An Analytical Study of Innovative E-Banking Scenario in India

During the last two decades, with the advent of technological changes, the Indian Banking Sector has witnessed tremendous developments in the mode of offering products and services to their customers. The banking sector operates in a highly globalized, liberalized, privatized and competitive environment. E-banking has become a necessary survival weapon and has been fundamentally changing the banking industry worldwide. Technology allows the banks to offer new products, operate more efficiently, raise productivity, expand geographically and compete globally. After the demonetization and drive for a cashless economy the popularity of e-banking in India has gained momentum. The rapid advances in information technology and telecommunication, e-banking has become a strategic weapon for the banks to remain profitable. The inherent benefits that accrues both to the banks and its customers in form of safe, simple, quick and cost effective nature has empowered its customers and banks to make better investment decisions. However, banks and customers working on e-banking environment are exposed to many security risks on account of usage of computers and IT enabled services. This research paper would examine the various types of innovative e-banking services and products, practical aspects of its operation, trends and progress made by Indian banks in adoption of technology.