Jammu and Kashmir is not an exception; digital transformation has become essential in the banking industry. Technology’s emergence has profoundly changed the banking industry, altering both customer expectations and conventional banking procedures. Jammu and Kashmir’s banking industry has not lagged behind in the digital revolution; instead, banks are now aggressively utilizing digital technologies to enhance their offerings.
The lack of credit availability, poor levels of financial inclusion, and inadequate banking infrastructure are just a few of the difficulties the banking sector in Jammu and Kashmir has been facing. Although banks now have a platform to address these issues successfully because to the adoption of digital technologies. A wide range of products and services are now being offered by banks thanks to the use of digital technologies, which also help them to reach more people and improve customer experience.
The adoption of mobile banking in Jammu and Kashmir’s banking industry is one of the key aspects of digital transformation in this industry. Banking services including account balance, money transfers, and bill payment are now accessible to users through mobile banking applications that banks are now providing as a result of the widespread use of smartphones. For clients, especially those who live in distant places, mobile banking has greatly improved accessibility and convenience.
Digital technology use has increased access to finance in Jammu & Kashmir as well. With the advent of digital platforms like credit scoring and artificial intelligence, banks are now able to evaluate credit worthiness much faster and cheaper than they could previously. As a result, banks are now able to extend credit to a larger variety of clients, including those who reside in remote locations and those who were previously thought to be too hazardous for credit.
As a result of the implementation of digital technology, financial inclusion, credit access, and banking convenience have all improved in Jammu and Kashmir’s banking industry. For all clients to properly access financial services, additional investments in digital infrastructure are still required. The banking industry in Jammu and Kashmir will continue to use digital technologies to enhance and transform its people’s lives with the correct investments.
(Author is a Research Scholar)
