Page 20 - Life Insurance Today FEBRUARY 2016

digitization services for scanned document images or
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digitize and make usable all the existing content in different to maximize revenues through greater reach and comfort
formats and create data extracts for document
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DIP provides an innovative solution by combining machine
intelligence and a cost effective crowd sourcing model. It
features a secure and automated platform for processing
and extracting relevant data from document images in a
format that is usable for meta-data tagging, IT application
processing and analysis.
III. Review of Literature
Shri SNSSB Srinivasa (2004) found that the immense
untapped potential for the life insurance market demands
innovative thinking and execution of the plan in a creative
manner. If digital processes, with user-friendly features, are bancassurance in India. For this purpose, the data is
put in place, India could become the I.T. leader in the world
and render services for the rest of the world. Mr. Anurag
Kumar (2012) concluded that while developing cross-selling
strategies, banks should always remember that cross-selling
is not a transaction based activity, it is primarily a
relationship building exercise.
Gunter Schwarz, Henrik Naujoks, Camille Goossens, David
Whelan, Andrew Schwedel, Harshveer Singh (2014)
examined that Asian customers show the highest demand
for digital tools. Strengthening security and user-
friendliness would increase digital demand in most
"Be who you are and say what you feel, because those who mind don't matter, and those who matter don't mind."
20 February 2016
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countries. Dr Shubhada Mohan Kulkarni (2015) found that
the life insurance industry can leverage the digital channel
for the customer.
In a study made by Cognizant Technology Solutions Ltd. on
Insurance insights, revealed that increased investment in
IT is expected as insurers take the natural next step to
achieve higher levels of systems integration to further
improve bancassurance channel effectiveness. As
digitalization is relatively a new consideration, there is not
much literature available.
IV. Objective
The present paper makes an attempt to understand the
digitalization in banking and insurance sectors and
concludes with the importance of digitalization in
collected from secondary sources.
V. Digitalization in banking sector
Over the last few years, banking industry has witnessed a
transition from transaction-oriented business to a customer-
oriented one. In order to give the customer satisfaction,
banks are creating various avenues for rendering their
services. In this regard, banks have to be innovative.
Digitalization is one such kind.
According to the McKinsey Asia Personal Financial Services
Survey, 2014, there are nearly 700 million digital banking
consumers across Asia. In India, Internet access is growing
at 34% p.a. and has covered 20% of the population. The
number of people doing digital banking is now 13% of the
total banked population; this number is growing at 20-25%
p.a. As many as 35% of digital banking customers also use
mobile wallets from non-banks and 50% of digital banking
customers are keen to try out new payment banks .
The penetration of digital banking amongst internet users
is about 23%. From the figure, it can be observed that
currently, there are 61 million online banking customers in
India. This number is set to grow at 23% p.a. to reach about
173 million by 2020. At the current rate of adoption, this
will reach 25% by 2020. However, with the concerted action
from banking industry, this number could be as high as 33%
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