A Study on Effective Role of Technology in Improving Banking System in India
Keywords:
Information Technology, Mobile banking, ATMs, Internet banking and E – bankingAbstract
The Banking atmosphere had become extremely modest in present world. In order to grow and survive in this dynamic environment, banks needs to understand the power of IT which can help them to improve and increase their service quality. With the advent of MNC or Foreign banks, and the introduction of various IT enabled services which is matching the pace of dynamic and competitive world, public and private sector banks have also adopted IT in their various services and introduced various windows of transactions using Information Technology to take full advantage of IT , to reduce the overall operational costs and to sustain in today’s competitive world.
In this study, we analyzed the role of IT in Indian Banking system and its role in increasing the effective distribution of banking services. The Banking sector has emerged extremely competitive in today’s era. Information technology is the driver of various financial applications familiarized by the Indian government intended for the development in financial Sector. It is so in order to endure & cultivate in this dynamic market, banks are upgrading with latest technology, which are professed as an ‘Authorizing resource’ that can help in grooming the learner and as a stretcher structure which answer swiftly to the dynamics of a rapid changing marketplace situation. It is observed as a cost saving tool & good interaction with the individuals and the with the organizations that are accompanying with the banking business. In most recent fifteen years Indians bank have put vigorously in IT area to offer various banking services such as Credit cards, Debit cards, Net banking, ATM (i.e. Automated Teller Machines), Mobile banking, and Point of Sale machines. RBI initiated in collaboration with major Indian bank, to use information technology to automate the financial transactions with two major schemes. These two are NEFT & RTGS (National Electronic Fund Transfer & Real Time Gross Settlement). Advancements in Computer innovation and Telecommunications System enabled keeping money segment to give electronic installment framework to monetary exchanges with mobiles, PDAs and tablets.
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