How are traditional banks adapting to the rise of digital banking and mobile payment platforms?
In today's world which is taking transition to Artificial Intelligence, EVM's, more so when the world is grappling with wars; Russia-Ukraine, Israel-Hamas war, Gandhian principles find no place. The relevance of Mahatma Gandhi's principles has somewhere got hidden amidst the complex human world. TheRead more
In today’s world which is taking transition to Artificial Intelligence, EVM’s, more so when the world is grappling with wars; Russia-Ukraine, Israel-Hamas war, Gandhian principles find no place. The relevance of Mahatma Gandhi’s principles has somewhere got hidden amidst the complex human world.
The adoption of principles advocated by Mahatma Gandhi may likely be able to address today’s problems.
In the context of India, these principles have been applicable to much extent.
The authenticity of Gandhian principles:
1.Non-violence (Ahimsa): This principle brings message for the two global wars that need to resolve ongoing conflicts through dialogue.
2.Truthfulness (Satya):Embracing transparency for better co-ordination at global level in areas of environment, energy, defence etc
3.Simplicity: Reviving our cultural past seems most appropriate in this context. Government has set up zonal cultural centres for conducting Rashtriya Sanskriti Mahotsavs as part of programme to revive our past.
4.Self Reliance (Swaraj): Make in India has been a vibrant initiative by our government in this context.
5. Compassion (Seva):Ministry of Culture’s Seva Bhoj Yojana makes relevance with the Gandhian principle of compassionate human behavior.
It can be concluded that Gandhian principles still find a relevant place across the world that is fast moving towards digitalization and an era of war. These universal principles are a solution to many world problems.
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Adaptation of Traditional Banks to Digital Banking and Mobile Payment Platforms Traditional banks are actively adapting to the rise of digital banking and mobile payment platforms to stay competitive and meet evolving customer expectations. Firstly, many banks are investing heavily in technology toRead more
Adaptation of Traditional Banks to Digital Banking and Mobile Payment Platforms
Traditional banks are actively adapting to the rise of digital banking and mobile payment platforms to stay competitive and meet evolving customer expectations. Firstly, many banks are investing heavily in technology to develop robust mobile banking apps that offer features such as account management, bill payments, fund transfers, and even personalized financial insights. These apps provide convenience and accessibility, catering to a tech-savvy customer base that values seamless digital experiences.
Moreover, traditional banks are forming partnerships with fintech companies to leverage their innovative solutions. This collaboration enables banks to integrate new technologies like biometric authentication, AI-driven chatbots for customer service, and blockchain for secure transactions. Such integrations enhance operational efficiency and security while improving customer satisfaction.
Furthermore, banks are expanding their digital footprint by offering online-only banking services and virtual branches. These initiatives reduce overhead costs associated with physical branches and appeal to digital-native customers who prefer conducting banking activities through their smartphones or computers.
Lastly, traditional banks are prioritizing cybersecurity measures to protect customer data and transactions in the digital realm. They are implementing advanced encryption techniques and continuous monitoring systems to safeguard against cyber threats and fraud, thereby building trust among consumers.
In conclusion, by embracing digital transformation and adapting their services to align with mobile payment platforms, traditional banks are not only staying relevant but also positioning themselves to thrive in an increasingly digital economy.
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