Role of Information Technology in Banking Sector with Special Reference to State Bank of India

Abstract

Liberalization and information technology have attracted many foreign banks to India, Opening up new markets, new products and efficient delivery avenues for the banking sector. The banking sector plays an important role in the growth of the Indian economy. Increased penetration, productivity and efficiency through the use of technology. This not only increased the cost effectiveness, but also helped to process small value transactions. It improves choices and creates new markets and improves productivity and efficiency. It is observed that financial markets in India have become a market for buyers. Commercial banks in India are now becoming supermarkets in one place with the introduction of value-added and customized products, the focus shifts from mass banking to class banking. Technology Banks do not hire people for manual operations Allows you to create a branch in the lobby of the commercial building. Tele Banking, ATMs, Internet Banking, Mobile Banking and branches through e-banking operate on a 24 X 7 operating principle. These technology based delivery channels at low cost And is used to reach maximum customers very efficiently. The beauty of these banking innovations is that this puts both the banker and the customer in a successful environment. Efficient use of technology has many times the effect on growth and development