Digital Wallet V/S Traditional Banking: An Analysis on Customer Preference
Vaishnavi. S1, Shreyas. Sumesh. Menon2, Vishnu Priya. B3, C. Dhanalakshmi4
1Vaishnavi. S, Ph.D Research Scholar, Assistant Professor, College of Sri Krishna Arts and Science College, Coimbatore (Tamil Nandu), India.
2Shreyas. Sumesh. Menon, Student, College of Sri Krishna Arts and Science College, Coimbatore (Tamil Nandu), India.
3Vishnu Priya. B, Assistant Professor, College of Sri Krishna Arts and Science College, Coimbatore (Tamil Nandu), India.
4Dr. C. Dhanalakshmi, Head and Assistant Professor, College of Sri Krishna Arts and Science College, Coimbatore (Tamil Nandu), India.
Manuscript received on 07 October 2019 | Revised Manuscript received on 21 October 2019 | Manuscript Published on 26 December 2019 | PP: 453-456 | Volume-8 Issue-12S October 2019 | Retrieval Number: L111210812S19/2019©BEIESP | DOI: 10.35940/ijitee.L1112.10812S19
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Banking system are considered as the bank bone of any developed or developing economy. Banks are the financial institution which accepts deposits from people with surplus fund and directing them to the persons who are in need of money. In the course of this process they boost the economy by infusing necessary fund into the economy. The difference of the interest paid on deposits and interest earned on loans are the earnings of the bank. Traditional banking refers to going to banks to deposit fund, to withdrew fund or to for applying for loans. To put it simple in traditional banking system if we have to do any sort of banking activity we have approach branches of the respective banks. Digital wallet also known as e-wallet allows the user to make transactions from the comfort of their home and even provide loans to a certain amount without even visiting any physical institutions. These digital wallets will be linked to any banks where the customer holds an account. We are analyzing the wheatear the customer prefer digital wallets over traditional banking by considering primary as well as secondary data.
Keywords: Economy, E-wallets, Financial Institution, Analyzing, Infusing.
Scope of the Article: Digital Signal Processing Theory