Creating a cashless economy is becoming a buzzword in the world market and this is how governments are pushing digital transactions to leverage a commercial architecture that will support demonetization. Marketers have a strong anticipation which says that the increased use of a smartphone will drive the incorporation of digital banking. For instance, the smartphone metrics in India alone was estimated to be more than 300 Mn in the year 2016 and is exponentially growing every year.
Digitization is in its evolving stage and the growing significance over attaining the set up the new banking module. It has become extremely difficult for an individual to assess the steps to be undertaken in order to create a framework suitable for improvising digital banking.
The new concept of e-banking has enabled financial institutions to take banking to a completely new level so that they can make faster and more efficient decisions. To successfully implement this, bankers are adopting strategic analytics tools, innovative payment solutions, social media interactions, mobile technology and a focus on user experience. Coping with the increasing costs to manually process huge transactions and other banking activities has resulted in complex regulatory reporting and to meet the data handling issues, digitization is serving as a major foot for coming up with the increasing costs. The market has witnessed rising competition from the more agile FinTech organizations and the other players are keen to start their journey on the digital highway. Market research has helped these organizations with the true market scenario that is helping them to better understand their customers and to customize their user experience.