| dc.description.abstract | Traditional Banking with its workforce intensive structure relied heavily on brick and
mortar branches and personnel to service clients. This traditional form of Banking has seen a
transformative change with the internet taking over and many of the banking services being
available to the customers online. With advancement in technology and growth of internet
connectivity, it is now possible for consumers to conduct most of the regular financial
transactions from anywhere in the world securely, by using Internet Banking Websites. Banks
are taking advantage of this transformation by making their websites effective and user friendly
to encourage users to adopt internet banking for a lot of banking transactions as opposed to
banking at the physical branches. Through internet banking, banks can reduce labour costs and
at the same time provide convenience, higher consistency and accessibility benefits to
customers. Some banks in India have even introduced nominal charges for banking transactions
done at the branch as opposed to net banking to encourage consumers towards Internet
Banking.
There is also general trend where the government is laying a greater emphasis to move
to digitize banking and financial transactions. Digitizing transactions, including usage of
internet Banking helps bringing out greater transparency and allows for modern forms of
commerce and trade through e-payments and ease of transfer of funds. The demonetization
move by the government has also provided a greater impetus to consumers to install and use
digital forms of banking, with payments wallets, PayTm seeing a great surge in usage in Retail. | en_US |
