Over the course of the 1980s and 1990s, banks in India have evolved through Advanced Ledger Positing Machines (ALPM) to Data Base Management Systems to Total Branch Automation and finally to Core Banking Solution (CBS). A logical extension of this journey, as internet and mobile phone connectivity exploded, were internet and mobile banking.
As of October 2022, there were approximately 33 crore active users of mobile banking services and approximately 7.5 crore active users of internet banking services. The revolution in data storage and processing capabilities has enabled non-banks to offer financial services such as peer-to-peer (P2P) lending, crowdfunding, alternative credit scoring, open banking etc.