Online Banking in India: User Behaviours and Design Guidelines

1. These are few ways banks can assure consumers adapt to online portals for better and quick
and risk-free transactions:
 By educating and giving training: By explaining the concerns or the misconceptions
about the online banking and the online transactions to the users, also by free tutorials
and demonstrations that hoe online transactions are done to make understand the
customers.
 By making the online banking portal user-friendly and easy to navigate: The portal
should be designed in a way that is easy to understand, even for people who are not
familiar with online banking. The terminology should be clear and concise, and the steps
involved in completing a transaction should be straightforward.
 Providing clear and concise security information: Consumers need to be aware of the
security risks involved in online banking, and they need to be confident that their
personal and financial information is safe. Banks should provide clear and concise
information about their security measures, and they should make it easy for consumers
to contact customer support if they have any questions or concerns.
 Offering incentives for using online banking: Banks can encourage consumers to use
online banking by offering incentives, such as discounts on fees or interest rates. This can
help to offset the perceived risks of online banking and make it more attractive to
consumers.
 Educating consumers about the benefits of online banking: Many consumers are not
aware of the benefits of online banking, such as the convenience, speed, and security.
Banks can educate consumers about these benefits through advertising, outreach
programs, and other channels.

2. These are some of the marketing stratgies that can be used to educate and update
consumers to adapt to the technological part at the earliest:
 Using social media and other online channels to reach out to consumers: Banks can use
social media platforms, such as Facebook and Twitter, to reach out to consumers and
educate them about online banking. They can also use email marketing and other
channels to target specific groups of consumers.
 Partnering with businesses and organizations that are already using online banking:
Banks can partner with businesses and organizations that are already using online
banking to educate their employees and members about the benefits of the service. This
can be a very effective way to reach a large number of people.
 By offering free trials or demonstrations of online banking: This can give consumers a
chance to try out the service before they commit to using it. It can also help to overcome
any concerns that they may have about security or convenience.
 Promoting mobile applications: By launching a campaign that will promote the benefits
of the mobile application banking and mobile banking is how easy to use and do digital
transactions.
 Providing consumers to get help if they need it: Banks should make it easy for
consumers to get help if they have any problems with online banking. This can be done
by providing 24/7 customer support or by offering online FAQs and tutorials.
3. Can we have human interaction free banking in future? Recommend based on the case study?

Yes, it is possible to have human interaction-free banking in the future. It is mentioned in the case
study that shows there are a number of challenges that banks need to overcome in order to make
this a reality, but the technology is already available.

Some of the challenges that banks need to overcome include:

• Ensuring security: Since online banking is still a newer concept, new security risks are constantly
emerging. In order to protect the information of their customers, banks must continuously invest in
security measures.

• Making it easy to use: Online banking needs to be easy to use for people of all ages and technical
abilities. Banks need to make sure that their websites and apps are user-friendly and that they offer
clear and concise instructions.

• Building trust: Some people are still hesitant to use online banking because they are worried about
security. Banks need to build trust with their customers by being transparent about their security
measures and by offering customer support that is easy to access.

If banks can overcome these challenges, then only it is possible to have human interaction-free
banking in the future. This would be a convenient and efficient way for people to manage their
finances, and it would also save banks money on staffing costs.

4. What can be the risk associated with complete online banking? Is there a way of combatting the
same?

There are a number of risks associated with complete online banking they are as follows:

• Data security: Online banking transactions are conducted over the internet, which makes them
subject for hacking and other cyberattacks.

• Fraud: Online banking fraud is a growing problem, and criminals are constantly developing new
ways to steal people's money.

• Phishing: Phishing is a type of online scam where criminals send emails or text messages that
appear to be from a legitimate bank or financial institution. The emails or text messages often
contain a link that, when clicked, takes the victim to a fake website that looks like the real website.
Once the victim enters their personal information on the fake website, the criminals can steal it.

• Malware: Malware is software that is designed to harm a computer system. Malware can be
installed on a computer through a variety of ways, including clicking on a malicious link, opening an
infected attachment, or downloading a file from an untrusted source. Once malware is installed on a
computer, it can steal personal information, install other malware, or lock the computer and demand
a ransom payment.

There are a number of ways to combat the risks associated with complete online banking,
including:

• Using strong passwords: Passwords should be at least 8 characters long and should include a mix
of upper and lowercase letters, numbers, and symbols. Passwords should also be changed regularly.
• Being careful about clicking on links: we should Never click on a link in an email or text message
unless we are sure that it is from a legitimate source. If we are not sure, that the link to see the
actual URL. If the URL does not match the domain name of the company that supposedly sent the
email or text message, then do not click on it.

• Keeping your software up to date: Software updates often include security patches that can help
to protect your computer from malware and other threats. We should Make sure to install software
updates as soon as they are available.

• Using a firewall and antivirus software: A firewall can help to protect your computer from
unauthorized access, and antivirus software can help to detect and remove malware.

By following these tips, we can protect ourself from the risks associated with complete online
banking.