The Role of Information Technology in Banking System

Author(s): Dr. Lakshmamma HR

Abstract:

The advent of Information Technology to every aspect of human life and business has been so obvious that it does not need to be accentuated more. Information Technology has been of great essence in banking system. This study aims to investigate the effect of Information Technology in the banking system in public sector banks. The data are obtained both in primary and secondary method. The integration of Information Technology (IT) into various spheres of human life and business is indisputably evident. Particularly within the banking sector, IT has emerged as a pivotal force. This study endeavours to delve into the impact of Information Technology on public sector banks. Employing both primary and secondary research methodologies, data were meticulously gathered. The findings underscored the multifaceted contributions of Information Technology to the banking sector. Firstly, IT catalyses the development and progress of banking operations. Through the implementation of innovative technologies, banks can streamline processes, enhance efficiency, and offer a broader array of services to their clientele. From online banking platforms to automated transaction systems, IT innovations have revolutionized the way banking functions. Furthermore, the study illuminates how Information Technology fosters financial inclusion by extending banking services to previously underserved populations. Through initiatives such as mobile banking and digital payment platforms, IT facilitates greater accessibility to banking services, empowering individuals and businesses alike. In essence, the findings of this study underscore the transformative role of Information Technology in the banking sector. From enhancing operational efficiency to fostering financial inclusion, IT continues to shape the trajectory of banking institutions in the public sector. Embracing technological innovations is no longer a choice but a necessity for banks striving to thrive in the dynamic landscape of modern finance.

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Pages: 43-45     |    3 View     |    0 Download