Digitization of Banking Industry

PROJECT REPORT

ON

Digitalization of Banking Process

[pic 1]

Submitted by:

SUMIT DEWANI

(MBA-Intern 21-12-2015 to 20-01-2016)

Faculty of Management Studies-Banaras Hindu University

First of all, I pay my profound gratitude to my coordinators Mr. Tarun Agrawal (Cluster Head - Ajmer) and Mr. Anuj Rastogi (Branch Manager) for their kind support and helpfulness to accomplish the goal.

I express my heart-felt gratitude to all the employees of the branch for their support.

Last but not the least I thank everyone who has helped me directly or indirectly for the successful completion of my training.

INDEX

• INTRODUCTION

• PROJECT OBJECTIVES

• LEARNING FROM INTERNSHIP

• DATA COLLECTION

• FINDINGS

• SUGGESTIONS

• CONCLUSION

• APPENDIX

INTRODUCTION

The banking industry is going through dramatic changes as a consequence of Channel Proliferation, the Digitalization of Banking Process and Customer Desires. Today people want everything to their desktop and mobile. Internet has become essential resource of our life. All people use internet to get information and to communicate with each other. Normal banking with some Computers and ATM machines is not enough when it comes to Internet.

Drawbacks of Normal Banking are:        

• Customers find it difficult to access their accounts when they are travelling to a location where ATMs of the bank are not available.
• Customers have to follow a process, which is cumbersome and time-consuming, in order to transfer funds from one account to another.

Advantages of Online Banking are:

• Online Banking saves resources because the automation of services reduces team size and reduces down errors.
• Man power is saved since all customer needs are resolved through the site.
• Customers are happy because they can access their accounts anywhere easily, if they have internet.
• Easy interface and simple options give the customer a feel.

PROJECT OBJECTIVES

1.  To create awareness regarding Net Banking and its benefits amongst the customers.
2. To provide information of WINTER CARNIVAL OFFER to the customers.
3. To help the customers:

1. regarding PayZapp and Chillr.
2. to apply for the Credit card, Loans, Cheque book request online.
3. in opening the Fixed Deposit and Recurring Deposit online.
4. regarding NEFT, RTGS etc.

.

            LEARNING FROM INTERNSHIP

Direct and Digital Channels are playing an increasing role in Retail Banking since many years now. However, there is still much room for improvement, depending on the context, geography and area of activities.

• Direct and Digital Channels matter from all customer perspectives: from gathering information to gaining access to customer service.
• For Retail Banks, direct and digital channels are an essential part of the omnichannel strategy and play a role across several goals, from acquisition to support.
• With the advent of more digital disruptions and transformations in the overall Finance and Banking reality, it’s essential to understand the growing role of digital and direct channels.
• The major part of digital efforts in retail banking revolves around the front-end, predominantly optimizing the customer experience across several touch-points and tools. 

I have learnt many things from this internship:

• To interact with the customers and to help them in any problems regarding net banking, telephone banking and the problems relating to ATM transactions.
• To assist the customers for net banking.
• To have patience and deal with the customers.
• Other than my project I have also learned about the document procedure for opening the account, loan and credit card application and have worked for it.

DATA COLLECTION

1.   Data was collected with the help of Primary sources.(the Questionnaire     is attached in the last)
2.  The place of study was HDFC Bank Ajmer Main Branch.

FINDINGS

According to the Survey conducted by me on the 50 customers of the HDFC Bank, the customers were satisfied with facility of Net banking, Telephone Banking and ATM.