Growth of online banking essay
Due to the exponential growth of the Internet, smartphones and communication technologies over the past two decades, the digital banking industry has seen a visible development since banks went online. As society becomes increasingly cashless, apps and platforms have been created to help us, Citations 1 References 22 Abstract. This study examines the impact of digital transformation on the banking sector and highlights the benefits and challenges it is rapidly bringing. 1. Grow beyond your core to relevant ecosystems. Banks have long relied on making customers aware of relevant products as a path to growth. In the past, this approach was about introducing other, E-Banking plays an important role in improving the quality of services and strengthening the banking sector due to the increase in the number of electronic payments. ”. Sort by: Most relevant. Keywords Reset filters. Online Banking and Bill, The banking sector in India continues to grow and plays a crucial role in the economic development of the country. Essay on Growth of Banking Sector in India Introduction. The Indian banking sector has witnessed significant growth and has transformed from a traditional system to a more comprehensive, technology-driven system. Money economy and the banking system. Money. The existence of money makes exchange easier, compared to barter systems, because money provides a stable store of value. If the exchange takes place only with physical goods – as in a barter system – then there are many friction points that hinder the exchange. Filipinos are embracing digital banking at an unprecedented pace. According to BSP research, 51.2 of Filipino adults now have a bank account. 2 of these accounts are digital. The same study reported. 1 in adult Filipinos uses electronic payments, an increase in This rapid adoption can be attributed to the. The future of banking is undoubtedly 'digital'. While the shift from conventional banking to online banking worldwide began about two decades ago, it is only just emerging in developing countries. However, the pandemic has further accelerated this transition. And Sri Lanka is no exception to this consumer shift, as Khan et al. In 2017, the growth of e-commerce and online payments is increasing due to the promotion of digitalization factors such as electronic cash, contactless payments and debit cards. Adding to this complexity of life, rapid urbanization, growing traffic on roads and busy lifestyles have also led to the growth of mobile banking in India. Banks and other intermediaries involved in online banking transactions are also seeing this growing user interest in online banking as an opportunity to reach their customers. accounts are labeled as bank fraud. There are many categories of cybercrime, namely cyber cheating, cyber pornography, cyber violence and cyber trespass.