Role of Digital Banking in India

Abstract

Digital Banking is availing of banking services like balance inquiry, funds transfer, etc. via smart devices over the internet like smart phones, laptop, desktop, etc. The services could be expanded via Open API’s, and individuals could even manage their financial portfolio, check credit score, get a preapproved loan, etc. Digital banking is one of the most significant developments for the banking industry in its long history. Digital banking involves high level of process automation and web-based service and may include API enabling cross-institutional service composition to deliver banking products and provide transaction. In the Present scenario, people can check their bank account detail, pay their bills on line, transfer to other accounts and all these can be done very comfortable at their residence. The article shows the Place of digital banking in the financial ecosystem.