Role of Information Technology in Banking Sector: A Review Dr. Kumari V.V. Leela1, Kumar B. Suresh2 1Asst Prof(c) in Commerce, Rayalaseema University, Kurnool 2Guest faculty in Commerce, Silver Jubilee Govt. College(A), Kurnool Online published on 5 August, 2019. Abstract In the development of Indian Economy, Banking sector plays a very important and crucial role. With the use of technology there had been an increase in penetration, productivity and efficiency. The banking sector has embraced the use of technology to serve its client's faster and also to do more with less. Emerging technologies have changed the banking industry from paper and branch based banks to digitized and networked banking services. Unlike before, broadband internet is cheap and it makes the transfer of data easy and first. Technology has changed the accounting and management system of all banks. Information technology refers to the acquisition, processing, storage and dissemination of all types of information using computer technology and telecommunication systems. Information technology architecture is an integrated framework for acquiring and evolving IT to achieve strategic goals. The branches are running on the concept of 24 X 7 working, made possible by the use of Tele banking, ATMs, Internet banking, Mobile banking and E-banking. These technologies driven delivery channels are being used to reach out to maximum number of customers at lower cost and in most efficient manner. The beauty of these banking innovations is that it puts both banker and customer in a win-win situation. Effective use of technology has a multiplier effect on growth and development. Top Keywords IT, ATM, Tele-Banking, Internet-Banking. Top |