Banks are using technology to offer low-cost and convenient banking services using multi-service platforms. echnology has emerged as a key driver of growth for the banking sector in IndTia. It has facilitated the emergence of the multi-service platforms, which allow banks to offer a wide array of services to customers. For a majority of the banks in India the usage of technology was confined to back-end processing and data storage until recently. However, the entry of the technology-savvy private sector and foreign banks brought about a fundamental change.

Backed by superior technological skills, these banks are rewriting the rules of the game in India. Technology has enabled them to create multi-service platforms that allow them to offer a wide range of services to choose from, customized and innovative products and services, and more importantly convenience, in terms of accessibility Internet Banking, Mobile Banking, 24-hour Banking etc.services which were not available earlier. This is forcing old generation, brick-and-mortar banks to become tech-savvy so as to stay competitive. Further, factors such as the current reforms in the sector and move towards adopting international standards and best practices in the form of Basel norms, have made the banks realize the importance of technology. Technology has now become a key driver of growth for banks, besides playing a crucial backend support role.

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