Information Technology (IT) revolution in the Indian economy has made steady inroads into the banking institutions and brought about significant changes in many aspects such as computerization of transactions, new delivery channels, such as Internet Banking, phone banking, Automated Teller Machines (ATMs), Electronic Funds Transfer (EFT), Electronic Clearing Service (ECS) and Electronic Data Interchange (EDI), etc. These new features in the banks are helping them to work more efficiently, conveniently and swiftly. They can now reach out to more number of customers easily.

Alternative banking is a new face of banking which includes new financial services, products and new methods of banking operations, delivering services. Modern banking includes automated delivery of financial products (insurance, investment, MICR cheques, etc.) and services directly to customers through electronic channels. The customers of modern banks can access accounts, carry out business transactions, get information related to any product or service, etc., with the help of the Internet. Customers can now access banking services using an intelligent electronic device, such as ATM, kiosks, or Touch Tone telephone credit cards, debit cards, net banking, mobile banking, etc.

Professional Banker Magazine, Global Banking, Information Technology, IT, Automated Teller Machines, ATMs, Electronic Funds Transfer, EFT, Electronic Data Interchange, EDI, Mobile Banking, Indian Financial & Banking Sector Reforms, Electronic Bill Payment, E-banking Services, Indian Financial Network, INFINET, Institute for Development and Research in Banking Technology, IDRBT.