Black Friday Sale! 50% Off All Access

'Information, Communication & Transaction 3 Stages of Digital Banking' Vice-President & Regional Head of Corporate Banking in Axis Bank said digital banking would cover the entire population, irrespective of the fact whether an individual has a bank account or not.

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock.com

Banking is one of the fastest growing sectors with new technological innovations changing its future dramatically. This field is poised for a digital transformation at the hands of new and advanced tools, social media platforms and other new changes.

Sameer Garg, Vice-President & Regional Head of New Economy Group and Corporate Banking of Axis Bank, in course of a conversation with the Entrepreneur India, shared his views on whether India is ready for a digital change.

Is India Ready?

"India is ready for the change. It is an evolutionary journey, not a revolutionary one, which we will see happening in near future," he said. "Digital banking will evolve over a period of time and a set of clients will migrate from level services, depending on their experience and requirement," he added.

Every Technology Not Relevant To Every Person

For Garg, digital banking will cover the entire population, irrespective of the fact whether an individual has a bank account or not. "The second step will be introduction of other advanced ways of banking like use of credit cards, debit cards or net banking. In the next stage, technology can be used in block-chain or artificial intelligence so that even a villager enjoys smooth banking services," he added.

However, he also added that the banks needed to check what technology was relevant to a certain person as "one size fit for all" never worked in this respect. It should be customized for each and every user in the ecosystem.

Digitized Banking Transaction Can Happen Much Faster

According to Garg, transactions happen in three stages in a bank or any other financial services industry that has adopted digitization. The three stages include information, communication and transaction.

"One can utilize technology and improvise on the communication bit. The transactional side of banking can be upgraded with respect to the life of tools used, be it block-chain technology, big data or artificial technology. Information should keep flowing to a customer," he explained.

The second stage of digital transaction happens when a bank is communicating with its customers based on their transactional behavior, using the big data and artificial intelligence technology.

"The customer may want to put some money in fixed deposit, apply for a mutual fund or go for a foreign exchange travel card. So, banks should try helping them do the transaction in a much faster, simplified and reliable way. When I say simplified and reliable, the actual role of technology and security comes in. Technology should be used to provide simplified solution. It implies simplified user experience," he added.

Security aspects should also be taken into account while doing transactions, be it use of technology while making approvals or filling up gaps before making transactions alive.

(Interview by Aashika Jain)

Aashika Jain & Nidhi Singh

Entrepreneur India

Franchise

The Top 10 Burger Franchises in 2024

Taste the sizzle success with the best burger franchises, according to the 2024 Franchise 500 Ranking.

Growing a Business

Success Isn't About Having the Best or Most Original Idea — It's About Resilience. Here's How to Build It.

A genius idea is only a small part of what makes a successful company. The rest is your ability to persevere when things aren't going your way.

Franchise

An Executive's 5-Minute Guide to Building a Legacy Team

This guide delves into the critical aspects of building a legacy team, emphasizing the importance of nurturing a strong internal culture and leading by example to attract and retain top talent.

Growing a Business

5 Reasons Why 2025 Will Be Your Most Amazing Year Yet as an Entrepreneur

2025 is set to be a pivotal year for entrepreneurs, driven by a combination of favorable economic, political and market conditions.

Marketing

7 Innovative Marketing Ideas That Will Help Your Brand Stand Out This Holiday Season

These seven creative holiday marketing strategies can help your business stand out from competitors, connect with audiences and make a real impact.

Business Solutions

Entrepreneurs Can Learn ChatGPT with This $30 Bundle

Find out how to leverage AI Task Automation to grow, automate, and change your business.