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THE BANKING INDUSTRY AND INFORMATION TECHNOLOGY : A REVIEW

Journal: Management Trends Volume : 8 No.: 1 March-2011 Authors : Neeru Suman and Arvind Jain Presented By : Chandan Pahelwani Roll No.: 11047
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INTRODUCTION
The

article presents a study which aims to analyze the role of information technology in banking industry. Importance of banking industry in boosting economic progress of a nation. Use of information technology for all round growth. The economic development for the current year is planned to be over 9%.
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Cont
To

support the industrial, commercial, agricultural and other services sector, the banking sector plays a very vital role. systems are now exposed to a number of technology products like :

Information

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Net Banking

Mobile Banking

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Shopping

Ticket booking

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Bill Payment

Fund Transfer

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Automated Teller Machines (ATMs)

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OBJECTIVES
The

main objective of this article is to review the implementation of IT in banking industry. Technological innovations have enabled the industry to open up new delivery channels. Taking the help of IT to deal with the challenges that the new economy poses.
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RESEARCH METHODOLOGY
Overview

of the various countries banking services used by the citizens of that country. increase the customer value by using some analytical methods in Customer Relationship Management (CRM) applications.
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To

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ANALYSIS & OUTCOMES


Mobile

banking service is used at the most in Kenya. In US banking sector, it is examined that use of IT will reduce the operational cost of the banks. Malaysian banking sector adopted the CRM technology and confirmed the role of CRM performance as the mediators in relationship between trust and E-banking adoption.
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Cont

According to the National Association of Software Services Companies (NASSCOM) the IT market for banks in 2002 was $500 million, is expected to grow by 25% a year in next few years. Banks will spend on IT and related fields an eye opening Rs.15000 crore.
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Cont
The

Bank of India has recently awarded 10 years IT infrastructure outsourcing contract valued $150 million to HP services.

The

State Bank of India and its 7 associate banks got connected their 2500 branches with $29 million.
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CONCLUSION
Certain

technological changes have improved the Banking sector tremendously. Policy makers have made some notable changes like enhancing payments system, integrating regulations between commercial & co-operative banks. It can be concluded that for better performance Indian banks need new technology.
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