Banking : Physical or online?

Just as I was sipping my cappuccino with my mom and a few of her friends, I hear someone cautioning me from going places like shopping malls, cinema, parks, markets or railway stations/ Airports and then she adds, Banks to avoid swine flu. The rationale behind emphasising the term ‘bank’ here is its vulnerability which goes on doubling every step digitalisation takes towards us. The times when we had to fall in queue to make transactions, deposit money or withdraw it, are past now. No crowded banks lauded with people of all kind could be seen anymore.
But how far does it strike the jugular can be a matter of a thoughtful discourse. Online banking which is more popularly referred to as e banking or virtual banking is the new fancy for most of us, for it is far more distinguished, robust and of comfort and ease to anyone who makes use of it. Making an account with a well to remember password is far more easier than actually visiting a physical bank every time you need to make a transaction. No more running with cheque books and passbooks to those physical banks. Just a click, and you are welcomed into your virtual bank, whatever be the amount mammoth or tepid, the transactions are done away with. And of course, sitting in an AC room watching the most anticipated match between India and Pakistan and at the same time, clearing all bank work is an allurement to one and all. This is the embodiment of digitalisation, the paragon of the little success it has achieved or is yet to achieve.
But the common man, the typical common man who does not have access to the Internet is still a regular bank visitor and of course, the numbers of those of us who do Not have access to internet are  bigger than those of us who do. The governmental policy like the ‘Jan Dhan Yojana’ is largely meant for those lower middle class and the poor majority who significantly do not have access to such fancy facilities as internet. So it is quite vigilant that no matter the growing influence of online banking, physical banks are still the majorly loved ones, however, with further digitalisation the numbers might come down dramatically but even then, physical banks will never lose hope in a country like India.
So conclusively, both the Physical and the online banks serve different sections of the population and hence have their own qualitative importance in the present scenario. But for those who criticise Physical banking, the number of candidates applying for the various posts in a bank as well as the growing number of branches of banks and their internationalisation is a sufficient answer.


2 thoughts on “Banking : Physical or online?

  1. Absolutely correct!! More than half of the crowd don’t have internet connection in India but my concern still sticks with literacy rate. The country will reach nowhere until it’s literacy rate grows to max limit. Let’s see how well we transform and cope with the latest technology with such low literacy rates all over the country.


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