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A study on the prospects and problems of digitization of banking services in rural areas

  • Unique Paper ID: 169337
  • Volume: 5
  • Issue: 10
  • PageNo: 556-559
  • Abstract:
  • Digitization means converting of information into digital format with the adoption of technology. Adoption of digitalization is very important for the banking sector. By embracing digitalization, banks can provide enhanced customer services. This provides convenience to customers and helps in saving time. Digitalization reduces human error and thus builds customer loyalty. Today, people have round-the-clock access to banks due to online banking. Managing large amounts of cash has also become easier. Digitalization has also benefitted customers by facilitating cashless transactions. Customers need not store and carry cash anymore and can make transactions at any place and time. This digitization plays a vital role in improving the service quality dimension which is very important in today’s world of cut throat competition. Digitization helps in offering quality services to customers through electronic and interactive communication channels. Customers can handle their account and perform transactions directly with the bank. There will be no need to personally visiting the bank branch. Banking services are offered to customers without any extra cost and customers are more attracted to the convenience and safety of transactions. Infact, many prefer to pay their utility bills online, saving lot of time and energy. In turn it potentially reduces the operating cost for the banks too as digitization helps them to service plethora of customers without establishing physical branches. Government of India enacted the IT Act, 2000 with effect from October 17, 2000 which provided legal recognition to electronic transactions and other means of electronic commerce. Availability of interest is the pre-requisite for implementation of digitization of banking services. People will be meticulous when it comes to financial matters. However, the daunting task is to provide these e-banking services in rural areas, where majority of population lives. There are plenty of impediments and challenges, which are encountered in the process of providing these banking services without proper availability of internet. This paper attempts to list those challenges and suggests measures to deal with it.
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 5
  • Issue: 10
  • PageNo: 556-559

A study on the prospects and problems of digitization of banking services in rural areas

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8.01 (Year 2024)
UGC Approved
Journal no 47859

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