Besides helping to complete many banking activities with high efficiency, Information Technology also has the potential to take banking to the poor.

Banking system is the backbone of the economy and Information Technology (IT), in turn, has become the backbone of banking activities. Technology which was playing a supportive role in banking has come to the forefront with the ever-increasing challenges and requirements. Technology, which was a business enabler, has now become a business driver. In the present competitive scenario, time is of essence, and in this era of rapid technological obsolescence, "An opportunity lost today is an opportunity lost forever." The banks cannot think of introducing a financial product without IT support. Be it customer service, transactions, remittances, audit, marketing, pricing or any other activity in the banks, IT plays an important role in helping to complete the activity with high efficiency. IT has also the potential to innovate and meet the future requirements.

There was an apprehension that technology would make the customers desert bank branches and the banks to lose personal touch. But the IT developments have only brought the customers closer to the banks, enabling banks to offer multiple products/services under a single window concept and provide options to select the best.

The Analyst Magazine, Information Technology, IT, Technological Obsolescence, Core Banking Solution, CBS, Institute for Development and Research in Banking Technology, IDRBT, National Financial Switch, NFS, Reserve Bank of India, RBI, Electronic Clearing Service, ECS, Check Truncation System, CTS, Core Banking System.