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Challenges and Opportunities in Banking Sector

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Challenges and Opportunities in Banking Sector

Banking Sector

Challenges and Opportunities in Banking Sector

The banking sector has grown immensely in India during the last few years. Traditionally banks were only known to have 2 functions- accept deposits and provide loans to the public.

But the banking sector has diversified itself and banks provide various types of products in their portfolio.

Because of the advancement of technology the easiest way banks have tried to expand their products is by offering digital banking.

Almost everybody has a smartphone these days and so it has become very easy to access these products for customers.

Mobile banking and internet banking has become a necessity for all.

But because of the excessive use of technology we must be cautious as to protect ourselves from hackers and people trying to steal our sensitive information through the internet.

Many hackers pose as bank officials and try to extract information like ATM pin OTP and various account details from people and withdraw money from their accounts.

We also receive mails from people claiming to win prizes and in turn ask for our personal information.

We must keep our self well aware not to respond to these fraudsters and also educate other people not to fall prey to such things Digital banking is safe… the only we can be cheated is if we are careless enough to let our personal info slip. The hackers cannot access our account without getting information from us.

Author:
Prof. Nupur Rawal, Assistant Professor, Unitedworld School of Business (UWSB)

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