount rate (MDR), which a merchant transactions by value.
is charged for processing ssing card transactions 3. It is clear that increased smart phone users in India
amounting to 0.75-1 % and 22-2.5 % per will grow digital baking in India National
transaction on debit and credit cards respectively. Automated Clearing House,
House or NACH, introduced
A key feature of devices today is their by National Payments Corporation of India, India is a
‘interoperability’, which means they are able to centralised clearing service that aims at providing
accept not just card payments, but also UPI
UPI-based interbank high volume, low value transactions
t that
payments,
ments, transfers from net banking, and ‘tap‘tap- are repetitive and periodic in nature. Offering
to-pay’ methods, e-wallets,
wallets, Aadhar
Aadhar-enabled credit and debit service to corporate, banks, and
payments (AEPS) using near-field
field communication financial institutions, exponentially.
(NFC) technology. 4. Mere technological advancement will not shift the
14. BHIM – Bharat Interface for money, comparative traditional banking pattern to digital banking in
analysis is as under India
dia because basically India is a cash economy ,
December 2016 July 2018 prevalence of digital illiteracy and reluctance of
Volume 43000 1.64 crores large section of population to go for digital
Value 1.83 crore 6692 crores payments. The design and delivery of various
financial services channels is influenced by
BHIM transactions have risen to 1.64 crore accelerated technologicalical advancements (online
(valued at 6,692 crore) in July 2018, from transaction by way of internet and mobile phone)
43,000 transactions (valued at 1.83 crore) in shift in customer preferences and regulating
December 2016 when it was launched by Prime infrastructure adopting to digitalisation
Minister Narendra Modi in New Delhi a month 5. The Pradhan Mantri Jan DhanYojana by way of
after demonetisation was announced. 220 million cards and 282 million accounts (as per
29.3.2017) has provided infrastructure for
The app offers payment solutions by accessing universal access to banking. The unbanked
bank accounts and is linked to over 95 private population has reduced from 577 million to 233
and public sector banks. Within a week of million.
BHIM’s launch, the app had been downloaded 6. In 2018, HDFC Bank has also introduced newer
more than 5 million times. BHIM to some extent products such as digital loans against shares and
has been usurped due to innovative products by loans against mutuall funds. If there is an
companies such as Google (with its Tez payment emergency, instead of redeeming mutual funds,
system), Paytm and PhonePe. the bank will offer a loan in three minutes through
net banking, holding the customer’s mutual fund
Apparently BHIM was launched as stop stop-gap account as collateral.
solution to improve the cash flow following 7. The digital journey for banks like state bank of
demonetisation. India and ICICI has been holistic. ICICI Bank has
15. Paytm - With Paytm users can pay bills, buy invested in FingPay and used some of its
movie tickets, pay school fees or buy digital gold, solutions towards its Eazypay app. SBI has tied up
apart from shopping on Paytm Mall. with Reliance Jio for integrating its digital
16. BPSS – Bharat bill payment syatem banking app Yono with MyJio app. Yono (you
17. Mobile wallet –The mobile wallets dominated the only need one) has 2.5 million users
us and enables
market immediately after the demonetisatio
demonetisation. users open an SBI account digitally, transfer
18. The banks have also implemented ee-kyc (know funds and get a pre-approvedapproved personal loan
your customer) system. digitally.

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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
8. The most interesting app of HDFC - EVA operating, and customer enquiry thereby heightening
(electronic virtual assistant), an AI AI-powered the digital maturity. Today traditional banks differ
banking chatbot, has been configured for voice from digital market entrants who offer end to end
throughh Google Assist and Amazon’s Alexa. EVA online process offering customers to open a new
has answered more than 8 million queries from a account using digital channels and some value added
million customers and is now integrated with the services like
ke digital document safekeeping, access to
bank’s interactive humanoid IRA (interactive financial news, digital investing, and personalised
robotic assistant). digital alerts, digital saving tools, online chat, and
9. HDFC Bank has collaborated with Google Tez to social media banking
operate its UPI handle while, on Facebook, it has
tied up with Niki.ai, a Ratan Tata-backed
backed fintech,
BaaS - Banking as a Service (allows for third
to create a chat platform, perform ecommerce party integration)
transactions and also pay bills or buy insurance
BaaP - Banking as a Platform (for integrating core
through Facebook Messenger. The bank’s expense systems with software)
tracker on mobile is with Money View while it’s
Cloud-based
based Infrastructure (allows less
Digital Command Centre—where where the bankuses dependence on IT staff)
internet and all social media platforms
platforms—were
White Label Banking (such as joint-branded
joint credit
built in collaboration with a LocoBuzz. The bank cards)[14]
also works with assessment technology provider
Talview, which helps it carry out interviews on These solutions are built on enhanced technical
video, as part of its HR policy. architectures as well as different business models.

Futuristic features – CONCLUSION:-

Predictive banking – The wearable technology like With the increasing usage of smart phones and
smart watches, smart eye ware, gesture controlled emerging technologies, digitization of banking sector
devices, sensors embedded in cooking utensils cars is inevitable, to escalate up to the increasing
can enable the bank to create innovative products for expectations of the world. It indeed reduced human
its customers. Banks will be part of everyday routine errors and increased convenience of general public in
activities of all human beings. As there is infinite banking operations.There
There is no doubt that pros
pr of
potential for banks and fintech companies to explore digitization are outweighing the cons but the fact that
and innovate on different fronts eg. Banks can offer cyber threats are also on the rise, banks must be very
customised insurance products based on health data careful and should be prepared to handle cyber
(pulse rate, blood pressure, sleeping time, daily attacks.
physical exercise, calorie and nutritional intake)
which will be captured from fitness band worn bby REFERENCES
humans. 1. www.forbesindia.com
2. www.economictimes.indiatimes.com
Digitalisation in banking is adoption of existing and
evolving technological changes efficiently and 3. www.thebanker.com
effectively in the internal business processes of banks 4. www.researchgate.net
as well as working towards superior customer’s
relationships and experience. The futuris
futuristic innovative 5. www.capitaworld.com
technology is changing the face of bank’s business
model.

Revolutionalising from traditional banking to state of

art digital banking has ultimately paved way for
customer satisfaction and value through infinite
operational efficiency. Banks have started with
reduction in number and size of branches ((both
number of units and size of existing facilities) and
replacing with ATM’s, digital kiosks for account

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