The Impact of Technology on the Performance of Banking Industry in India

Abstract

The banking industry in India is considered to be in the middle of Information Technology development. The most important part of the financial system in India is the industry of banking, it can be defined as the backbone for the economy of the country since it provides the financial requirements of the credit in the whole society’s aspects. The banking industry in India is badly affected via a lot of challenges. One of those challenges is the IT evolution. The evolution and progress in technology resulted in paradigm change in the systems and operations related to banking. Globally, the technology support is of high importance for effective operations in the sector of banking. Furthermore, the advancements in electronic-banking formed a huge modifications with regard to achieving the different requirements of customers. The presented paper aims on discussing the effect of technologies in the banking sector in India. This study discuss the effect of technology in sector of banking between customers through studying the related previous researches. A thorough research on the effect of technology in the sector of banking, indicates the aspects like the efficiency related to the data management, productivity, security, value-added service, safety, profitability, awareness and knowledge levels, and service quality. Huge investments in the Information Technology field were created via banks as they seek performance enhancements. Yet, the performance enhancements are achieved according to, variations in efficiency, usage, deployment of IT.