Digital Banking In India: Here Are Its Benefits

[Shashank Bhaskar]

With the late 1990s came a new wave of digitalisation foraying into the banking sector. But it was only in 1999 that Digital Banking became mainstream, as internet charges were reduced and awareness about the online space increased. Today, Digital Banking in India has taken the country by storm. From small-scale businesses to shopping merchants, from the youth to the elderly, everyone is taking to digitalisation rather well. 

With the advancement of a more technologically sophisticated way of doing things, the advantage of Online Banking outweighs the costs. Here are other benefits of the same:

Convenience

With online access to your bank, opt for many banking services and functions from the comfort of your home. This may be of utmost convenience to the elderly or to those who get things done on the go. With this banking option, you reach customer care online without having to visit your bank for every single errand.

24*7 customer service

As mentioned, the online platform offers you access to the bank, its services, and the customer care team round-the-clock.

Paperless banking

One of the downfalls of traditional banking is the overly reliance on paperwork and proof. Thanks to digital space, you now can upload all your Know Your Customer documents or other proofs to avail of different services online. Furthermore, log into your account anytime to monitor your past activities.

Automatic payments

The banking app and Net Banking have become increasingly convenient to make timely bill payments. Be it investments or Loan equated monthly instalments; all get done in minutes. You can also set alerts on upcoming payments and outstanding dues to ensure that you incur any penalties for missing a payment.

Online payments

Whether paying your utility bills online or shopping, making payments has become easy. Moreover, merchants and businesses have integrated digital payment channels online.

Transaction security

The online platform also allows you to carry out secured transactions and reduce the risk of counterfeit currency. Also, Internet Banking takes care of the privacy aspect of your account and Credit or Debit Cards. For instance, if you misplace your cards, log in to your bank’s official website and block the card. This prevents your card from being misused by a third person.

Stops black money circulation

The other primary benefit is it promotes cashless transactions. This provides no space for liquid cash to move around in the market. Besides, it gives the Government complete visibility of fund movements. Things do not end here. Financial experts believe that Digital Banking in India will lower the minting demands of a currency in the future.