The IT industry
is playing a pivotal role in the banking sector; it has become a helping hand
to them in catering the needs of its customers. Even though online banking has
existed since 1980s, it gained its popularity mainly during crisis created by
various external factors such as political, economic, etc. In the recent times
the boom in banking sector was due a political factor, it has created craving
for more development in the banking sector. The outcome of that is the
substantial growth in E payments. Unlike other
industries, banks and financial institutions rely on gathering, processing, analyzing,
and providing information to meet the needs of customers. Given the importance
of information in banking, it is not surprising that banks were among the
earliest adopters of automated information processing technology. The visible
benefits of IT in day-to-day banking in India are quite well known. There’s
‘Anywhere Banking’ through Core Banking Systems, ‘Anytime Banking’ through new,
24/7/365 delivery channels such as Automated Teller Machines (ATMs), and Net
and Mobile Banking. In addition, IT has enabled efficient, accurate and timely
management of the increased transaction volume that comes with a larger
customer base. It has also facilitated the movement from class banking to mass
and its influence on e-portals
demonetization exercise announced on November 8 has given a huge push to
digital payments in the country. Multiple factors and parallel
institutional and behavioral trends seem to be powering India’s transition
towards a less-cash economy. The rapid penetration of smartphones and spread of
internet connectivity on mobiles, digital payment services
provided by non-banking
institutions and the rise of the fintech
sector, consumer expectations of one-touch payments, and progress in
regulatory governance and tax breaks, have altogether shaped India’s
payments landscape in favor of digital solutions.
Objectives of the study
To know the benefits
of E Banking.
A comparative study
between famous e portal Paytm and BHIM.
To understand the benefits of E Banking Various Secondary Sources
like internet; various websites, e newspapers, and blogs were referred.
To analyze and compare
the E Portals Primary Data was collected through a questionnaire method.