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DIGITAL BANKING : A NEED OF TIME

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 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
46 E-COMMERCE : CHALLENGES IN INDIA A STUDY 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
50 FOR 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
AN EXPLORARTION FOR PROTECTIVE EFFECT OF RHIZOME EXTRACT OF IRIS
53 PSEUDACORUS L.AND SEED EXTRACT OF DOLICHOS BIFLORUS L. IN SODIUM 344-351
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
PERCEPTION TOWARDS CASHLESS TRANSACTION AMONG RETAIL CUSTOMERS IN
58 385-392
BEED DISTRICT
Mr. B. B. Rajemane
ETHNOBOTANICAL STUDY OF WILD EDIBLE PLANTS OF KHED REGION, PUNE
59 393-401
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
A GEOGRAPHICAL REVIEW OF MODERN AGRICULTURAL PRACTICES
62 414-421
Dr. Ashok Shamrao Patil

ii
 IJAAR Vol.2 Issue-3 ISSN – 2347-7075

63 DIGITALIZATION IN INDIAN AGRICULTURAL SECTOR 422-426

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

67 DIGITAL MARKETING AND EMPLOYMENT OPPORTUNITY 450-456

Shaziya Mohammed , Irfan Momin
ONLINE / DIGITAL EDUCATION & ITS STRESS TO TEACHERS IN HIGHER
68 457-465
EDUCATION
Gorakhnath Rangrao Patil , Dr. Sharvari S. Kulkarni
69 SOURCE OF DIGITAL MARKETING 466-472
Dr.Sujata Jitendra Patil
DIGITAL MARKETING: ELEMENTS, CHALLENGES AND OPPORTUNITIES FOR
70 473-478
PRESENT TIME
Warvadkar Rohit Rajendra, Shinde Saurabh Uttam
E- MARKETING AND NEW OPPORTUNITIES FOR IMPROVING FOOD SUPPLY CHAIN
71 479-484
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 492-503
Mr. Kadam Rajaram, Mr. 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 551-557

Dr. Vivek V. Patil

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

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 587-593

Mrs. 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
1Assistant Professor (Department of Commerce)

JIMS Engineering Management Technical Campus, Greater Noida

bhavnasharma.gn@jagannath.org
2Bachelors 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

http://www.ijaar.co.in/

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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

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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).
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

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 IJAAR Vol.9 Issue-3 ISSN – 2347-7075

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.
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

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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.

Convenience- Figure 1

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
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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".
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.

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 IJAAR Vol.9 Issue-3 ISSN – 2347-7075

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 2digital banking may be impressive ,

Figure
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.
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 .
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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 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.

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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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