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International Journal of Trend in Scientific Research and Development (IJTSRD)

International Open Access Journal | www.ijtsrd.com

ISSN No: 2456 - 6470 | Conference Issue – ICDEBI-2018


ICDEBI
INTERNATIONAL CONCONFERENCE
FERENCE ON DIGITAL ECONOMY AND
ITS
TS IMPACT ON BUSINESS AND INDUSTRY
Organised By: V. P. Institute of Management Studies & Research, Sangli

Trends and Challenges of ICT in Indian Banking Sector


Dr. Munde Sanjeevani Dashrathrao
Assistant Professor in Commerce
Commerce, Late Shankarrao Gutte Gramin ACS College,
Dharmapuri, Parali (V), Beed
Beed, Maharashtra, India

ABSTRACT
Recently, geometric technologies are developed in all calculation and other things speedily. It discusses to
sector of business, banking, insurance and every the merging of audio-visual
visual and telephone networks
sector. India, too is watching high development in with computer networks. ICT assists interface of
Information and Communication Technology. The people and administrations in digital world. ICT
result of this, Indian Banking Sector is ready for modernization in Indian banking sector has placed
contribution better and improved services to its strong base of recent banking facilities. Net Banking,
clients. Uninterrupted origination in ICT in the digital wallets, mobile banking apps is the technique
banking sector has made Computer Computer-generated of life. Evolving know-hows
hows will positively take
Banking. Formationn of Revolution Workshops is Indian banking to the next level in near future. This
enabling the banks to discover various roads in the paper pursues to study the tendencies and tasks given
banking area like Biometrics, Artificial Intelligence, by ICT innovation in Indian banking sector.
Robotics, Data Analytics, Wearable technology etc.
As the nation welcomes innovations in ICT, banks II. Objectives
need to prepare themselves
selves with the mandatory setset-up.  To study the developing skills in Indian Banking
As major percentage of education to take urban youth Sector.
in the nation accepts and adopts virtual banking.  To study the tasks postured by ICT innovation in
Banks need efforts to reach out to uneducated rural near future.
poor areas also. As the nation observers gifted ICT  To propose substitutes to overcome the tasks.
trends in next generation banking. Banks also need to
prepare a design to overcome the tasks. This research III. Scope
paper undertakes the study of application of ICT in The study covers the technological developments in
order to make the entire banking experience customer Indian banking sector only.
centric. The study also highlights the application of
developing skill in India. It also lists the experiments IV. Methodology
postured by improvements in ICT and recommends The study is evocative in nature and is centered on
substitutions to overcome the same. This paper is secondary data. The data are composed from various
evocative in nature. Secondary data collected from reports, journals, news articles, various bank portals,
various websites, reports and journals. RBI portal and internet sources.

KEYWORD: ICT, Innovation, Biometrics, Artificial V. Discussion


Intelligence, Technology. 5.1. Trends
5.1.1. Developing Fin Tech Technologies in Indian
I. INTRODUCTION Banking Sector
Information and Communications Technology or ICT FinTech means Financial Technology, i.e. proposing
is the set-up
up and workings that enable to do every economic amenities by making use of recent know-

@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 136
International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
how. FinTech companies compete with the banking 5.1.5. Wearable Know-how how
sector today to deliver financial amenities to th
the “To wear your bank on your wrist” is a truth today.
clients. Shrewd guard banking aids the clients squared their
steadiness, get fake warnings, carry out both financial
5.1.2. Modernization Labs and information dealings and proposals many more
As the FinTech Start-upsups are concrete way for facilities. In India, ICICI has
as tossed an app named
inflexible race to the traditional banking services, Wear for all smart watches. ICICI is amongst
many banks have adopted proactive strategy by uncommon global players permitting transactions
establishing their own internal advance labs. exhausting this app on both Apple and Android
Origination labs function with the main objective of platforms. As technology is redefining banking,
estimating and
nd implementing evolving technologies wearable banking and transactions.
and subsidize to bank’s intention of digitalization.
E.g.: AXIS Bank has set up its Innovation Lab named 5.1.6. The 3 Big B’s
Thought Factory. The 3 Big B‟ss obviously trending today in Indian
banking sector are Biometrics, Block chain and Big
5.1.3. UPI Data Analytics. India is undergoing innovative
National Payments Corporation of India (NPCI) alteration in the banking sector in the existence of
propelled Unified Payments Interface (UPI) in 2016 these 3 Big B‟s.
with 21 member banks. UPI is a system that powers
multiple bank accounts into a single mobile A. Biometrics
application, merging several banking features and Biometrics overcomes numerous difficult.
difficult Voice
seamless fund routing. UPI has been measured as the pattern, fingerprints, iris scans, facial geometry are
innovative formation in disbursement system. being substituted by keywords to generateuser’s
character and shorten the login exercise while banking
5.1.4. Digital Wallets accessible or via a mobile arrangement. Biometrics
Digital Wallets permit an individual to make know-how brands use of biological data and social
electronic transactions using a smart phone. characteristics that separates one human being from
Consciousness and routine of e-wallets
wallets enhanced post another. Biometrics is safe and rate operative method
demonetization in India. It is certainly one step for validation procedure of the clients of the bank. It
towards „less cash‟ economy. Examples of top digital eradicates the problem of memorizing passwords,
passwor
wallets and UPI apps in India PINs and card numbers. Biometrics substantiation is
 Paytm difficult to copycat but at the same time easy for all
 BHIM App people to use. It offers suitability to customers,
 Mobiwik operative proficiency to the banks and safeguards the
 FreeCharge dealings.
 Oxigen
 ICICI Pockets B. Blockchain
 PhonePe The operational of Bitcoin is centered on Blockchain
 Jio Money know-how.
how. Bitcoin is numerical currency that allows
 State Bank Buddy the user to accomplish peer to peer dealings without
 Vodafone M-Pesa the help of a third party such as banks. A blockchain
 Chillr is a statistics arrangement that is used to generate a
 Citrus Wallet numerical record of businesses and share it among a
 LIME distributed setup of computers. The fundamental
 CitiMasterPass standard is cryptography, wherein each member on
 mRupee the network is allowable to employ the record in a
 Trupay safe method without the essential for a chief
 Airtel money specialist.
 MomoXpress
 Ezetap Benefits of Blockchain
 Shared Control
 Reliable and high quality data

@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 137
International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
 Faster transactions may drop the chance to fractious sell present clients
 Provides audit trail with drop in web traffic.
 Transparency and process integrity
5.2.3. Problems associated to Biometrics
Scope Operational issues – A slight could variation the voice
Block chain know-how proposals distinctiveness excellence and may attitude difficulties in speech
authentication through a perceptible record and has confirmation. People who work in labour
possible to condense cyber hazards. It deals comprehensive jobs may have injured impressions.
giantlatent to Indian banks to gather clearings from Even the senior citizens may have problem in
across the globe Indian banks can use blockchain to impression substantiation.
present mechanization through trade trade-finance,
remittances, funds transfer, open account transactio
transactions 5.2.4. Safety matters
and identity amenities everywhere KYC and secure In its note on 'Digital Payments - Analyzing the cyber
documents space. landscape', KPMG stated, fake safety is one of the
most serious challenges faced by stakeholders
s of the
C. Big Data Analytics Big Data are said to be digital payment ecosystem. With more and more users
extremely huge data set that has to be analyzed, favouring numerical outflows,
outflows the chances of
handled, managed and validated through typical data receiving uncovered to imitation safety risks like
management tools. Indian banks have mil millions of online fraud, information theft, and malware or virus
customers. The data of these customers is stored in the attacks are also increasing. Lack of
o consciousness and
database. Retrieving the data in meaningful manner poor digital payment environment are some of the
becomes a complex process as many times the data crucial explanations that have led to growth in these
collected is unorganized. Big Data Analytics helps in attacks.
resolving this problem. The analytics tools give the
bank insights into personal habits of its customers, 5.2.5. Digital literacy in rural areas
allowing it to promote offers accordingly. To achieve There has been significant progress in the operators of
competitive edge in today’s modern banking era, smart phone in rural India in last few years. But not
banks in India are using data analytics to attract new many are aware and self-assured
assured about online banking
customers, retain them and makee the entire process through smart phones.. The primary usage of smart
consumer centric phone is delimited to entertainment and
communication only. As the urban tech practicality
5.2. CHALLENGES customers adopt the changing countryside of ICT
5.2.1. Computerization and AI may lead to revolution in banking, Indian rural population yet
unemployment needs to be educated about the ideas of AI,
AI and computerization are the major advances of Biometrics, Blockchain, Big Data etc.
today’s improvement era. Even though the aids are
promising, technology revolution attitudes a great 5.3. ALTERNATIVE SOLUTIONS
hazard to many of the jobs which will be completely Following steps can be approved by the banks to
automatic and occurrences for job volunteers will overcome the challenges
therapist. Banking is no prohibiting to this fact.
5.3.1. Transition to AI
5.2.2. Voice Revolution will take over online Top management and Leadership of the banks should
banking play a substantial role. Active communication
As voice gratitude and voice verification developed
developed, regarding the essential and application of AI in the
web circulation to banking places and mobile rights association to all the employees may help realize
might drop by 50% in next few years. Clients will smooth evolution. All employees unrelated of their
purely TALK to an internet associated trick and age, will have to equip themselves with newest
achieve most common banking responsibilities within technology creation in the industry and upgrade their
few seconds. The clients, who presently visit the skills.
websites for banking responsibilities, also go through
the marketing advancements on the site. The banks

@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 138
International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
2456 | IF: 4.101
5.3.2. Voice Revolution 6.2. Scope for future study: An empirical
As voice uprising takes over, outdated online banking comparative study of public sector and private sector
circulation is assured to get displaced. Banking banks will lead to in depth analysis of readiness of the
industry should develop its web occurrence by banks and its employees with respect to the trends and
proposing higher end products such as loans, challenges of ICT revolution.
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@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 139
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2456 | IF: 4.101
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@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 140

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