Role of Information Technology in Banking Sector
Banking environment has become highly competitive in the present arena. To be able to survive and grow in the changing market environment, banks are going for the latest technologies, which is being perceived as enabling resource' that can help in developing learner and more flexible structure that can respond quickly to the dynamics of a fast changing market scenario. It is also viewed as an instrument of cost reduction and effective communication with people and institutions associated with the banking business.
Commercial Banks in India are now becoming a one-stop Supermarket hub. The focus is shifting from mass banking to class banking with the introduction of value added and customized products. Technology allows banks to create what looks like a branch in a business building's lobby without having to hire manpower for manual operations. The branches are running on the concept of 24 X 7 working, made possible by the use of Tele banking, ATMs, Internet banking, Mobile banking and E - banking. These technologies driven delivery channels are being used to reach out to maximum number of customers at lower cost and in most efficient manner. The beauty of these banking innovations is that it puts both banker and customer in a win- win situation. Effective use of technology has a multiplier effect on growth and development.
Information Technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of the risks and helps the financial intermediaries to reach geographically distant and diversified markets. Internet has significantly influenced delivery channels of the banks. Internet has emerged as an important medium for delivery of the banking products and services.
The customers can view the accounts; get account statements, transfer funds and purchase drafts by just punching on few keys. The smart card's that is, cards with microprocessor chip have added new dimension to the scenario. An introduction of ‘Cyber Cash' the exchange of cash takes place entirely through ‘Cyber-books'. Collection of Electricity bills and telephone bills has become easy. No doubt banking services have undergone drastic changes and so also the expectation of customers from the banks has increased greater.
NetEdge Computing Solutions provide a range of consulting and IT services for the leading
financial services to banking sector. Specific services provided by NetEdge are:
Commercial Banks in India are now becoming a one-stop Supermarket hub. The focus is shifting from mass banking to class banking with the introduction of value added and customized products. Technology allows banks to create what looks like a branch in a business building's lobby without having to hire manpower for manual operations. The branches are running on the concept of 24 X 7 working, made possible by the use of Tele banking, ATMs, Internet banking, Mobile banking and E - banking. These technologies driven delivery channels are being used to reach out to maximum number of customers at lower cost and in most efficient manner. The beauty of these banking innovations is that it puts both banker and customer in a win- win situation. Effective use of technology has a multiplier effect on growth and development.
Information Technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of the risks and helps the financial intermediaries to reach geographically distant and diversified markets. Internet has significantly influenced delivery channels of the banks. Internet has emerged as an important medium for delivery of the banking products and services.
The customers can view the accounts; get account statements, transfer funds and purchase drafts by just punching on few keys. The smart card's that is, cards with microprocessor chip have added new dimension to the scenario. An introduction of ‘Cyber Cash' the exchange of cash takes place entirely through ‘Cyber-books'. Collection of Electricity bills and telephone bills has become easy. No doubt banking services have undergone drastic changes and so also the expectation of customers from the banks has increased greater.
NetEdge Computing Solutions provide a range of consulting and IT services for the leading
financial services to banking sector. Specific services provided by NetEdge are:
- Cloud Consulting Services
- IT Consulting Services
- Bespoke Software Development
- Customization and Implementation of 3rd party products
- Website and Portal Development
- Education and Training
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