The concept of “Digital Banking” in Nepal is new, but it is growing bigger and better with time. With the increase in internet consumption in Nepal, people are getting more familiar with the digitalized process in banking activities. Digitalization in the banking sector has made the banking process and activities easy, instant and transparent. Fund transfer, withdrawal, payment of utility bills, online account opening and many other services are provided under digital banking in Nepal.
So, how was the shift “from traditional to digital banking” possible in Nepal, where doubts and ignorance to adapt to digital banking practice were dominant? How did Nepali people make the leap from understanding “What is Digital Banking? “ to “ Let’s compare the digital banking facilities of banks.” For this, we have to understand the journey of shifting from traditional banking to digital banking.
To address the journey of the drastic shift, we have come with this detailed blog.
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Overview of Paradigm Shift in Traditional Banking
Soaring technological evolution and real-time data access make digital banking the need of the era. Making commutes to banks just for some minor financial errands is something that troubles people as it takes their freedom and makes them stay in a queue. Digital banking came into existence to overcome the obligation of bank visits and paper and pencil work. With various types of digital banking practices available, you don’t have to waste your time and paper to perform banking activities.
Aside from the need to change, the COVID pandemic also encouraged and pushed people to use digital banking. People had to rely on digital banking due to the limits of lockdown. As time proceeded, digital wallets came into play. By the end of the first wave of the COVID pandemic in Nepal, partnerships between financial institutions and fintech (digital wallet) companies for digital payment had gotten stronger.
Now, if you look at overall activities related to digital banking in Nepal through the lens of banks, you can see most of the banks getting on online platforms and checking on their competitors’ work and understanding the factors that contribute to their competitors’ growth. Thus, getting inspired by competitors’ digital banking activities or intending to bring something new to the table, banks can employ strategic digital marketing practices and eventually earn massive traffic and leads.
Present Scenario of Digital Banking in Nepal
At present, mobile banking and online banking services have become a must. Transferring and receiving money is just one tap or click away. A study on online banking in Nepal shows that there are 4 million mobile banking customers and 0.78 million internet banking customers. Viewing and performing financial transactions online or with mobile has become a normal ritual.
Besides, this launch of Dollar Card for international payments is something that has eased the customers dealing with eCommerce. Nepal Government has also set out Digital Lending Guidelines and the 2019 Digital Nepal framework for digital banking and payments.
All in all, good progress is seen in digital banking, but there are still challenges to face.
Challenges of Digital Banking in Nepal
The first challenge is to own a strong digital business plan. Banks in Nepal must understand that simply engaging in digital marketing is insufficient; a well-planned digital strategy must be drafted and practiced. The achievement in digital banking may look great for Nepal, but it still has more steps and phases to cover; thus, avoiding complacency appears to be the second challenge. Last and the most significant challenge is to focus on improving offline customer service. This should always remain a top concern since one rude sentence or unattained behavior of a bank employee can inspire the customers to leave and go to another bank.
How does NIC ASIA Bank cope with these challenges?
As a leading commercial bank in Nepal, NIC ASIA Bank focuses on providing the best experience to the customers through its online and offline banking services. Listed among the Top banks of Nepal with its premium banking service and customer service, NIC ASIA has faced and wisely tackled the obstacles. Further, NIC ASIA Bank pledges to address these banking challenges while equally strengthening its available digital banking activities. At present, NIC ASIA Bank provides following 5 secure digital banking services:
- Internet Banking (Customers can visit the official site of NIC ASIA Bank and perform desired banking activities)
- Mobile Banking ( Customers can perform banking activities with NIC ASIA MoBank App)
- Viber banking (You can join to NIC ASIA Viber Community )
- QR Merchant payment (Customers can scan QR Codes and make payments)
- IVR and Missed Call Banking (For non-transactional banking tasks, customers can dial NIC ASIA Bank’s INVR number with their 0 registered number)
- Online account opening (Customers can open the account without visiting the branch at their convenience)
Advantages of holding an account in NIC ASIA Bank
Holding a NIC ASIA Bank Account of any type will yield numerous benefits and convenience. In each of its banking products, NIC ASIA Bank favors special facilities for clients so that the bank can add value to their lives. NIC ASIA Bank account types are tailor-made and facilitate the needs of everyone. You can enjoy a normal savings account, fixed deposit account or Nichhep account (a combination of fixed deposits and savings). The Bank’s digital banking services are faster and more secure, which makes it the most trusted bank in Nepal.
Why Choose NIC ASIA Bank?
NIC ASIA Bank is a leader in the Nepali Banking Industry. It aspires to provide each Nepali with the best offline and online banking services. The major attraction of NIC ASIA Bank is its amazing schemes for customers and its unwavering 24/7 customer service. With its various branches, NIC ASIA Bank operates its offline banking service, while with its official website, it operates online banking. For more secure digital banking, customers can download NIC ASIA MoBank App and then enjoy its 10 amazing benefits.
Don’t Miss out! Get connected to NIC ASIA Bank and enjoy the most convenient and secure digital banking service in Nepal.
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