DEVELOPMENT OF INFORMATION TECHNOLOGY IN INDIAN BANKING INDUSTRY

Indian banking is at the heart of the 'IT' revolution. One such force is the information technology revolution. In this globalized era, technological support is very important for the successful functioning of the banking sector. This research paper focuses on the impact of technology in the Indian banking sector. Without information technology and communication, we cannot think about the success of the banking sector, it has expanded the role of the banking sector in the Indian economy. Information technology refers to the acquisition, processing, storage and communication of all types of information using computer technology and telecommunication systems. Information technology is an integrated framework for acquiring and developing IT to achieve a positive strategic goal. Technology plays a key role in creating an efficient banking system that can adequately respond to the needs of a growing economy. Over the last one and a half decades, banks in India have invested heavily in technologies such as telebanking, mobile banking, internet banking, automated teller machines (ATMs), credit cards, debit cards, smart cards, customer relationship management (CRM). software, electronic payment systems and solutions for data warehouses and data mining, bringing improvements in the quality of customer service and fast processing of banking operations. Banks have invested heavily in IT in anticipation of improving their performance. However, performance improvement depends on differences in "IT" deployment, usage, and effectiveness.


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