The scope of online banking
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With the financial technology companies, e-commerce names, big data firms, and cloud based software and service, the digital element is truly revolutionizing things, quite quickly and effectively. And it becomes even more relevant to take a moment to contemplate where the banking sector figures in the midst of all these changes. According to a report by the Boston Consulting Group in collaboration with FICCI and the Indian Banks’ Association (IBA), India has around 470 million banking customers. Among this demographic, 60 million of them, amounting to 13% of the total users, use online banking. And within this category, 10% prefer the hybrid model of regular online and online banking. About 1% of users primarily prefer the online channels for all their banking needs. In comparison, online banking is the primary channel of interaction for around 20% of customers in economies like the UK and the US.