International Journal of Information Dissemination and Technology
Year : 2011, Volume : 1, Issue : 2
First page : ( 92) Last page : ( 95)
Print ISSN : 2229-5984. Online ISSN : 2249-5576.

Applications of Information Technology in Banking Sector

Sharma Nishi*

Assistant Professor, UIAMS, Panjab University, Chandigarh

*Correspondence Author: Nishi Sharma, jmdnishi@yahoo.com

Online published on 16 May, 2017.

Abstract

Last few decades witnessed the proliferation of financial reforms, liberalisation and globalisation of Indian economy coupled with rapid revolution in information technology (IT). The business applications of various tools of IT have bought a paradigm shift in banking sector around the globe. Banking sector is now no more confined to the narrower territory of a particular region, state or a country. Introduction of computerized application has bought a new concept of click banking (popularly known as internet banking or electronic banking). Indian banking industry, the backbone of Indian economy, is the second largest spender to the IT which is surely in the line of current needs for improved efficiency and productivity. The application of IT in banking sector provides enormous benefits to the banks as well as its consumers. But the flip side of this changed financial landscape from brick banks to click banks; the traditional banking risks have also been exacerbated. In this reference, the present study painstakingly attempts to bestow the evolution of computerisation of banking sector in India. It analyses some of the recent IT applications and associated risks with such applications.

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Keywords

Banking sector, Benefits, IT applications, Obstacles.

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