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Technology Integration- A Paradigm Shift in Banking Services

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Author's Name : Anil Jain, Hemant Kothari, Mansi Meel, Divya Hiran

Journal Name : Pacific Business Review International

Volume : 14

Year of Publication : 2021

Abstract : In today's technological age, all activities in human life are much simpler than traditional ones. Thanks to all computer technology. Banking industry is one of them. Since the eighteenth century, the banking sector has createdimportant progress within the field of technology. Thanks to technology, there are many novelties in the banking sector. Operations in all banking sectors are computerized as soon as e-banking accounts are opened, requiring non-banking and long-term lines to help customers and banking institutions create easier, more efficient and faster. E-Banking additionally creates competition between completely different banks by serving customers higher and attracting more and more customers. Various RBI changes have been made in accordance with laws, directives, bank orders and customer orders. However, in the current situation, few customers do not use this bank due to ignorance and education (because the technology needs information to work). Some public sector banks have few senior executives with little IT/banking experience, and transactions take a long time to complete. And it is a burden for public sector banks to pay loads of cash on training how to operate computers whereas engaging at the bank to handle all transactions. Apart from that, technology has played an crucial role in the banking system. Online banking is changing into a lot of "need to be friendly to urge service". From the perspective of banking products and online banking and master card services, mobile and e-banking don't seem to be yet one more thought banking service distributed across economic communications backbone.