IMPACT OF INFORMATION COMMUNICATION AND TECHNOLOGY (ICT) IN INDIAN BANAKING INDUSTRY - A STUDY ON EMERGING TRENDS IN BANKING, INSURANCE AND TOURISM

Abstract

This research paper focuses on the impact of technology in Indian banking sector. Without
information technology and communication, we cannot think about the success of banking
industry, it has enlarged the role of banking sector in Indian economy. Indian banking
industry is in midst of ICT revolution. Banking industry is backbone of Indian financial
system and it is affected by many challenging forces. One such force is revolution of
information technology. In this Globalized era, technology support is very important for the
successful functioning of the banking sector. Information technology refers to the acquisition,
processing, storage and communication of all types of information by using computer
technology and telecommunication system. Information technology is an integrated
framework for acquiring and evolving of ICT to achieve certain strategic goal. For creating
an efficient banking system, which can respond adequately to the needs of growing economy,
technology has a key role to play. In past one and a half decade, banks in India have invested
heavily in the technology such as Tele banking, mobile banking, net banking, automated
teller machines (ATMs), credit cards, debit cards, smart cards, customer relationship
management (CRM) software, electronic payment systems and data warehousing and data
mining solutions, to bring improvements in quality of customer services and the fast
processing of banking operation.