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New-age banking hinges on tech
January 30, 2023
With DBUs and self-service functionality, many processes will become extremely efficient. This model, particularly in urban areas, will assist customers with much-needed access to easily carry out most of their day-to-day banking operations. This, in turn, helps to reduce the burden on banks while also keeping the economy consistently operational and driving financial inclusion.
DBUs have their own limitations, such as inaccessibility for the unbanked population and technological literacy issues, and we still have a long way to go on our journey to truly connect every Indian to the banking system. However, this is a significant step forward in furthering India’s digital economy agenda.
The digital avatar of paper currency digital rupee will now be considered a regulated and safer mode of payment. Digital banking and digital currency have also given a significant boost to the startup ecosystem, with many fintech players and tech startups thriving in operations such as customer service, automation, and so on.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/