Uthayasuriyan K, Dr. S. KESAVAN



Initiation of Information Technology and Communications networking system is set to change the operating environment of banks drastically. Technology has already enabled some of the banks to introduce innovative products to their customers in the form of ATM facility, Telebanking, Home Banking, 'Anytime' and 'Anywhere' banking, etc. Technology can also be harnessed in automating and networking the branches that will ensure timely flow of information and aid decision making process .The banks that can adopt and absorb the new technology faster will have a competitive edge over their rivals.

The changes brought about by IT (Information Technology), new products, more sophisticated customers, changing cost structures, and enhanced competitive pressures have all combined to transform the structure of the banking industry. And with further development of new technologies, the industry will likely continue to evolve.

Customers of banks have felt the positive impact of technological solutions implemented by banks. The customers of banks of today have a virtual menu of options as far as delivery channels are concerned and all these are the benefits of technology.

With the most visible benefits happening in the areas of payments for retail transactions, a variety of cards, Automated Teller Machines, Electronic based funds transfers, Internet banking, Mobile banking are all some of the latest technology based payment solutions, which have gained large acceptance amongst the Indian banking public. With technological solutions rapidly evolving, more new products and services may soon become the order of the day.

Though infrastructure and communication advancements remain an area of concern, in the rural areas, standards are being formulated to make banking a secure and pleasant experience and  banks have bridged the divide caused by distances by offering  ‘Anywhere and Anytime banking’.



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