There was a time when we had to visit a bank to make any financial transaction. To send money to someone, we needed a demand draft, and to get that, we had to make at least a couple of visits to the bank over two or three days.
Banking operations have become a lot easier now. In 2022, India topped the world with 89.5 million transactions, 46% of global real-time payments, according to MyGovIndia.
However, considering that we have had online banking for nearly three decades, is the banking sector yet to realise the full potential of digitisation? E-commerce, social media, and food delivery platforms offer us high levels of personalisation. In comparison, is the banking sector lagging behind?
