A Study on Information and Communication Technology (ICT) Contribution in the Banking Sector in India

  • J Shifa Fathima Ph.D. Scholar, Madurai Kamaraj University, Palkalai Nagar, Madurai, Tamil Nadu, India
Keywords: Business Intelligence, Financial Applications, Economic Growth, ICT Awareness, ICT Solution, Digital Banking, Development of Mankind

Abstract

In recent years, ICT has become inconsistent inside conventional systems as far as improving the effectiveness of financial systems. Numerous developed nations including India upgrade ICT, business knowledge, and business research to coordinate the vital exchange of different nations. The information technology sector empowers a few industries to keep up a competitive preferred positionin the worldwide market through certain development services. In particular, ICT refers to a widescope of IT technologies that address and oversee electronic information. The effect of informationand communication technology (ICT) in the financial economy has become progressively apparent,expanding productivity to reach out into outside investment. Furthermore, a few nations likewiseconstruct political and vital associations with one another and, coming about, become free economies.Information Technology has been one of the most significant factors for the development of humankind. Information and communication technology (ICT) is the major advent in the field of technology which is utilized for get to, process, stock piling and dispersal of information electronically.In recent times, Indian banking industry has been consistently moving in the direction of the development of technological changes and its utilization in banking activity for improvement of their productivity and customer's satisfaction in this day and age. Banking industry is quickly developing with the utilization of technology as ATMs, on-line banking, Telephone banking, Mobile banking andso forth. Subsequently, exploiting information technologies (IT) is an expanding challenge fordeveloping nations like India. Technological developments have empowered the industry to open upefficient conveyance channels. IT has helped the banking industry to manage the difficulties the neweconomy presents. Technology is likewise changing the supervisory and administrative scene. It ismaking new apparatuses for chiefs and new supervisory difficulties. Technology-driven issues, for example, security and the idea of electronic communications have arrived at the cutting edge of thearrangement motivation. Also, the line between electronic banking and electronic commerce isbecoming progressively hard to define unmistakably. More than most different industries, financial establishments depend on get-together, processing, breaking down, and providing information so as to address the issues of customers. Given the significance of information in banking, it isn't amazing that banks were among the soonest adopters of computerized information processing technology.Hence, the present study has been conducted to highlight the contribution of ICT in Banking Sector in India.

Published
2017-07-28
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