ROLE OF INFORMATION TECHNOLOGY AND ITS CHALLENGES IN NEW AGE BANKING

Abstract

To compete in an economy which is opening up, it is imperative for the Indian banks to observe the latest technology and modify it to suit their environment. With the entry of foreign banks and the continuous innovation that is taking place in the realm of information technology, it has become a necessity for banks in India to make increasing use of the electronic mode for transacting their business. Banks need greatly enhanced use of technology for providing newer products and newer forms of services in an increasingly dynamic and globalised environment. E- Banking has come to be recognized as a virtual necessity to face the imminent challenges/competition that is growingly felt in modern days, due to globalization and liberalization of the Indian economy. This paper attempts to throw light on a wide range of services being offered by banks using the electronic media.