These views and opinions do not necessarily represent those of Deccan Chronicle and/or other staff and contributors to this site. When it comes to India, the government itself has taken a host of initiatives to promote large-scale adoption of technology in various sectors. Moreover, consumers are getting acquainted with banks that are born digital. As per a Juniper Research report, as many as 2 billion Indians will use digital banking by the end of this year.. As we enter the Fourth Industrial Revolution, businesses across industries and verticals are turning to AI, ML, IoT, Big Data and other modern technologies to streamline their operations. And, it’s not just the banks, NFBCs and small lenders are also taking the digital route to provide customers with a hassle-free, seamless experience. Be it creating new accounts or applying for personal loans, digital banks have enabled consumers to avail banking services through a device that is conveniently placed in the palm of their hands. According to PwC’s report titled ‘Industry 4. The increasing reliance on technology is a clear indicator that the future of banking virtual. In the Union Budget 2019, Finance Minister Nirmala Sitharaman announced that businesses with an annual turnover of Rs 50 crore will have to use government-backed digital payment platforms like Aadhaar Pay, NEFT, BHIM etc, and no extra charges will be imposed on either customers or merchants.-- Kumar Srinivasan, CEO, MatchMove DynamicDisclaimer: The views and opinions expressed in this article are solely those of the original author. In the past, net banking was limited to sending or receiving money. Notwithstanding this progress, banking is one sector that still remains largely untouched by technology. As such, artificial intelligence and various AI-backed applications (chatbots, robotics) have already started transforming the operational aspects and customer service aspects. While several public and private sector banks are digitizing their services, we have merely scratched the surface of what digitization can achieve. Among other factors like rising smartphone ownership and deeper internet penetration, government support has played a pivotal role in driving Custom Zinc Alloy Self Drive Anchors Suppliers the growth of the Indian FinTech sector. Typically, the process took a couple of days. The wave of digital disruption has affected several sectors such as manufacturing, retail, logistics, hospitality, travel, and even education. Today, we have made much advancement in this area.

This is where B2B companies come into the picture and can propel large-scale adoption of digital payments in the country. In a recent statement, SBI Chairman Rajnish Kumar said that the public sector bank is eyeing at the elimination of physical debit cards. The report also estimated that the country would soon witness a mushrooming of true digital enterprises. Global banks are transforming their business models to offer a digital-first experience to customers. However, in a country where cash continues to be the primary mode of transaction, government machinery alone can’t help the country to achieve its financial inclusion goals. According to industry estimates, our country has emerged as the world’s second-largest FinTech hub, trailing only the US. Taiwan’s O-Bank, for example, has no brick-and-mortar branches and provides its services through an app and a 24x7 video contact centre. It becomes quite evident when compared to the banking landscape worldwide. Some public-sector banks are even taking this digital transformation to a whole new level. The way ahead: Virtual banks are set to dominate the pictureTechnology is poised to bring a major change to the banking sector. He further stated that there will be a limited need to have plastic cards in the next 5 years. The emergence and growth of FinTech in IndiaIn addition to all this, India has also witnessed the emergence of numerous FinTech NFBCs.The past decade has witnessed a widespread acceptance of digital technologies.0: Building the Digital Enterprise report’, nearly 39% of companies in India plan to invest 8% of their annual revenues in digital programs by 2021. Digitization of India’s banking sector: The shift from ‘conventional banking’ to ‘convenience banking’The banking sector in India has experienced a radical shift in recent years and the very definition of banking has changed. Despite the challenges like security threats, skepticism towards digital banking, lack of financial literacy and awareness, growing evidence thus reveals that digital banking is becoming the most preferred form of banking even in India