Role of IT in Banking

Abstract

Up until 1990, Indian banks operated in a relatively safe and secure environment; however, economic policies have forced them into fierce competition. As technology advances, the banking industry in India is also attempting to awaken from slumber and become more proactive. Banks have long used technology to enhance their offerings and operational effectiveness. These days, technology is altering not just the surroundings but also the interactions with clients. In addition to removing numerous barriers, technology has produced better goods and distribution methods. This has increased attention on customer relationships. It is also seen as a tool for cutting expenses and facilitating efficient communication between entities and individuals involved in the banking industry.