Technology has transformed the banking scene radically. While new delivery channels have developed, branch banking continues to occupy a place of primacy. Therefore, the present-day banker is not yet totally faceless. Banks are seen to be implementing CRM to live up to the expectations of the customers. Novel products like retail banking and innovative payment systems are essentially IT driven. So is online banking. While Business Process Outsourcing (BPO) has become a strategic issue for the banks, opinions differ on its advantages between the US and Europe. IT has become essential in the new payment and settlement systems along with efficient risk management functions.

Banking sector has benefited immensely from the implementation of superior technology in recent years. Productivity enhancement, innovative products, speedy transactions, seamless transfer of funds, real-time information systems, and efficient risk management are some of the advantages derived through technology. Information Technology has also improved the efficiency and robustness of business processes across the banks.

Branch banking has undergone radical changes. We have very high-tech branches where delivery is through self-service facilities like automated cash deposits, note dispensers, currency exchanges and withdrawals. The most sophisticated among them employ context sensitive monitors and ATM cards with built-in radio chip. Whenever a customer uses these activated monitors, the monitors guide him in successfully completing the transaction by sending personalized messages.

Technology, transformed the banking, scene radically, new delivery channels,developed, branch banking, continues to occupy, , place of primacy, , banker is not yet totally faceless, Banks are seen to be implementing CRM, expectations of the customers, Novel products, like retail banking, and innovative payment systems.