Benefits and Challenges for E-Commerce in Indian banking sector

Abstract Electronic commerce (e-commerce) refers to business-to-business as well as consumer-to-consumer buying and selling transactions conducted over telecommunications networks, particularly the Internet. In the era of globalization, e-commerce is an important business strategy, with the help of e-commerce, the manager can see all the transactions from one place. E-commerce helps the business to make faster decisions. Due to e-commerce, the system of cyber banking is developing in India. Through this, India is moving towards progressive technology. But the support for this is very less. Because 70 percent of the population lives in rural areas and 30 percent in urban areas, very few people are aware of technology and e-commerce. Banks are investing a huge amount of money to increase the penetration of e-commerce and commercial transaction systems and E- banking. Therefore, understanding the reasons behind the low customer base is the need of the hour. ICT and e-business in the banking industry are seen to have a significant impact on banks with various branches. The most essential factor when investing in e-business is the name of the business. The name also plays an important role. In the last 10 years, banks have been seen to be improving their use of the internet. The banking business is undergoing significant changes to transform traditional operations into e-business. Banks are empowering their officers to enhance business efficiency through national e-business. Over the last 10 years, banks have seen improvements in their use of the Internet. The banking industry is undergoing significant changes to transform traditional operations into e-business. Banks are empowering their officers with a national e-business model to enhance business efficiency. The challenges posed by internet banking are mostly functional in nature, which can be easily resolved. Improvement can be achieved by implementing appropriate technical and safety measures.