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paying bills and applying for loans. The benefits of digital banking became more
conspicuous during the COVID pandemic hen physical branches could not be
approached due to social distancinperiod wg that confined people to their homes.
The evolution of Digital Banking - Technology brought unimaginable changes
to the banking industry all over the world in the last 20 years. Internet and mobile
access reached the remotest corners linking up people and organizations across the
world. This transformed customer’s expectations and the way organizations
functioned.
With mobile
connectivity and related infrastructure fintech technology
companies entered the banking sector and launched a variety of customer convenient
products. To keep up, banks had to re-engineer their process and products to retain
their customers. This led to the introduction of Automated Teller Machines (ATMs),
the beginning of digital banking.
The next stage was to meet the new level of customer expectations. This
pushed banks to come out with better innovations, products, and services. By the end
of the 20th century, banks were offering 24 x7 services to customers with the help of
technology. Today, customer carry their anytime anywhere banking facility with
them, on their smartphones without even involving the banking staff.
