Professor of Marketing and International Business in the Faculty of Business and Economics at the University of Winnipeg and Editor-in-chief of International Journal of Business and Emerging Markets; Dr. Satyendra Singh has urged banks in the country to focus more on online banking as this will make transactions easier for their clients and also benefit the company because the only thing banks will have to do is pay for the software and maintenance of the server.
According to him although workers would be outsourced when online banking is introduced, it will also end up being an effective way for banks to save costs because there is low cost to self-serving.
Dr. Singh further explained that banks must start with online services now to be able to catch up with the world when it comes to technology and shouldn’t be bothered with the illiteracy rate as people will gradually get accustomed to it.
He stated that although it will take time for people to understand its usage, implementing it now will make us develop our capabilities just like how India started 20 years ago.
“Its low yes, it will come up absolutely; it will not happen now but it will come up. India did it in 20 years. ………..Just 25 years, 25 is not a very long period of time, we will develop capability very soon. So if you are not ready for what will happen in the next 25 years you will be out so we have to move to the online system now,” he said.
Dr. Singh said this on May 24, 2017 while delivering a public lecture as part of the 10th-anniversary program of Regent University College of Science and Technology on the topic ‘How business intelligence and outsourcing can build new product development capabilities for firms in emerging markets’.
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