what revolutionary changes has information technology made in baking sector?
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Answer:
Establishment of computerized inter- connectivity across bank branches, introduction of MICR- based cheque clearing, modernization of payment services and settlements through Electronic Clearing Services (ECS), Real Time Gross Settlement System (RTGS), and National Electronic Funds Transfer (NEFT) were all significant ...
Liberalization and Information technology has attracted many foreign banks to India, thereby opening up new markets, new products and efficient delivery channels for the banking industry. ... It has not only increased the cost effectiveness but also has helped in making small value transactions viable.
The biggest revolution came in banks is Digitization. Banking process is faster than before and more reliable. Maintenance and retrieval of documents and records have become much faster and easier. Computerized banking also improves the core banking system.
Robotic process automation (RPA) 5% 6%
Chatbots 2% 13%
Machine learning 2% 12%
Blockchain 1%
These technologies consist of machine learning, natural language processing, chatbots, robotic process automation, and intelligent analytics in banking that allow the bots to learn and improve.
Technological innovations witnessed by the banking sector during the nineties have changed the way business needs to be conducted. IT has introduced new business paradigms and is increasingly playing a significant role in improving the services in the ban king industry. The paper aims to explore some important and popular IT enabled services of banking institutions, its benefits and issues at present.
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