Volume : III, Issue : VII, July - 2014

Implementation of Information Technology in Banking Sector

A. Chiranjeevi, B. Umamheswari

Abstract :

Indian banking industry, today is in the midst of an Information Technology revolution. A combination of regulatory and competitive reasons has led to increasing importance of total banking automation in the Indian Banking Industry. Information Technology has basically been used under two different avenues in Banking. One is Communication and Connectivity and other is Business Process Reengineering. Information technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. The term “Information Technology” describes the phenomenon created by the convergence of technologies associated with computing, communication and office systems. In the past, most accounting procedures in banks were paper oriented. With the advent of new technique like computers, electronic equipments and communication network, the modern accounting system have undergone a sea change both in their preparation and presentation. The traditional system of prepå the account at quarterly, half yearly and annual lost their relevance since the information are constantly updated and made available at anytime and anywhere. The information technology enabled the banking organisations to redesign and restructure their functioning.

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Article: Download PDF    DOI : https://www.doi.org/10.36106/gjra  

Cite This Article:

IMPLEMENTATION OF INFORMATION TECHNOLOGY IN BANKING SECTOR, A. Chiranjeevi, B. Umamheswari GLOBAL JOURNAL FOR RESEARCH ANALYSIS : Volume-3 | Issue-7 | July-2014

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