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Abstract

Gone are the days when banks had stipulated working hours. Banking services were limited in number and to avail these services, customer had to visit the branch of the concerned bank. Traditional banking system had monopolistic characteristics. There were only government banks and then in the year 1969, there was nationalization of almost all major banks in India. There were around 13 private banks operating in India even prior to the year 1968. The major changes started emerging with the establishment of ICICI Bank Limited in private sector in 1994. There are 21 private banks and 12 public sector banks operating in our country, as on date, along with one state owned payments bank. This banking network provides a number of banking and financial services but then there are other financial institutions which are also engaged in providing n number of services to the customers. Computerization in banking industry set in early 90s and since then banking and financial services sector has envisaged complete digital revolution. Banking and financial services industry has under gone a metamorphosis since then. Technology in banking and financial services sector has totally changed the face of this industry. Technology has invaded in almost all operational procedures of banking and financial services industry may it be receiving a small request or delivering a specific service. Technology has entered into almost all the operational spheres of banking and financial services industry. Technology has also helped this industry to offer new services to its customers. It is not that technology has contributed positively only to this industry but it has disadvantages as well. In the following paragraphs, the role of technology in banking and financial services and advantages and disadvantages of technology in this sector are discussed.            

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