India exhibits a rapidly growing economy. By riding on the cutting-edge technology, the country is taking big leaps towards the prosperous future. The technological improvement has spread its reach to banking sector. The banks are now bringing more technology-supported transaction into it working system. The introduction of electronic money transaction has reduced the usage of traditional routes to Transfer Money by a good extent. It is highly expected that more advanced means will be introduced and become the only options for money transfer internationally in days to come.
This scenario has almost eliminated the need for the banks to branch into different units all over India. It has also reduced the expenses of money transfer across the borders. 10% of ongoing transactions in the Indian banks is done via online. No surprise that this figure is only going to rise in near future. Mobile banking is the latest evolution in this regard. It is the most convenient way to do any type of transaction and expected to rule not only in India but throughout the globe.
According to studies, about 90% of mobile banking service users do transaction via phone instead of ATM or credit cards. The technology used in ATM machine also finds good application in mobile banking too. With mobile banking being inexpensive and technology changing life of everyone, India is actively playing the role of a pioneer in the domain of alternative options for banking transactions.
With Indian people growing more and more tech-savvy, use of internet for regular banking activities is shooting up day by day. However, most of the time they restrict the use to check their updated statements and know if transactions have been completed. The bank websites also allow the customers to throw queries regarding the offered services. Truth must be admitted that Indian customers have yet to grow habit of ask questions online.