Are Banks All-Equipped To Handle The Digital Surge?

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    • Publish Date: Dec 15 2016 12:54PM
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    • Updated Date: Dec 15 2016 4:28PM
Are Banks All-Equipped To Handle The Digital Surge?


As of now, only two per cent of the transactions are cashless. For online transactions, you need the internet but that is not yet accessible to all. Even the ones who can access it are facing connectivity problems. Though online transactions have risen, people are hesitant to use it. 

Aritro Sarkar, DPS Megacity, Kolkata



Demonetisation has increased the pressure on banks, and people are trying to switch to net banking. Indeed, online banking is user friendly and one is spared the agony of queueing up outside banks. But with the recent surge,  there is a good chance that sites may hang. Security is also a major concern.  

Rajvee Shah, class XII, Udgam School for Children, Ahm



Banks need to upgrade their transaction monitoring system as it is vulnerable to frequent fraud, security and network issues. Sales teams need to be beefed up to tackle the surge in point of sale machines as debit card transactions have gone up by 400 per cent since November.

Glennmark Rodrigues, class IX, NES Intl School, Mumbai 

Comments

KSHITIJ SHAH AMANORA PUBLIC SCHOOL AMANORA PUBLI

The urge of today''s public is digital transactions,influenced by Mr.Modi.As only a small amount of people prefered online transactions,banks didn''t prepare for the day when people will have to go cashless.It will be obviously difficult for banks to manage digital transactions as they were not prepared.

Darsh Shah Gopi Birla Memorial School - Walkeshwar

Banks may be well equipped for e banking g but due to demonetisation there will be many people going digital at the same time so sites may hang

RIYA MITTAL Convent of Jesus and Mary

India banks are definitely not ready to carry the responsibility of a digital nation on their shoulders yet.For that, they have to be more efficient.Every now and then,we hear cases of cyber crime.

JIYA TOMAR B G S NATIONAL PUBLIC SCHOOL

The banks all over have done a great deal of work with regard to efficient demonization tactics invoked and initiated by the Indian govt., and moreover with the 5 new e- banking techniques they are certainly going to make up their business quite well in the long run.

Abhi Dabas Bal Bharati Public School Pitampura

The urge of today''''s public is digital transactions,influenced by Mr. Modi. As only a small amount of people preferred online transactions,banks didn''''t prepare for the day when people will have to go cashless.It will be obviously difficult for banks to manage digital transactions as they were not prepared.

Abhi Dabas Bal Bharati Public School Pitampura

still not ready

Nishi Upadhyay BHARTI PUBLIC SCHOOL (SWASTHYA VHR)

it will take time but they will be ready in near future.

Ritvik Baweja BAL BHARTI PUBLIC SCHOOL (PITAM PUR

Well, the current state of banks is critical. There was already a catastrophe in bank when people were rushing to turn out their money . And now the servers are jammed which is because many and many of people are preferring credit cards and net banking which is inturn proving fatal for the bank management system. Hence amidst this Chaos we often see jammed accounts and server crash

Ritvik Baweja BAL BHARTI PUBLIC SCHOOL (PITAM PUR

Well, the current state of banks is critical. There was already a catastrophe in bank when people were rushing to turn out their money . And now the servers are jammed which is because many and many of people are preferring credit cards and net banking which is inturn proving fatal for the bank management system. Hence amidst this Chaos we often see jammed accounts and server crash

Ritvik Baweja BAL BHARTI PUBLIC SCHOOL (PITAM PUR

Well, the current state of banks is critical. There was already a catastrophe in bank when people were rushing to turn out their money . And now the servers are jammed which is because many and many of people are preferring credit cards and net banking which is inturn proving fatal for the bank management system. Hence amidst this Chaos we often see jammed accounts and server crash

Ritvik Baweja BAL BHARTI PUBLIC SCHOOL (PITAM PUR

Many of Indian banks still don''t provide online banking facilities or net banking. Therefore, pressure is on these banks which are lagging behind technology.Also at the centre of this Chaos and hustle hustle there is a lot of risk of frauds and thefts going inside the banks. Therefore Security flaws are being broken.

Himanshi Dhawan Saffron Public School

Well, I strongly feel that the banks are not equipped with digital monitoring. From yester years, the Indian banks are performing great feats of handling the pelf of about 125 crore people manually not digitally. And every change comes with a chaos, so, it''s very difficult for the banks to switch from manual handling of cash to a digital one.

Bhavana Jaison Atomic Energy Central School No 2

In the beginning everything will move slowly and once our banks and its employees get a hang over the circumstance, everything will go smoothly. It will take time for all to adapt into the current situation. I strongly fell that all is for good.

Bhavana Jaison Atomic Energy Central School No 2

In the beginning everything will move slowly and once our banks and its employees get a hang over the circumstance, everything will go smoothly. It will take time for all to adapt into the current situation. I strongly fell that all is for good.

hisham SISTER NIVEDITA SCHOOL,Ameerpet

maybe all banks are equiped with digital surge but,majority of transaction in India are by cash only

Nikhil Kumar HAPPY MODEL SCHOOL(JANAKPURI)

As we know that India turn towards digitalization world. It could be possibly started by demonetisation. Now a days mostly people using cashless transaction. So i agree that there should be use of digital technology in all banks with strict security. Because cyber security is also a major issue in digital life.

E. Deepak Sen Bethel Mat Hr Sec School

I''m afraid that most of the banks are not ready. They would have never thought about such situations to be prepared.

E. Deepak Sen Bethel Mat Hr Sec School

MR.MODI has announced 0.75%discount for every digital purchase in petrol bunks but no body ready to do that.

Sarthak Maini ST GREGORIOS HIGH SCH

No,the banks aren''t completely ready to change to digital mode of transaction .They need to enhance their systems along with the security measures so as to ensure the safety of their customers . The customers should feel secure while adopting digital mode of transaction. There should be a distinct department for handling the e banking system.Also the banks can give special privileges to the customers opting for e banking

Mageshwaran Bethel Mat Hr Sec School

Most of the banks are not ready for 100% cashless transactions.It takes atleast 2 months more for the preparations.

hisham SISTER NIVEDITA SCHOOL,Ameerpet

maybe all banks are equiped with digital surge but,majority of transaction in India are by cash only

prithvi raj. r PARAMA BHATTARA KENDRIYA VIDYALAYA

All banks should be change the method of banking. Internet banking should be more secured. People want trust on internet bankings.Banks want to teach people to work on internet banking.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

Yesh Khanna V.S.P.K INTERNATIONAL SCH.(ROHINI)

I think somehow by the demonitisation move, people will automatically be forced to go cashless, and that in turn will force the banks to upgrade their systems. So if we critically analyze the move, we find that alongside eliminating black money the government is also pressuring foreign banks to pour more money in, which will at last be good for the Indian economy At present they can''t handle the situation, and if they don''t upgrade their systems, it''ll be suicidal for them.

RISHABH CHAHAR KUNDAN INTERNATIONAL SEC-46 CHD

The government’s demonetisation move has curbed cash in the circulation, a move that is seen bearing fruits over long run in terms of throttling unaccounted money in the system. In case of a fraud, banks need to investigate to identify the root cause. If they are not able to prove that it was because of customer neglect but a deficiency in their framework which resulted in the fraud, they will have to compensate losses

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