It was only in the late 1980s that Indian banks took to computer is at ion seriously. They had to improve customer service and tone up book-keeping and MIS reporting. Their large customer base (in terms of numbers) was mostly comprised of “low balance” accounts. An effective but low-cost tool that could handle the transactions was needed. It led them to embrace digital is at ion. They started with standalone PCs and migrated to Local Area Network (LAN) connectivity. Core Banking Solution (CBS) platforms followed that transformed branch banking into bank banking. CBS helped banks to provide “anywhere and anytime banking” service to customers. The researcher set out to ascertain the implications of such digital is at ion for bank customers. He interviewed bank officers and bank customers for the purpose. He concluded that digital banking was customer-centric in design and purpose. As a result, banks were in a position to offer an “experience” to their customers as against the “convenience” they offered presently. One such “experience” banks lately offer is worth citing here. To access information about account balance or to receive a mini statement through SMS, all that the customer has to do is to give a missed call to the bank concerned by dial ling a bank-designated mobile phone number. Another digital product innovation, namely, UPI/Aadhaar-based payments make banking seamless for customers, particularly rural customers, who are not familiar with the English language. Thus, digital is at ion has proved to be positive sum game for all stakeholders. The penetration of banking services into rural India is still on the low side but mobile penetration is on the higher side. By leveraging this advantage banks can afford to raise their rural penetration since they can ensure the financial viability of their rural operations.
Book-keeping; CBS; digitalization; leverage; LAN; MIS reporting; SMS; tool
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