A Research Project on the Impact of Technology on the Indian Banks Sector


A Research Project on the Impact of Technology on the Indian Banks Sector


1. Atheer Hunjur, Presidency College, Bangalore, Student, India


The word "digitalization" has just lately entered the common lexicon. CTS technology has eliminated the need for human check processing, while BHIM and UPI capabilities have enabled payments to be made through mobile devices and the internet. India's banking industry, which has a major bearing on the growth of the country's financial system, has come to recognise the significance of digitization in its efforts to improve the quality of services offered to customers and the prospect of further development in the near future. The impacts of digitization, on the other hand, vary widely between disciplines. The goal of this article is to examine the ways in which technology has altered India's banking industry. One of the outcomes of digitization is the reduction of human-caused mistakes, which in turn leads to greater customer loyalty. Customers like the flexibility that internet banking provides, allowing them to do financial transactions whenever it is most convenient for them. As a side effect of these developments, the administration of large quantities of money has become more simpler. Customers gain convenience when dealing with digital transactions that eliminate the need for currency. Customers may make purchases without ever having to handle cash again. The ability to spend less and make more money are two of the greatest benefits of digitalization. Bank Mechanization and automation has resulted in the digitalization of India's corporate banks. Because of this, clients may take use of additional financial services, such as automated teller machines, electronic money transfers, and MICR-based cheque processing at several banks. The Reserve Bank of India has made substantial progress in recent years toward its aim of improving banking settlement and payment systems by implementing a variety of essential measures. Government agencies, banks, and forward-thinking enterprises all played key roles in India's monetary system's growth and development. However, as a result of digitization, both clients and the financial sector now face new challenges related to the authenticity, integrity, and security of their financial dealings. You will have a deeper understanding of digital technology and the ways in which Indian banks are embracing it as a consequence of this research.


digitalization technology electronic innovations computerization


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As a direct consequence of these technical advancements, the banking industry in India is now experiencing a significant transition. No one living in the modern internet age can deny the ever-increasing popularity of online banking due to its convenience. Because of the proliferation of smartphones, formerly inaccessible internet financial services are now within reach of a far wider audience. Therefore, the financial services industry must rapidly adapt to the digital age. Customers who value convenience have favoured this digital financial system over conventional banking, which necessitates travelling to a bank office. The rise in cyberattacks that has accompanied technological progress, however, necessitates a security system with precisely this degree of complexity. Therefore, providing customers of the banking industry with access to digital banking would provide them a huge competitive edge in the current day.


1. S. D.-W. W. J. of M. R., & 2017, undefined. (2019). Digitalisation in Indian Banks. Wwjmrd.Com, 5(2), 224–225. http://wwjmrd.com/upload/digitalisation-in-indian-banks_1511866279.pdf

Author Contribution

The author confirms sole responsibility for the following: study conception and design, data collection, analysis and interpretation of results, and manuscript preparation.


The authors did not receive any specific grants from funding agencies in the public, commercial, or non-profit sectors for the research, authorship, and/or publication of this article.

Software Information

Not applicable

Conflict of Interest

All authors declare that they have no conflicts of interest.


I thank the following individuals for their expertise and assistance in all aspects of our study and for their help in writing the manuscript. I am also grateful for the insightful comments given by anonymous peer reviewers. Everyone's generosity and expertise have improved this study in myriad ways and saved me from many errors.

Data availability

Not applicable