Is Banking Heading Towards Digital Transformation in the Near Future?

Digital Banking is no more a talk of the future, and we all have witnessed the transformation of the Indian banking system. There was a time when visits to the banks were an essential part of our weekly schedules but it has almost become a phenomenon of the bygone era now. With most banking services available literally at our fingertips, digital banking has now become an inseparable part of our lifestyle. As just within the last decade the technological advancements like cloud computing in BFSI and many others, have brought about impeccable changes in the banking sector. From cards to digital payments, the digitization of the core banking services and not to forget the ground-breaking UPI payments mode, have become clearly synonymous with day-to-day business in the banking sector.

Looking towards the future prospect of the sector what we need to consider first is the present status of the daily operations in the banking sector.

The Present Status of Digital Banking in India

Talking about Digitization in the present day in Banking System, yes the sector has come a long way ahead of both in terms of the Core Banking System and various other administrative services in the daily business of the banking and finance organizations. Especially with the updates in the cloud banking solutions in India, banking administration has simplified and most importantly has brought about a remarkable change which has made the ease of doing banking business a thing of the present. Otherwise, who would have thought of real-time payments, easy or same-day loan procedures, or even a completely paperless Core Banking System? All becoming a common phenomenon in today’s banking system. Not just words but even numbers prove it with statistics from Statista about the “Total number of digital payments across India from the financial year 2018 to 2021” which clearly proves the exponential growth of digital payments in India, i.e. from USD 14.59Bn in FY 2018 to USD 43.71Bn in FY 2021.

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