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VOL. 5, ISSUE 4 (2023)
Trends and progress of electronic banking delivery channels: A study of Indian banking sector
Authors
Sukhjinder Kaur, Gurpreet Kaur, Poonam Mahajan
Abstract
The financial sector serves as essential for the economic advancement of a nation. Banking is an important aspect of an economy's vitality. A robust and sound financial system is a crucial prerequisite for fostering economic progress. The Indian banking industry is currently experiencing a technological revolution in the field of information technology. The integration of the internet into banking institutions has brought about a modernization of the banks. The implementation of internet banking has been advantageous for both consumers and banks. Global banks have introduced online banking, and banking institutions in India have also followed suit, recognizing the advantages it offers. The present research examines the trends and progress of several electronic banking delivery channels in India. The banking and finance sector offers a range of electronic delivery channels, including RTGS, NEFT, ATM, retail banking, debit and credit cards, free advising services, internet banking, mobile banking, and several other value-added products and services. The present research aims to analyse the trend and progress of several e-banking services in India, specifically in terms of their volume and value, from the financial year ending on March 31, 2018, to 2022.The study obtained secondary data from the Reserve Bank of India's website. The findings indicated that among the many options, mobile banking was the most favoured method for conducting online transactions, as both the volume and value of transactions through mobile banking experienced the highest compound annual growth rate (CAGR) across the whole study year. In contrast, the other methods of electronic payments had sluggish and limited expansion. This paper also highlighted the challenges of changing banking trends.
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Pages:57-62
How to cite this article:
Sukhjinder Kaur, Gurpreet Kaur, Poonam Mahajan "Trends and progress of electronic banking delivery channels: A study of Indian banking sector". International Journal of Commerce and Economics, Vol 5, Issue 4, 2023, Pages 57-62
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