In the digital era, technology has revolutionised the banking industry to a considerable extent. The advent of Internet banking has played a significant role in shaping its financial landscape. Digital banking has now become not only the platform of transactions but an economic ecosystem that offers everything, from significant banking endeavours to banking and investing.

Let’s take a look  at this blog to learn more about the rise of digital banking in India and the step-by-step guide to Internet banking registration to know more:

Step-by-Step Guide to Internet Banking Registration

The process of internet banking registration is a straightforward process that includes the following steps:

  • Step 1: Go to the bank’s website and click ‘Login.’
  • Step 2: Click on ‘Create Username.’
  • Step 3: Enter your UCIC/Customer ID and mobile number, then click ‘Submit.’
  • Step 4: Enter your account number, debit card number, or loan account number.
  • Step 5: Enter the OTP sent to your registered mobile number.
  • Step 6: Choose a username and create your net banking password, then click ‘Submit.’

Note: Your Bank will never ask for your username or password in any communication. Be cautious when sharing these details with anyone.

Rise of Digital Banking in India

The history of digital banking can be traced back to the late 1990s and early 2000s, when online banking started gaining attention. Banks began offering essential online services like fund transfers and balance inquiries. However, the leading transformation took place in 2010, when the growth of smartphones and internet accessibility came into the picture.

In 2010, mobile banking apps started to allow customers to perform various tasks through their smartphones. The launch of the Unified Payment Interface (UPI) in 2016 was a significant turn in the history of digital banking. It enables instant transactions from its mobile apps to the banks and vice versa.

By the mid-2018s, several fintech companies had entered the scene and offered innovative solutions for payments, wealth management, lending, and more. These startups capitalised on India’s banked and unbanked population, offering transaction solutions through digital means.

By 2020, the majority of the population began using digital banking. Due to the lockdown, people turned to online transactions, and traditional banks also embraced the digital transformation. Since then, digital transformation has been accepted by the Indian people throughout the country.

Tips to Have a Safe Internet Banking

Internet banking saves a lot of your time and makes banking online easier, but it has risks. To not face any issues, there are a few guidelines that you need to follow for a safer Internet banking experience:

  • Avoid using shared computers or cyber cafes for internet banking. These places are usually busy, and there is a high chance that someone else will track or see your password.
  • Use authentic websites to access internet banking. This will protect you against phishing attacks and reduce the likelihood of you becoming a victim of malicious links.
  • Your bank will never request sensitive information over the telephone or via email, so never share your Internet banking password with anyone.
  • Always install reliable antivirus software to strengthen your digital defences.

Conclusion

Internet banking has revolutionised the banking industry with its instant and easy-to-use features. People now don’t have to wait for their banking endeavours to conclude or visit the traditional branches to pursue their transactions.

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