Electronic Banking in India: Innovations, Challenges and Opportunities

Electronic Banking in India: Innovations, Challenges and Opportunities

1Monisha, 1Research Scholar, IMSAR, MDU,

Rohtak

3Jatinder Kaur

3Assistant Professor,

2Kanika Bhudhiraja,

2Assistant Professor, Department of Management Studies,

B.M Institute of Engineering & Technology, Sonepat.

Department of Management Studies,

B.M Institute of Engineering & Technology, Sonepat.

Abstract- Financial sector plays an important role in the

1. INTRODUCTION

   development of an economy. A strong banking sector can be termed as lifeline of an economy. Therefore it is not wrong to say that present and future of an economy entirely depends upon the success and development of banking industry of that economy. In todays era of information and technology an economy cannot achieve the target of sustainable development by following traditional banking method. So it has become mandatory for developing country like India to increase automation in banking industry. The transformation from traditional banking started from use of automatic teller machine (ATM), direct bill payment, electronic fund transfer (EFT). The revolutionary online banking is being accepted by the customers with growing awareness and education. E- banking is a process of banking services and products through electronic channels such as telephone, internet, cell phones etc. today many people are moving towards e-banking as buy its use it become easy for customers to manage their account from an place and at any time and this charge very nominal cost. it is not wrong to say that e-banking is one of the most popular and latest technological wonder in field of banking which has given a banking sector a new dimension for growth. Ebanking has helped the banking industry in several new ways but the biggest advantage that it has imparted to this sector in developing countries especially country like INDIA is related to improving customer relations. In India e- banking was introduce in 1991 instantly after the recommendations of Narsimham Committee. The introduction of IT in banking sector of India made banking more reliable and sophisticated, now because of e- banking the remote areas of India are also connected to all banks branches even though they are in metropolitan cities. According to expert studies by 2020 average of India will be 29 year and these young Indian consumers are entirely base on internet banking. Therefore Indian banks are in desperate need to do innovation and provide Indian consumers a world class internet banking capability. The present paper mainly focused on the need of innovation in India in field of e-banking and also try to put light on the available benefits, opportunities and current challenges faced by banking sector to boost up E-banking in India

   Keywords- E-Banking, ATMs, Information Technology, EFT

   In India innovation in baking sector was began since 1991 with introduction of liberalization and globalization processes as result of it E- Banking came into progress. This Information Technology revamps the entire banking sector. E- banking drastically and rapidly altered the way of client banking, banks started providing different services related to cash deposits, cash withdrawals that to through electronic means. Due to this I.T revolution the number of electronic transactions are increasing day by day and world has emerged as a cyber world where each and everyone is connected through internet. E- Banking made the mobility of foreign funds and investment possible which turned world into global market and this market is growing so fast that it has almost abolished the effect of national boundaries. It is not wrong to say that this I.T innovation in baking sector in form of E-banking has introduced new business paradigm in country like in India.

   In past three decades the operational efficiency of Indian banks has increased to several folds, now the time taken by the banks in performing different transaction has been reduced, with this advancement competition among banks has also increased. Every bank is trying to use as much latest technological innovations in order to facilitate its customers. One of the key features in this regard is innovation banking or e- banking, which a lot of banks are currently providing in India. Internet Banking or E- Banking refers to a system that allowing individual customers to perform various banking activities from different sites like their home, office and other locations via internet based secured networks. Through Internet or online banking traditional banks are enable customers to perform all routine transactions, such as account transfers, balance inquiries, bill payments and stop-payment requests, and some even offer online loan and credit card applications. Internet banking is a web-based service that enables the banks authorized customers to access their account information. It permits the customers to log on to the banks website with the help of banks issued identification and personal identification number (PIN). The banking system verifies the user and provides access to the requested services, the range of products and service offered by each

   bank on the internet differs widely in their content. The popular services provided by E-banking are ATMs, telebanking, internet banking, mobile banking, anywhere and anytime banking etc. Technology adoption in banks has shifted banking more of a capital intensive, fixed cost industry from a labour intensive, variable cost industry. The concept of e-banking is till date evolving, it still involves lot of innovation that are taking place every day. There are many opportunity and challenges which are available in e- banking in Indian banking systems.

   1. anking: The Concept

      Electronic banking is defined as Delivery of banks services to a customer at his office or home by using Electronic technology can be termed as Electronic Banking. Finland was the first country in the world who took a lead in E-banking. In India, ICICI bank was the first bank that initiated E-banking as early as 1997 under the brand name Infinity. Online Banking or E-based banking is also known as Cyber banking, home banking, and virtual banking and includes various banking activities that can be conducted from anywhere. E-banking allows customers to do financial transactions on a secured website operated by the institution, which can be a retail bank, virtual bank, credit union, building society, it also includes RTGS, NEFT, ECS, Credit cards and debit cards, Cheque truncation, ATM, Tele banking, Internet banking and Mobile banking. According to Daniel electronic banking can be simple define as the delivery of bank's information and services by banks to customers via different delivery platforms that can be used with different terminal devices such as a personal computer and a mobile phone with browser or desktop software, telephone or digital television

      .

2. REVIEW OF LITERATURE

   The following is brief review of literature done by different researchers worldwide in the area of e-commerce.

   Maiyaki and Mokhtas (2010) shown in their research that there is no relation in between population statistics and choice of banks. It was also found that statistically there is a significant relationship between age and choice of banks. Selvam and Nanjappa (2011), in their study, examined customers awareness and satisfaction about e-banking of

   ICICI bank on the basis of vital statistics of the E-banking users. It depicted that college students are more awareness level compares to other education groups. The study reveale that awareness level of income group above 10,000 per month was high as compared to other income groups. It was shown that it also depend on the size of family. Gender is the crucial issues for the acceptance of internet banking. Gupta & Mishra (2012) examined the new emerging trends of E-banking in Indian banking industry. The study found that there are many challenges faced by banks in E-banking and there are many opportunities available with the banks. It concluded that banking sector will need to master a new business model by building management and customer services. It also suggested that banks should contribute intensive efforts to render better services to their customers. Chavan (2013) described the benefits and challenges of Internet banking in an emerging economy. It observed that online banking is now replacing the traditional banking practice. It showed that online banking has a lot of benefits which add value to customers satisfaction in terms of better quality of service offerings and at the same time enable the banks gain advantage over the competitors. It also discussed some challenges in an emerging economy. Trivedi & Patel (2014) analysed the problems faced by customers while using e-banking facilities in India. It observed that most of the customers know about the e-banking services offered by their bank. The study found that there is a significant difference amongst different problems identified while using e-banking services. It also found that some problems affect more and some problems affect less in use of banking services. It concluded that all the reasons are not equally responsible for not using e-banking services. Haq & Khan (2015) analysed the challenges and opportunities in the Indian Banking sector. The study showed that only 28 per cent banking clients were using internet banking after evaluating the population characteristics. It found that there was no significant relationship in between age and use of cyber banking. It also depicted that there is no relation in between gender and the adoption of internet banking. It observed that qualification in terms of education and income of the respondents were playing the role in the acceptance of online banking. The study suggested that it is the need of time that financial literacy of the users should be increased through various programs which should be run by banks to increase the awareness of internet banking.

3. OBJECTIVES OF THE STUDY Their 4 major objective of caring out this study

   1. To understand the need and benefits of E-banking in Indian economy.

   2. To study the current financial innovations in e- banking in India.

   3. To study the various challenges Indian E-banking sector is facing in current scenario.

   4. To know about the opportunities available in E-banking in India.

   5.

4. RESEARCH METHODOLOGY

   The present study is descriptive in nature. The secondary data has been used for the study It is collected from RBI (Reserve Bank of India) bulletin, annual reports of RBI and, Report on trend and progress of banking in India, various reputed journals, newspapers and websites of RBI.

5. CURRENT SCENARIO OF INTERNETBANKING / E- BANKING IN INDIA

   In entire Indian banking system, Electronic Banking has turn emerged as an important part. The concept of e- banking is of to some extent latest origin in India. Traditional model of banking i.e. branch based banking was widespread till 1990s, and after that non-branch banking services began. IT Act, 2000, was created by government of India with effect from the 17th October 2000. A Committee was laid down to study various aspects of Internet banking. The committee had paid enough consideration on three most important areas of Internet banking, Security issues, legal issues and regulatory issues. Recommendations and guiding principles of Working committee was acknowledged by Reserve Bank of India and accordingly plans were issued to banks to employ internet banking in India

   Table exhibit a few facts related to electronic banking with respect to its present scenario. Table shows evidence for ATM, POS (Point of sale) and electronic cards (credit and debit cards) sited and sanctioned by the schedule commercial banks (SCBs) in India as on December 2014. escalating number of mobile banking users in India were also being shown in the table.

6. NEED AND BENEFITS OF E-BANKING Banking has witnesses many innovations in last 3 decade and one of the major among it is e- banking which was result of information and technological revolution. These IT revolutions changed the entire working of banking sector as e- banking gave birth to new type of financial services which was created by the intersection of tradition retail financial services with the internet. E-banking provides provision of performing basic banking services or transaction through web.

   These services include

   • Checking and savings accounts

   • Consumer loans and mortgage financing

   • Credit and debit cards

   • Private banking services

     Introduction of e- banking made banking very convenient and time saving. Main focus of e- banking is to provide a customer with convenient and secure methods of doing online financial transactions like automatic deposits, automatic bill payments from their bank account, getting online loan and many more.

     The process use in e- banking is very simple and transparent as in this customers contact their bank and then they input their user id and password at their banks Web site to get full access to their account. They just need to have a secure Web browser. This way of banking online requires the use of Internet browsers that support 128-bit encryption, which protects consumers by scrambling all the personal information transmitted between a consumers computer and the bank. This ultimately leads towards improved customer satisfaction.

     Current Financial Innovations in E- Banking Indian Banking Sector

     Introduction of innovation in banking sector gave birth to new product design, various methods of doing online financial transaction and different electronic systems. All this gave a most popular name to todays banking system which is Innovative banking. Innovation banking mainly stresses on customer convenience and customer satisfaction. The main reason behind bringing innovation in current banking system was to provide customer with better services with help of technology and in this race of technology development internet served as the foundation stone for innovation banking. As after the introduction of internet in banking sector a drastic changes were observed like higher efficiency, control of operations, reduction in cost because of replacement of paper based and labour intensive methods by automated processes lead to higher productivity and profitability. The need of innovations in Financial sector was felt due to the various challenges that were prevailing in the traditional banking system and after the introduction of innovation in banking products and services these challenges were overcome and this entirely changed the banking philosophy

     Following is the list various innovation that took place in E-Banking

     Automated Teller Machines (ATM):

     ATM is known as an automated teller machine or automatic teller machine. In simple sense it is an electronic computerized telecommunications device that allows customers to complete financial transaction like cash withdrawals or cash deposit by using their ATM cards and report of the account's balance can also be received that too without the aid of any bank branch representative or teller. In simple words, it is simple to use self service solution.

     Tele Banking:

     Telephone banking is second type of e- banking innovation as this service facilitates the banks customer to perform a range of financial transactions over the telephone, without visiting any bank branch or automated teller machine. Moreover the timing of Teephone banking is much longer than branch timing, and even some of the financial institutions offer 24-hour service for their customers.

     The various types of financial transactions which customers may transact through their telephone banking are:-

   • obtaining account balances

   • list of latest transactions

   • Electronic bill payments

   • Funds transfers between a customerss or even in another's accounts.

   One of the major benefits of telephone banking is that it has minimised the transactions handling cost by reducing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions.

   Smart Card:

   A smart card is also known chip card, or integrated circuit card (ICC) it is a pocket sized plastic card that has embedded in form of computer chip. The microprocessor is under a contact pad on one side of the card. Think of the microprocessor as replacing the usual magnetic stripe present on a credit card or debit card. The microprocessor

   on the smart card is there for security. The host computer and card reader actually "talk" to the microprocessor. The microprocessor enforces access to the data on the card. The chips in these cards are capable of many kinds of transactions like cash withdrawal, deposit and balance inquire etc.

   Debit Card:

   Debit cards are also known as a bank card or check cards. Debit cards look like credit cards or ATM (automated teller machine) cards it is a plastic payment card that can be used instead of cash when making purchases but operate like cash or a personal check. But still Debit cards are different from credit cards as credit card is a way to "pay later," but debit card is a way to "pay now." When any customer uses a debit card his/her money is quickly deducted from their account. In simple words by use of debit card the money comes directly from the user's bank account when a transaction is being performed.

   1. heque:

   An e-Cheque is one of latest innovation done in field of e- banking; it is a new payment method that facilitates those customers who do not posses credit or debit card as a back- up payment method. In e- cheque method payment is make directly from customer's bank account. A customer can only send an e-Cheque if their bank account is the only payment method attached to your bank account. But if customer has a back-up payment method you will not be able to send e-Cheques.

   Direct Deposit:

   Direct deposit or direct credit refers to deposit of money by a payer directly into a payee's bank account. Direct deposits are most use in the payment of salaries and wages and other type bill payment directly in others accounts. Direct deposits are most commonly made by means of electronic funds transfers effected using online, mobile, and telephone banking systems but can also be effected by the physical deposit of money into the payee's bank account.

   Electronic Bill Payment:

   Electronic bill is a type of e- banking innovation that allowing a customer of a financial institution or bank to transfer money through financial transaction or credit card account to the creditor or vendor such as a public utility, department store or an individual to be credited against a specific account. These payments are done electronically in the form of direct deposit through a national payment system, operated by the banks or in conjunction with the government.

   Electronic Check Conversion:

   Electronic check conversion is a process in which check is used as a source of information, information like check number, account number, and the number that identifies your financial institution. The information is then used to make a one-time electronic payment from customer account–an electronic fund transfer.

   Cash Value Stored:

   A stored-value card means refer to payments card which have a monetary value stored on the card itself, not in an external account maintained by a financial institution. Stored-value cards differ from debit cards as in credit cards the credit limit is set by the issuer but it is not in cash value stored as in this money is on deposit with the issuer. Another difference between stored-value cards and debit and credit cards is that debit and credit cards are usually issued in the name of individual account holders but stored-value cards may be anonymous, as in the case of gift cards. Stored-value cards are prepaid money cards and may be disposed when the value is used, or the card value may be topped up.

7. INITIATIVES TAKEN BY THE GOVERNMENT OF INDIA FOR DEVELOPING THE INTERNET

   BANKING

   With the objective of promotion and encouragement of the applications of E-Banking, various initiatives have been taken by RBI and Indian Government

   • IT ACT 2000 was conceded by GOI w.e.f. October 17, 2000 which paid attention to give legal recognition to electronic transactions and supplementary means of electronic commerce.

   • Constant analysis of E-Banking legal requirements by RBI, so as to further make certain that financial solidity of Nation may not be influenced by E-Banking Challenges.

   • Vision Document 2011-17, was framed by Dr. K.C. Chakrabarty Committee including members from IIM, IDRBT, IIT and Reserve, which presents an analytical road map i.e. strategy to enhance the relevance of IT in the banking sector [RBI (2011), IT Vision of Reserve Bank of India 2011-2017]

   • Endeavors To Make Payment System more safe and sound By RBI. Banks has been therefore advised to make its safety feature stronger in e-banking. It was being admitted by RBI that applying alternate channels of payments like Mobile Banking, ATMs involves an extra responsibility of Banks to guarantee safe & secure transactions. (RBI Annual Report (2013).

   • RBI allowed National Payments Corporation of India (NPCI) to elevate the number of mobile banking services and increase the IMPS (Immediate Payment Service) channels like ATMs, internet, mobile etc. Besides this, efforts are being made by NPCI to take more mobile network operators with the intention that mobile banking services can be made accessible through a common platform. (RBI Annual Report (2013).

   • The Basel Committee on Banking Supervisions (2001) has enlightened risk management principles for electronic banking. They primarily spotlight the extension and tailoring the existing risk-management plan to the electronic banking structure.

8. CHALLENGES IN INTERNET BANKING

   The challenges associated to e-banking exist in Indian scenario are discussed below:

   1. Security Risk: Security issues and other related aspects has become one of the key concerns for Banking sector (Prema C, 2011). Large proportion of customers resists adopting e-banking facilities considering safety and security concerns (Kuisma T, Laukkanen T and Hiltunen M). According to the IAMAI Report (2006), 43% of internet users are still not accepting the use of internet banking in India because of security risks. Therefore, it is a primary challenge for banks to convince the consumers on this aspect, which may further lift up the online banking usage.

   2. Privacy/ Confidentiality risk: Risk of revelation of not to be disclosed or confidential information & alarm of identity theft is one of the major reasons that restrain the consumers while opting for electronic banking services. This is being believed by large no. of consumers, that by adopting internet banking services, their identity would be at threat. According to the research, (Andrews S and Shen A., 2000) consumers fret related to their privacy in the way that bank may march into their confidentiality by using their information for marketing and other consequential purposes without agreement of consumers.

   3. The Trust Issue: Trust is the major obstacle to electronic banking for most of the customers. Traditional banking is oftenused by customers because of lack of conviction in the online bank transactions. They have a mindset that there is a risk in online banking transaction leading to different frauds and scams (Ingle A and Pardeshi R, 2012). While using online banking services by the consumers, there always remains a doubt or question in their minds regarding the successful completion of that transaction till the time a confirmation message is received.

   4. Customer Understanding: Knowledge or understanding regarding e-banking among consumers about is still at junior side in Indian context. Banks are not able to advertise entire information about the use, benefits and facility of online banking. Therefore, one of the most ranked hurdles in the expansion of electronic banking is the less alertness of new technologies among customers. (Karimzadeh M and Alam D,2012).

   5. Less Internet diffusion in India: The online banking channel has altered over the years. E-Banking use in India has raised from 1% in 2006 to 7% in 2011 while in North America in the year 2011, 60 percent of the times essential transactions in banks were executed through online channels,( Infosys Report, 2012). So, it can be declared that understanding and availability of internet is still a one of the critical confronts that exists in Indian context. According to the report of IAMAI 2006, about 22% of internet users are not aware about how to transfer funds online. Thus, the penetration of internet customer and knowledge related to internet are the major Challenges.

   6. Poor Infrastructure: Internet Banking needs consistent support of efficient infrastructure for effective implementation and expanded geographical reach. E- Banking has been restrained to expand itself to semi urban and rural areas due to poor Infrastructural facilities in terms

      of indecent set up, electric connection, poor satellite, internet and broadband connectivity.

   7. Operating Conditions: India is a country of multiple cultures and multiple languages (National Conference Proceedings, 2014), but this makes operating methodology for online banking a bit difficult as displaying Instructions or Guidelines in Different languages is a cumbersome task. However, technology has found out a solution to this, but, Illiterate people are still not covered under this solution and also ATMs cant guarantee identical operating levels from all people resulting in high wear & tear.

   8. Technological Illiteracy: In case of Mobile Banking, the technical rules and regulations are not understandable by many of the mobile users in lower class and resultantly, they find them difficult to operate. Consumers generally purchase Handsets in consideration to their budget and those Handsets sometimes offer the features which are unsupportive as far as Mobile Banking is concerned and this becomes a limitation in the execution of e-banking.

   9. Training the Employees: Training imparted to bank employees is an easier task in case of private sector banks, as they have young dynamic computer literate employees, while in case of public sector banks, training the employees is a complex task as present staff is comparatively lesser computer literate. In spite of this fact, they have been able to do influentially well after functioning on it for over a decade now.

   10. Customer Education: E-banking facilities were being made accessible to customers from early days in case of private banks. However, in case of old public sector banks, it is quite difficult to persuade their customers regarding the utility of this program. Imparting Education among customers formally with respect to e-banking is a difficult task. Considering this, banks opted for providing monetary inducements like a Free Debit card, Free Net Banking facilities, providing constant and timely information to customers regarding Monthly Statement of their accounts on E- Mail, etc., to switch customers to these rising services of banking.

   11. Restricted Business: Another challenge for e-banking is that all the banking transactions cannot be executed online or through other electronic mediums; for few services like deposits and withdrawals, one has to approach Banks physically. Although, it has been observed that some of the banks have automated their method and their customers (front end) but still numerous follow traditional process (back end). This in a way confines the customers due to limited awareness and technical hurdles.

   12. Cost of Technology: Initial Cost of investment is high in terms of cost of personal computers and other Equipments required to perform the electronic Banking transactions. The cost of maintenance of all these devices like modems, routers, entire IT set up is also large. At the same time,

9. OPPORTUNITIES RELATED TO INTERNET BANKING

After the discussion of Challenges related to e-banking in India, one cant at the same time, ignore the numerous opportunities available for development of E-Banking in Indian context, and these are highlighted below:

1. Escalating no. of Internet Users & Computer Literacy: Success of Electronic Banking principally is related to the fact that people must have acquaintance about internet technology, so that internet banking services can be smoothly implemented. Therefore, it is observed that increasing no. of internet users in India can be a very grand opportunity and this must be utilized to the greatest extent by influencing additional internet users to use online banking services.

   Table no. 2 demonstrates data of rising number of internet users in India. There were 243,198,922 Indians as on July, 2014 who were using internet and this number is continuously increasing by roughly 3.5 crores each year on an average. On the basis of this data, Rate of growth calculated is 168 percent since 2010. It is very much noticeable through the statistics specified by IAMAI (The Internet and Mobile Association of India). Com Score Report, 2013, stated that India now attains worlds third position in terms of No. of Internet user after U.S., China.[The Hindu (2013)].

   TABLE No: 2

2. Untouched Rural Markets: Indias untapped market for banking sector extends to 70% of the total population of India, which is considered a vast scope for development of e-Banking in India. All the urban areas have banking services but small number of big villages has the banks. Therefore, e-banking must expand its geographical reach in remaining all villages because large proportion of Indians still living in rural areas.

3. Hard work or Initiatives taken by government agencies for financial literacy: Internet Banking and inclusive growth is highly affected by financial literacy. Usage of Internet Banking and traditional Banking among customers is determined by their education level (Servon L J and Kaestner R, 2008). RBI, SEBI, IRDA, Government authorities and various other financial institutions have taken many initiatives & pains for promoting financial literacy and encouraging the use of internet banking. Many topics on e-banking and its services has been included in school curriculum with the purpose of making students aware about as to how to use it. Knowledge to home makers, managers and retired people is also imparted to increase the usage of electronic banking. (RBI Report (2012b).

4. Competitive Gain to Banks: Another opportunity is in terms of competitive gain enjoyed by banks by adopting e- banking. The carrying out of e-banking is profitable for banks as it shrinks cost to the banks, improves the efficiency in customer relations, and expand the geographical reach of the bank (D'Silva B, D'Silva S, and Bhuptai R S, 2010) etc. Therefore, competitive gain to Banks because of e- banking provides opportunities to the banks to deal with their e-banking business in an effective way.

5. Opportunities for Customers: In Indian context, Opportunity for e-banking is large in terms of its increased use by Customers. idespread Banking Consumers are greatly affected by the progression of internet banking services. Customers can control their account from office or home, and can also shell out bills using net banking. Usage of credit/debit card has also increased. Thus, by the exploring e-banking services, consumers can access to banks 24X7.

CONCLUSION

With the passage of time, Concept of E-Banking has got consideration in Indian context. E-Banking services have been effectively implemented by many public and private sector banks as it is profitable for Consumers as well as banks. The Role of information and technologies has been exceptional in endorsement of e-banking. Many financial innovations like ATMs, credit cards, RTGS, debit cards, mobile banking etc. have completely changed the face of Indian banking. But still there is a need to have more innovative solutions as even now also e-banking is faces many challenges like , i.e., Risks regarding security, privacy, trust factor, lack of knowledge among consumers in relation to e-banking, unsupportive infrastructure, Low level of computer literacy among existing staff, etc are acting as obstruction in the implementation of e-banking

acilities. Government of India in synchronization with many public banks & financial Institutions are making an attempt to create an E-banking which is more safe, reliable and protected. This paper also highlights the opportunities that are available in India for the development of e- banking. Key opportunities can stated in terms of untapped rural markets, competitive advantage held to Banks, increasing internet users, efforts initiated by government of India, etc. In contrast to overseas banks, online services presented by domestic banks still have an extended way to move. One fact to be admitted is that supportive and efficient infrastructure can make Indian Banks reach masses. This paper fundamentally analyses and presents the sketch of E-Banking in India. Studies in the past have discovered that Internet Banking is accepted by Indian consumers but the growth would certainly take time. In this context, advance studies may be conducted to examine the various forces which direct the consumer intend to take up internet banking services.

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