17 JAN,2021 | MEDC
In almost all spheres of economic activity, the pandemic has accentuated the shift to digitization. In the financial landscape, digital banking is becoming a game-changer. Millions of new demat accounts were opened in 2020, as retail investors confined to their homes got time to study and manage stocks. A large-scale digitization of the banking sector will help enhance this positive trend. It will facilitate the ease of doing business, but it will also come with its own set of challenges which need to be faced squarely. In this regard, keeping customer data and funds safe from fraudsters is a key risk, one that can be mitigated by strategic spending on cybersecurity. Identity theft is also now a major issue, and all banks embarking on digitization need to secure their customers against it. On the flip side, digitization is enhancing bank account portability, which will go a long way in benefiting customers. The best use of money is to buy time, and digitization will assist in that regard. We now have a unique opportunity for infusingcreative disruption in the banking sector, which we should maximize.
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