Abstract
Healthy and sound operations of banking business imperatively depends upon one strategic input is banking technology. Efficient financial intermediation in the context of overall development of economy and financial stability of banking sector is essentially resorts to adoption of the digital technology to transform results to rise of revenue, enhance of customer‟s service, minimise of cost structure and manage of enterprise risk ably. The macro-financial linkages and the micro-level sources are underlying the assets quality. Non-cash payments are set to overtake cash payments as digital transactions are growing exponentially. Digital Banking, a new horizon in a cash-light India through digital payments as faster and more inclusive services to the both micro-and-macro businesses is extremely important to monitor economic progress. Demonetization has revolutionised digital payments in India to drive adaption of adoption. Reach of payment services and increase of value proposition to meet the expectations of customers is the aim of digital payments. It provides as accurate services as possible for brining uniformity growth in the country. Popularise the schema of digital banking is the need of the hour.
Key words: Digital Age, Digital Banking, Digital Technology, Internet, and Mobile Banking.
The combination of high speeding of digital technology and free adaption of technological adoption have helped the banking and other financial institutions able to offer better financial products/services at lower costs to the customers in the market. Unbanked population in India has 230 million that still speaks about bare necessity of technological advancements in rendering the financial services. Technology as a biggest enabler and equalizer today, one-on-one connection in real time and creates massive new trend flows for the underserved or overlooked markets. Reserve Bank India equally has shown enthusiasm about promoting innovation and technology by continuance of the efforts to build up robust and secure digital payments and settlement system to achieve a less-cash society. A key interface issue of technology coupled with other technological advances merely made enablers but not drivers for shifting to the digital payment potentially. Banking is a complex business to deliver services through a multiple technological channel. The Government should popularise the digital payment system among the people including students through media and also protect the interests of customers by implementing a stringent Cyber Law. The challenge of security and ramifications including cyber-crimes of banking technology should the need of hour in today‟s digital payment by the means of card payment, electronic fund transfer, payment gateways, smart card, e- payment, mobile money wallet, etc.