What is Net Banking?
Technology is the game changer, the disruptive and transformational force to reckon with across all industries. Pushing the envelope of traditional banking channels, internet or net banking is increasingly becoming popular among retail and domestic customers who have been swept by the swift, seamless, secure, flexible and adaptable digital product and service offerings through faceless, paperless transaction (cheques, demand drafts, passbook, pay-in-slips) and cashless transactions ( ATM, debit card, IMPS, NEFT, RTGS etc)by banks across India. Infact, when against the backdrop of Covid-19 pandemic it had become chaĺlenging to step out of home even to visit an ATM or bank branch. One had this unsettling fear of stepping into the crowds. Consequently, the pace of adoption of netbanking services has been on the rise in recent times. As the scale and pace of netbanking adoption gathers momentum, Banks across India continue to invest in enhancing their digital foundation architecture which is in synchronisation with the latest technology, risk profile, and within the regulatory ambit. Consequently, trustworthiness has and always will be the single most valued USP of the bank, besides its ability to provide personalised offerings to its customers. Just to give you a perspective, digital banking was introduced in India in the mid-1990s with ICICI Bank being the foremost player to adopt digital technology. Over the years, the Indian digital banking landscape evolved with all banks offering digital solutions. The major impetus came in 2016, with the launch of UPI ( Unified Payment Interface) system which further democratised the digital banking landscape. Today, you can make digital payments in a variety of ways such as: