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Home / Industry / Banking /  How digital banking picks up pace amid Covid-19 pandemic in India

How digital banking picks up pace amid Covid-19 pandemic in India

Banks are using digital channels to offer a range of services,

Since March 2020, banks have expanded their digital footprints across the banking space

The ongoing pandemic in India has led to a sharp increase in digital banking, and consequently, raised the expectations of consumers who want instant and personalised services. A large number of people staying at home are turning to digital channels, both online and mobile, to fulfil most of their banking requirements. As a result, traditional visits to branches and face-to-face interactions with bank staff have reduced.

The ongoing pandemic in India has led to a sharp increase in digital banking, and consequently, raised the expectations of consumers who want instant and personalised services. A large number of people staying at home are turning to digital channels, both online and mobile, to fulfil most of their banking requirements. As a result, traditional visits to branches and face-to-face interactions with bank staff have reduced.

Since March 2020, however, banks have expanded their digital footprints across the banking space.

Since March 2020, however, banks have expanded their digital footprints across the banking space.

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Banks are using digital channels to offer a range of services, including onboarding new customers through video KYC, deposits and withdrawals, outward remittances, payment collections etc. Late last year, the National Payments Corporation of India approved a WhatsApp proposal to allow users to transfer and receive money through the messaging app.

As the pandemic disrupted economic activity, including banking and financial operations, RBL Bank saw a significant opportunity to accelerate its digital banking initiatives to help customers during the health crisis and gear up for the post-Covid-19 era.

RBL Bank’s Head of Branch Banking Surinder Chawla said, “The adoption of advanced digital channels across business segments grew by 98% in 2020, indicating the immense significance we attach to our digital journey. The ongoing pandemic has given us an opportunity to leverage our technological capabilities and successfully drive digital transformation across business segments."

Over the past several months, the Bank has offered paperless customer onboarding, Aadhaar and video KYC, contactless debit cards, cardless cash withdrawals, Tap and Pay through mobile, Scan and Pay, payments and remittances, UPI-based collection, and chatbot, among other benefits. Additionally, it has been forging strategic partnerships through open banking.

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