Information technologyand its effects on the banking industry

Abstract

The banking business in India is rapidly evolving, thanks to a growing customer base and technologically enhanced and creative services. As a coin has two sides, so does technology in the Indian banking sector, which has both positive and negative aspects. The dangers are considerable, but they can be reduced, and technology will continue to be the backbone of the Indian banking industry in the future. Currently, the banking environment must become extremely competitive. It refers to the acquisition, distribution, storage, and dissemination of all types of information using computer and telecommunication networks. These technologies are utilized for data input, storage, distribution, and communication. Meeting internal requirements, effective data handling, extending client services, creative assistance for new product development, and end-user development of nontechnical employees are the main essentials of Information Technology (IT) in the banking business. Outsourcing, Combination, Distinguishing Edge, IT as an Income Center, and Flourishing in a Down Market are some of the emerging IT trends in the banking business. Meet customer prospects on service and capability offered by the bank, Customer retention, Dealing with the spread and maintaining the operating profit, Recollecting the current market share in the industry and enlightening the same, Accomplishment from another group of actors in the banking industry are some of the challenges that the Indian banking scenario faces.