Evaluation of Information Technology's Significance in the Banking Sector

Abstract

The banking industry in India is highly essential and critical to the growth of the economy. Technology utilisation
has led to increases in efficiency, production, and penetration. The banking industry has embraced technology as a
way to service customers more quickly and efficiently. The banking sector has transformed from paper-based and
branch-based banks to digital and networked financial services as a result of emerging technology. Contrary to
earlier times, broadband internet is affordable and facilitates quick and simple data transport. All banks now use a
different accounting and management system thanks to technology. Information technology is the use of computer
technology and telecommunications infrastructure for the collection, processing, storage, and transmission of all
forms of information. An integrated framework for purchasing and developing IT to accomplish strategic goals is
known as information technology architecture. The usage of telebanking, ATMs, internet banking, mobile banking,
and e-banking has made it feasible for the branches to operate on a 24 x 7 basis. The most effective and costeffective way to reach the greatest number of customers is by using these technology-driven distribution channels.
The appeal of these financial innovations is that they provide a win-win situation for both the bank and the
consumer. Growth and progress are multiplied when technology is used effectively.