developments in information technology have presented a range of opportunities with respect to the ways through which information can be accessed and exchanged. Technology today provides a number of ways today through which information can be stored and its access can be controlled. Technological advancements have also made the industries across the world to continuously evolve to these new and rapid developments (Cummins, J. David; Rubio-misas, Maria; Zi, Hongmin, 2004) and banking sector is no exception.
“A Study on Banking Sector Reforms in India Opportunity and Challenges) ” Abstract: The economic reforms lead by the Government of India about 2 decades before have changed the landscape of various sectors of the Indian economy. The Indian banking sector is no special case. This sector is going through major changes as a outcome of economic growth. The role of banking industry is very vital as one of the leading and mostly essential service sector. India is the biggest economy in the world
The Micro Small and Medium Enterprise have a very important role in the economic and social development of any country. This sector plays a significant role in the growth of the economy with their operational, proficient, flexible and inventive entrepreneurial spirit. The MSME sector makes a significant contribution to the country’s manufacturing output, service and exports and they are accredited with creating the maximum employment growth as well as accounting for major share of industrial production
1 Background of the study Information Technology (IT) plays a vital role in all sectors in businesses today. This is mainly due to its high organizational impact and rapid expansion of IT applications in the recent past. This is particularly true in the information intensive industries, such as banking. It is well known that commercial banks increasingly use IT to gain competitive advantage. Since the mid-1990s, there has been a fundamental shift in banking delivery channels toward using self-service
How has technology changed the banking industry? Technology growth in the financial industry are changing the way consumers bank. As consumers, corporations, and governments keep on demanding more efficiency, the payment system will continue to become more complex. In conformity with Wright, R. E., & Quadrini, V. (2009), states that the advent of cheap electronic computing and digital telecommunications after World War II, did in the end stimulated important innovation. Technology has had a very
Dhan Yojna 3. Use of technology- Mobile Banking 4. Business Correspondent model These solutions have been tried and tested under different circumstances and they each have their own unique pros and cons. We tried to have a comparative study of the above solutions to check which fits the current solution fits best to India’s situation. New Banking Licenses While conventional banks have been in existence for past several decades, RBI
Overview of the service sector and its contribution in the Economy There are three sectors that together make the economy of a country, namely primary sector (like farming, fishing, etc.), secondary sector (like manufacturing, etc.) and tertiary sector (services provided) .The tertiary sector provides services which are intangible in nature. Services include activities like retail shops, banking, hospitality, real estate, education, health, social work, etc. The service sector is a very crucial part
Promotion is the tool to create awareness to the public regarding the products. Brand helps a lot in service sector why because services can be duplicated easily. Due to high competition banks and telecom companies promoting themselves rigorously. In service sector high and promotions is necessary to survive. For that reason banks, IT companies, and dotcoms place themselves above the rest by advertising or promotions. Selection of channel
experience and it ensures better quality of products and services. As a next stage, companies have also started investing heavily on AI in order to perform complex activities. This requires employs to be completely aware of the changes happening in technology. Firms also demand for automation (such as Artificial Intelligence) in order to increase their profitability. There is not only an increase in demand for quantity but there is an increase in demand for quality as well. Currently automation is one
competition among the players and the banking industry has not been left behind. Stiff competition in the banking sector has pushed banks to be more innovative and responsive. Some of these innovations include credit cards, ATMs, mobile banking, internet banking, and children accounts, women oriented banking, youth oriented accounts, interest free banking and, the latest arrival in the scene being agency banking. The growth in digital technologies and consumers’ embrace of connectivity means