The use of IT in banking in India is
a phenomenon one can trace es
sentially to the last two decades. It started with the
`computerization of branches' and then expanded to channels like ATM, Net banking,
phone banking, mobile banking, etc. As any bank customer will testify, the
banking industry has dramatically changed the standards of delivery over the past
two decades. These banks embraced contemporary technology and redefined
the standards of banking, and the older banks followed suit in upgrading
their technology platforms gradually to compete in the market.
During this period, the banking industry has essentially focused on
technology as an enabler to provide better service delivery. Core banking
systems have enabled banks to deliver `anywhere' banking solutions. Extensive
use of channels like ATM and phone banking has enabled truly 24/7 access to
customer accounts. The Net banking channel has made banking from home a
reality, of course, assisted by the spread of PCs and broadband at home and
office. Several banks have started offering mobile banking solutions. Cards
have added to customer convenience enormously.
The banks have been in the forefront of e-commerce through
payment gateway solutions (like online trading and shopping, etc.), integration
of banking with ERP solutions of customers, and standardized message
formats for trade and other commercial transactions. Most inter-bank
transactions have been converted into electronic message formats, thereby
improving efficiencies which have finally benefitted customers. In that
sense, the use of technology for significant shift in customer service
standards has seen good traction.
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