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THE BANKING INDUSTRY AND INFORMATION TECHNOLOGY : A
REVIEW
Journal: Management Trends
Volume : 8
No.: 1
March-2011
Authors : Neeru Suman and Arvind Jain
Presented By : Chandan Pahelwani
Roll No.: 11047
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INTRODUCTION The article presents a study which aims to
analyze the role of information technology in banking industry.
Importance of banking industry in boosting economic progress of a nation.
Use of information technology for all round growth.
The economic development for the current year is planned to be over 9%.
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Con’t…
To support the industrial, commercial, agricultural and other services sector, the banking sector plays a very vital role.
Information systems are now exposed to a number of technology products like :
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Net Banking
Mobile Banking
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Shopping
Ticket booking
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Bill Payment
Fund Transfer
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Automated Teller Machines (ATMs)
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OBJECTIVES The main objective of this article is to
review the implementation of IT in banking industry.
Technological innovations have enabled the industry to open up new delivery channels.
Taking the help of IT to deal with the challenges that the new economy poses.
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RESEARCH METHODOLOGY
Overview of the various countries banking services used by the citizens of that country.
To increase the customer value by using some analytical methods in Customer Relationship Management (CRM) applications.
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ANALYSIS & OUTCOMES Mobile banking service is used at the most
in Kenya. In US banking sector, it is examined that
use of IT will reduce the operational cost of the banks.
Malaysian banking sector adopted the CRM technology and confirmed the role of CRM performance as the mediators in relationship between trust and E-banking adoption.
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Con’t… According to the National
Association of Software Services Companies (NASSCOM) the IT market for banks in 2002 was $500 million, is expected to grow by 25% a year in next few years.
Banks will spend on IT and related fields an eye opening Rs.15000 crore.
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Con’t…
The Bank of India has recently awarded 10 years IT infrastructure outsourcing contract valued $150 million to HP services.
The State Bank of India and its 7 associate banks got connected their 2500 branches with $29 million.
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CONCLUSION Certain technological changes have improved
the Banking sector tremendously. Policy makers have made some notable
changes like enhancing payments system, integrating regulations between commercial & co-operative banks.
It can be concluded that for better performance Indian banks need new technology.
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