Digital future refers to the thought that each one business can operate digitally within the future.
There are numerous reports available which determine the digital future of business.
But what does digital future entail until it is a pointless buzz word.
Commencing at the edges. The digital future is a world of what Microsoft terms 'environmental computing.' Just as customers today are actively linked, so will companies work the same way in the immediate future?
First, as in banking and financial services, shopping, telecommunications, and tourism, every other company is creating a digital future focused on a connection with any client that is still linked. All businesses understand that they have to deliver a tailored experience focused on consumer behaviour, reputation, position, and eventually motivations and expectations.
Firstly, what's digital banking? Online banking or Digital banking is also called internet banking. It is called digital banking where a bank offers its services online and consumers can make requests, file inquiries, and manage other banking practices digitally. The first bank to offer internet banking in India was the ICICI Bank in 1996. Since then, a variety of other banks have followed suit, and today most banks provide online banking facilities.
Role of Digitization in Banking in India
Banks across India have been very reluctant to embrace the changes brought about by technological advancement. A variety of reasons triggered mechanization and digitization in India's banking industry. The introduction of standard cheque encoders was the first step in digital banking transformation. (MICR)Magnetic Ink Character Recognition assists with each bank branch having a MICR code when sorting and processing cheques. The next step was not an innovation but a necessity. Banking is a repetitive job, and hence a labor-intensive job where the worker is likely to make mistakes. Banks started using computer technology with standalone personal computers to minimize errors and speed up the process and then set up their own local area networks (LANs).
Core Banking came into existence as the networks expanded and banks started to communicate with each other. Centralized electronic real-time interchange (CORE) banking has thus allowed customers to make financial transactions and access their account from any branch of the participating bank. These services made it easy for consumers to run their accounts and gradually contributed to the coining of the phrase: 'Anytime, Anywhere Banking.' Soon Automatic Teller Machines (ATMs) came on the scene, facilitating electronic fund transactions.
Online banking & telebanking appeared in the 2000s, and various modes of online fund transfers such as Real Time Gross Settlement (RTGS), Immediate Payment System (IMPS), National Electronic Fund Transfer (NEFT), and National Electronic Clearing Service (NECS) were instituted. Recent years have seen the growth of mobile banking and other innovative online services.