Magnitude of IT in Indian Banking Industry

Abstract

Every single Second, the technology is fast changing. In this technological era the face of banking is totally altered. It all started with installation of computers, then, Advanced Ledger Posting Machines (ALPMs) and moved on with the crazy things like Magnetic Ink Character Recognition (MICR), Shared Payment Network System (SPNS), Automated Teller Machines      (ATM’s), Electronic Fund Transfer (EFT), National Electronic Fund Transfer (NEFT), Real Time Gross settlement System (RTGS) etc., to name a few. Now, with new and latest technological applications the banking industry is equipped with Artificial Intelligence (AI), Robotics, Internet of Things (IoT), Data Analytics, Cloud computing etc., this new and innovative technologies has altered the dynamics, length & Breadth of Banking business all together. Information Technology (IT) also paved the way to launch Payment Banks which is believed to be the game changer in Banking Industry.  IT is helping Banks to provide excellent services to customers and customers are found to be joyous. Thus, with good CRM practices bankers are delighting the customers like never before. Good CRM practices prevail only with the presence of IT. The present paper is an attempt to examine & analyze the magnitude of IT in Banking Industry.