Article by Hiral
ROLE OF INFORMATION TECHNOLOGY IN INDIAN BANKING*INTRODUCTION~ The arrival of new banks post reform period brought about drastic changes in the style of banking operations in India.~ Growing competition and increasing customer expectation induced the use of technology in banking.~ Latest technologies are adapted by banks to remain in the highly competitive market.*SIGNIFICANCE:~ Information technology improved the structure of Indian Banking.~ Computerization enables employees to have ready information and to provide better quality services to its customers.~ Technology also helps to reduce operation costs, offer customised products and manage risks more efficiently.~ Indian banks now use electronic and telecommunication networks to provide value added products and services.~ The following are the important technologies used by the banks for efficient functioning:1)Virtual banking:~ Services are rendered through extensive use of IT.~ Customers need not have direct physical recourse to the bank.2)ATMs:~ Automated Teller Machines (ATMs) provide round the clock banking services to customers at their convenient places without visiting the bank premises.~ This enables banks to transact more business in a cost-effective manner.~ ATMs provide services such as withdrawal of cash, deposit of cash / cheque / draft, updated balance of customer, transferring funds from one account to another, mini a/c statement, etc.3) Debit Card:~ It is a pre-paid card with a fixed stored value that allows anytime
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