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Internet banking also known as online banking, e-banking, or virtual banking is an electronic payment system that enables the bank customers or other financial institution to conduct a range of financial transactions through the respective website. Mobile banking is the act of making financial transactions on a smart devices such as cell phone, tablet, etc. FinTech (a portmanteau of finance and technology) describes the technology that seeks to improve and automate financial services (Puschmann, 2017; Katta and Patro, 2017a). They make financial services more accessible to the people worldwide. Digital financial services are essential for the economic development of any country as reported in (Agrawal and Jain, 2019; Katta and PAtro, 2017b). Especially during the ongoing COVID-19 pandemic situation, these services have become invaluable to avoid the further spread of the disease in the community. As the world is mostly operating remotely, digital banking helps in a large trend to individuals and business persons. They minimized the traditional banking systems such as long queues, in-person contact on transaction and waiting times. Digital banking services including mobile banking and online banking have completely revolutionized the banking industry.
Internet banking and mobile banking started long before the pandemic, but during the pandemic, they experienced accelerated growth. Digital banking is now an essential service and that improves customer loyalty to banks (Nguyen et al, 2020; Katta et al, 2018). An increasing number of innovative features such as biometric authentication and other security features enhance the online and mobile application experience of financial transactions for customers. With the sudden increase in the usage of mobile and Internet banking, there is a need to find the sentiment of the people who use such services for their welfare.
Global change hinges on opinions which have also been applied to the financial domain. Hence, financial opinion mining plays a vital role in understanding changes in financial markets (Chen et al., 2021). As an increasing number of people take up FinTech, it becomes essential to establish a feedback loop to assess the positive and negative experiences of users. This is to ensure that banks and financial institutions are aware of the sentiments of their customers and alter their FinTech products accordingly. Individuals and business persons use this technology to meet all their financial banking needs from the safety and convenience at their homes. The Reserve Bank of India (RBI), states that close to Rs 1 lakh crore transactions are done by Indian consumers through Digital transactions during the year 2020-2021 (Thangavel et al., 2021).
Digital banking is a technology platform that conducts transactions between banks and customers and provides a list of financial services as reported in Nguyen et al, 2020.
Digital banking services include: