Internet banking, a boon to Indian society

29.1.2014 Rezman Mirsom

The Indian society being in a developing stage has accepted most of the new modern concepts in almost all spheres of life. Similarly, the Indian society has also accepted the evolution which has taken place in the banking sector on a very positive note. The young generation of India has become very familiar with the new concepts such as Automated Teller Machines (ATM), Internet banking and mobile banking.

Every person like to have a hassle free life and therefore such concepts such as ATM, Internet banking and mobile banking has gained such popularity in India. Seeing the inclination of the population of India, every bank has made a step into the online banking process. Every bank, every branch has moved on to online banking as more and more customers prefer it over the conventional banking methods.

It is the youth of India who are more inclined towards such a process as they do not have to wait in line for any transaction neither do they have to travel to go to the bank for making a transaction. This is the most important feature of online banking. One can be at any location; be it your house, office or any other place, one can make transactions at their banks with the help of the Internet.

In a study on online banking, it has been stated that nearly thirty to forty percent of the bank customer base uses online banking for their day to day transactions. Experts have concluded seeing the rising trend in this sphere that in the next few years this percent is going to change drastically and can reach to seventy to eighty percent. It has also been stated that on a day to day transaction, only approximately fifteen percent of bank customers use the conventional banking method.

Thus with the technological advancement in India, it has become a common scene that the youth is using the Internet for fund transfer, opening an account, paying utility bills, applying for loans, generating account statements, and several other banking procedures.

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