Digitalization In Banking

 

Digitization In Bank 

We are in a time where digitization is needed in every sector to meet our needs effectively and faster. Digitization in the financial sector is one of them. The financial structure is becoming more straightforward and beneficial per the customer's wishes. Let us first discuss the term digitization. The word digitize means to computerize something. Hence computerizing the financial cycle is of utmost importance.

Let us first talk about some of the issues we used to face when digitization was not there in the financial framework to get a proper perspective on how things are changing.

1- We used to see long queues at the money counters of the bank. Where customers used to stand in line for a long time for exchange.

2-Financial hours and bank working days are additionally restricted, that is, banking hours and working days. Hence you have to complete your exchange up to the limit given by the bank.

3- If you need to travel/shop/dinner in a restaurant, you must carry cash first, making cash tense for theft, misfortune, or any loss.

4-For any inquiry or request, we have to wait for banking hours, which affects our everyday work.

5- Where can we get the torn note, which is inconvenient for us, and we need to return and exchange the note. Which is surprising.

So these are the points of how banking was before digitization.

Presently let us go over the current realities of how the digitization of financial connectivity is helping:

1-After digitization, individuals can work without the stress of banking hours or financial days.

2-Banks provides an application where customers can access the bank's services 24*7 from any word.

3-Credit/Charge card options help in getting money or shopping for things effectively with an ATM or in any mall.

4-Exchanges are more secure and keep the exchanges archived. The client is initially required to confirm his/her identity and must verify the exchange with OTP (One Time Password).

5- The UPI option has allowed small sellers to have a credit-only exchange and has simplified banking. Where the shopkeeper can transfer the amount from his financial balance instantly.

6- The bank's customer support has also been digitized so that they can help their customers whenever they want.

7-It is also helping to measure the transactions in small amounts where an error may personally lead to misfortune for the customer or the bank.

8- It also ends the flow of fake money. It is a threat to the country's economy.

Thus advanced banking is helping the typical customer to make banking simple, cordial, accessible, and quick. In this way, digitization in the bank gives them the opportunity to customers from their cash.

Let me know your views or thoughts in the comment area below. For more essay  Click Here.