Interface of Technology in Baking Sectors: Opportunities and Threats

Abstract

Financial transactions are generally carried out through banks. Most of the people use it for their day to day working. General purposes bank accounts are security, saving, investment, convenience, trading, etc. It is very important to have bank accounts with an individual. In India lots of bank options are available to customers from private banks to nationalize banks and peoples are using them according to their needs. Traditionally the working of these banks is different from which is present today. There are lots of changes occur in the banking sector to provide services to their customers. But no one can avoid the fact that most of the changes are took place due to the interface of technology into this sector. Introduction of technology into banking sector creates revolution of whole system of banking. Now a day all the working of the banks is done by use of technology. I may be telephone, fax, computer, internet, etc. In this paper, we have focused on the opportunities which are available in the market for banking sector and what are the general threats to the same. Also we have tried to cover the areas of banks in which interface of technology is maximum also which are the areas on which banking sector has scope to improve it. One another important in this paper is, we have also covered the current status of banking industry. This paper is an analytical study of database which is available in various books, journals, magazines and internet.