Indian Streams Research Journal

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1 Vol 5 Issue 9 Oct 2014 ISSN No : ORIGINAL ARTICLE International Multidisciplinary Research Journal Indian Streams Research Journal Executive Editor Ashok Yakkaldevi Editor-in-Chief H.N.Jagtap

2 Welcome to ISRJ RNI MAHMUL/2011/38595 ISSN No Indian Streams Research Journal is a multidisciplinary research journal, published monthly in English, Hindi & Marathi Language. All research papers submitted to the journal will be double - blind peer reviewed referred by members of the editorial board.readers will include investigator in universities, research institutes government and industry with research interest in the general subjects. International Advisory Board Flávio de São Pedro Filho Federal University of Rondonia, Brazil Kamani Perera Regional Center For Strategic Studies, Sri Lanka Janaki Sinnasamy Librarian, University of Malaya Romona Mihaila Spiru Haret University, Romania Delia Serbescu Spiru Haret University, Bucharest, Romania Anurag Misra DBS College, Kanpur Titus PopPhD, Partium Christian University, Oradea,Romania Mohammad Hailat Dept. of Mathematical Sciences, University of South Carolina Aiken Abdullah Sabbagh Engineering Studies, Sydney Ecaterina Patrascu Spiru Haret University, Bucharest Loredana Bosca Spiru Haret University, Romania Fabricio Moraes de Almeida Federal University of Rondonia, Brazil George - Calin SERITAN Faculty of Philosophy and Socio-Political Sciences Al. I. Cuza University, Iasi Editorial Board Hasan Baktir English Language and Literature Department, Kayseri Ghayoor Abbas Chotana Dept of Chemistry, Lahore University of Management Sciences[PK] Anna Maria Constantinovici AL. I. Cuza University, Romania Ilie Pintea, Spiru Haret University, Romania Xiaohua Yang PhD, USA...More Pratap Vyamktrao Naikwade Iresh Swami ASP College Devrukh,Ratnagiri,MS India Ex - VC. Solapur University, Solapur R. R. Patil Head Geology Department Solapur University,Solapur Rama Bhosale Prin. and Jt. Director Higher Education, Panvel Salve R. N. Department of Sociology, Shivaji University,Kolhapur N.S. Dhaygude Ex. Prin. Dayanand College, Solapur Narendra Kadu Jt. Director Higher Education, Pune K. M. Bhandarkar Praful Patel College of Education, Gondia Sonal Singh Vikram University, Ujjain Rajendra Shendge Director, B.C.U.D. Solapur University, Solapur R. R. Yalikar Director Managment Institute, Solapur Umesh Rajderkar Head Humanities & Social Science YCMOU,Nashik S. R. Pandya Head Education Dept. Mumbai University, Mumbai Govind P. Shinde Bharati Vidyapeeth School of Distance Education Center, Navi Mumbai Chakane Sanjay Dnyaneshwar Arts, Science & Commerce College, Indapur, Pune Awadhesh Kumar Shirotriya Secretary,Play India Play,Meerut(U.P.) G. P. Patankar Alka Darshan Shrivastava S. D. M. Degree College, Honavar, Karnataka Shaskiya Snatkottar Mahavidyalaya, Dhar Maj. S. Bakhtiar Choudhary Director,Hyderabad AP India. S.Parvathi Devi Ph.D.-University of Allahabad Sonal Singh, Vikram University, Ujjain Rahul Shriram Sudke Devi Ahilya Vishwavidyalaya, Indore S.KANNAN Annamalai University,TN Satish Kumar Kalhotra Maulana Azad National Urdu University Address:-Ashok Yakkaldevi 258/34, Raviwar Peth, Solapur Maharashtra, India Cell : , Ph No: Website:

3 Indian Streams Research Journal Impact Factor : (UIF) ISSN Volume - 5 Issue - 9 Oct TECHNOLOGICAL INNOVATION: A NEW FACE OF BANKING Fatima Damana Research Scholar, Pacific University, Paher Hills, Udaipur. ABSTRACT Banking, as all of us know, is an industry that provides vital service and support to the economic and financial sectors. As such, it has to cater to all the diverse segments of society. Today we cannot think of banking services without technology. IT has become the central cog in whatever banks are doing or strategizing to do in future. All of us would agree that technology has no longer remained just a means for automating processes. It has revolutionized every industry in the world by rendering faster and cost-effective delivery of products and services to customers, who in the normal course could not have afforded the same. Technological advancement enables a broader and inclusive banking sector and is a key driver for the sustained and inclusive growth of the economy. Technology by itself is not a panacea. But technology has evolved to such an extent that it can hold the key to achieving goals. Banks need to move on toadapting higher technology in order to provide betterproducts and upgrade their risk management systems. As we become global, banks would need to become technologically more sophisticated in diverse areas,whether it is moving towards adopting advanced approaches or in upgrading their delivery channels for providing better customer service. Present study tries to focus on technological innovation in banking sector, the challenges ahead and its significance in success of banking. An effort has been made to witness the changes in the Indian banking system. KEYWORDS :Indian Banking System, Technological Innovation, Challenges. INTRODUCTION: Technology has no longer remained just a means for automating processes. It has revolutionized every industry in the world by rendering faster and cost-effective delivery of products and services to customers, which is not possible without adopting it, and at the same time producers of goods and services would remain viable and profitable. Technology is the surely the most appropriate way of bringing inclusion in respect of any product or service. Banking services is not different. Indian banking industry, today, is in the midst of an IT revolution. The Indian Banking is adopting the latest technological advances to cope up the threat of 1

4 competition and to meet customer expectations. A combination of regulatory and market forces has supported the implementation of technology and automation in the Indian banking industry. Banking system is increasingly becoming the most important constituent of the financial system. Banks need to innovate and improve their efficiency to remain competitive and the role of technology in this regard is very critical. The early 1980s were involved in the introduction of mechanization and computerization inindian banks. This was the period when banks as well as the Reserve Bank went very slow on mechanization,carefully avoiding the use of computers to avoidresistance from employee unions. However, this wasthe critical period acting as the icebreaker, which ledto the slow and steady move towards large-scale technology adoption. Over the years technological innovation inbanking was meant to achieve a broader reach in termsof consumer banking and continued inclusive growth,to meet the demands of households and businesses,movement from class banking to mass banking an quicktransmission of information inexpensively andconveniently. We have moved a long way from the ageof mechanization in the Indian banks to the presentage where banks are successfully experimenting withdisruptive technologies. The Reserve Bank has recently released an IT Vision Document , which identifies the key focus areas for banks in India. The document indicates the significance to be accorded to the enhanced use of IT in areas like Management Information System (MIS), regulatory reporting,financial inclusion along with the need for appropriate risk mitigation measures and business continuity management. It envisages banks to work towards utilizing technology for cost reduction of small-value transactions, improved customer services and effective flow of information within the banks and to the regulator. The document emphasizes on the need to move towards integrated IT environment for tapping the synergistic benefits of holistic system implementation.optimum leveraging of technology would significantlypivot upon the following: a. Skilled resources b. Supportive HR policy c. Appropriate IT governance structure d. Effective business continuity plan Banks would require review of the issues relating to recruiting of appropriate skill, retain them over a longer time-horizon by offering them a clear career growth opportunities and supporting enabling process. However, it is equally important to embed inside the management structure a proper IT governance structure which will also enable the technology strength of the banks to play a supporting role with a degree of assurance and sustainability. Technology has the potential to influence financial inclusion in a big way and help resolve many of the problems. The use of technology in extending banking outreach is an area of contemporary focus in India. Innovation is giving the hope that new business models like Banking Correspondents (BCs), innovative payment devices, Unique Identification number allocation, etc. will enable us to achieve financial inclusion, while addressing some of the cost and beneficiary identification issues. Ultimately, the objective is to lower the operating costs through technological innovations, whereby financial inclusion becomes a profitable business. This will result in a huge benefit to the bank in the form of stable deposits. Adoption of Technology has changed the face of banking in India. What started as a mere automation of some routine work processes in banks in the mid- 80s has moved on to become business process reengineering which has resulted in making banking services branchless, anytime and 2

5 anywhere; facilitated new product development, and enabled near real time service delivery. Technology has helped banks to reach the doorsteps of the customer by overcoming thelimitations on geographical/physical reach in branch banking. All the stakeholders have benefitted from the expansion of delivery channels, product innovation and efficiency enhancement which have been facilitated by technology adoption. Banks, however, need to guard against losing personal touch with their customers in such a technology-driven environment as this would result in their losing valuable information needed for their business. In brief, technology that has began its journey in Indian banking as an enabler, has now become a business driver, and is poised to be an indivisible part of banking business process. This journey has come to the present stage by virtue of the push given by the Reserve Bank and the sincere co-operation by industry participants. REVIEW OF LITERATURE: Beccalli (2006) used data from 737 banks covering the period from1993 through 2000 to study the impact of increased information technologyinvestment on the profitability performance of banks in France, Germany, Italy,Spain and United Kingdom. The objectives of the study are: (a) to investigatewhether IT investments improve organizational capabilities of banks; and (b) tofind whether banks gain a competitive advantage from IT investment andtherefore achieve higher profits or stock value. The study uses balance sheet andincome statement data, giving a pooled total of 4414 observations. Study usesroa and ROE as performance variables and hardware cost, software costs andservices cost as the investment variables. It shows no significance relationshipbetween total information technology expenditure and improvement inprofitability. However, when the investigator segregated information technologyinvestment by type (hardware cost, software cost and service cost) the resultsreflect a more varied association between information technology expenditure andperformance. Hardware and software purchases show negative relationship withprofitability, suggesting an information technology productivity paradox. Centeno (2004) classify Internet banking adoption factors in twocategories: (a) access technology and infrastructure related factors; and (b) sectorspecific retail banking factors. The first category includes internet penetrationrates, skill of consumers in using internet and related technologies, attitudetowards technology, security and privacy concerns. The second category involvestrust in banking institution, banking culture, e-banking culture and Internetbanking push. Analyzing the Acceding and Candidate Countries (ACCs)adoption of Internet banking, the study shows that lack of PC and internetpenetration is still an entry barrier for internet banking development both in EU-15 and ACCs. The cost of access services is a main issue for the PC and Internetpenetration especially in Central and Eastern Europe countries. On the other hand,there has been a lack of confidence in the banking sector in ACCs due to pastturbulent periods. These concerns are further aggravated with privacy concerns.degree of banking service usage and e-banking culture are also weaker in ACCscompared to EU-15. Aduloju and Oghojafor (2011) explore the question of how IT couldenhance firm performance in the area of customer s service and organization sprofitability in the Nigerian insurance industry. Authors propose three hypotheseswhich are tested with the aid of Kolmogorov-Smirnov test, a nonparametric toolused to test the goodness fit of an ordinal data. The findings show that while mostcompanies have a comprehensive data base of their customers, not all makeprovision for their customers to make major transactions online because they havenot fully integrated their customer relationship management with informationtechnology. The study also find out that effective 3

6 combination of customerrelationship management with information technology leads to improve customerservice and organization s profitability. Consistent with some previous studies,this study supports the view that the use of IT can enhance service delivery. Parsons, Gotlieb and Denny (1990) analyzes the impact ofinformation technology on banking productivity per se. The research attempts tomeasure the growth in productivity in Canadian banking industry. Study uses datacollected directly from banks to investigate the impact of these investments onbank output and productivity. Using data from , a trans-log cost modelis estimated. Both capital and labour are divided into information and noninformationinputs. Work concludes from the estimation of results from fivecanadian banks that while there is a percent increase in productivity withthe use of computers, the returns are very modest compared to the levels ofinformation technology investment. The results are generally consistent witheconomic theory. Overall, there has been some productivity growth associatedwith the changing computer technology. The study further finds that many of thebenefits seem to have accrued to the customers and have not directly lead to gainsfor the banks. Cooke (1997) documents how changes in informationtechnology have affected the role of banks in financial markets and haveinfluenced changes in the structure and performance of the U.S. banking industry.the analysis covers new fast growing financial innovations linked to ITinvestment, e.g., assets securitization and derivatives. The study shows thatinformation technology effects on the banking industry have been positive.increased competition has caused banks to lose traditional customers butinformation technology has enabled the banks to offer new products, expand intonontraditional areas, operate more efficiently and minimize risks. Advances ininformation technology and related financial innovations are directly andindirectly responsible for much of the ongoing change in the structure of thecommercial banking industry. IT has spurred competition from non banks,encouraged financial innovations that have allowed firms to directly accessfinancial markets, and empowered consumers and businesses with informationneeded to make better investment decisions. Though these benefits are difficult toquantify, their existence suggests that the benefits of technological and financialinnovations are being felt at the aggregate level as well. Betterymarch (2003) has analyzed the relation of banking efficiencyand information technology. The study uses a panel of 600 Italian banks over theperiod Stochastic cost and profit functions have been estimatedallowing for individual banks' displacements from the best practice frontier andfor non-neutral technological change. The results show that both cost and profitfrontier shifts are strongly correlated with information technology capitalaccumulation. Banks adopting information technology capital intensive techniquesare also more efficient. On the whole, over the past decade informationtechnology capital deepening contribution to total factor productivity growth ofthe Italian banking industry can be estimated in a range between 1.3 percent andpercent per year. Albert Kagan and Acharya (2005) highlight the changes in thebanking sector like the internet banking which are affecting the performance ofbanks. Study examines the impact of online banking application on communitybank performance. It evaluates banking products and service from a representativesample of community banks across the upper Midwest. It analyses the individualbank websites and evaluate for 97 different web features and services offeredonline. These 97 variables are grouped together in 10 different groupings. Eachitem within these groups is summed to create an aggregate index and these indicesare used in structural equation model as latent indicators for three latent constructsidentified as: (a) general information; (b) banking services; and (c) corebankingservices. Study uses structural equation model, online banking index and aneconometric 4

7 model to evaluate bank s performance. Study finds that onlinebanking index is positive in the return on equity equation and negative in theoverdue asset ratio equation. In particular, a one unit increase in online bankingindex increases return on equity by 0.16 units. It shows that online banking helpscommunity banks to improve their earning ability as measured by return on equityand improve assets quality by reducing the proportion of overdue orunderperforming assets. Overall study shows that the banks that provide extensiveonline banking services tend to perform better than those who lag behind. Malhotra and Singh (2006) analyzed the implications of internetbanking for the Indian banking industry. The Study describes the current state ofinternet banking in India and discusses its implications for the Indian bankingindustry. Particularly, it seeks to examine the impact of Internet banking on banks performance and risk. Empirical analysis has been done for a panel of 88 banksfor the period to see the impact of internet on bank s performance. Thedata set comes from the publicly available data source on bank s financialstatements and income-expense reports sent to the regulators and Banking Associations. Using information drawn from the survey of scheduled commercialbank s websites, the results show that nearly 57 percent of the Indian commercialbanks are providing transactional internet banking services. The univariateanalysis indicates that internet banks are larger banks and have better operatingefficiency ratios and profitability as compared to non-internet banks. Internetbanks rely more heavily on core deposits for funding than non-internet banks do.however, the multiple regression results reveal that the profitability and offeringof internet banking does not have any significant association, on the other hand,internet banking has a significant and negative association with risk profile of thebanks. The Role of Technology in Banking Industry The banking sector has embraced the use of technology to serve its client s faster. Emerging technologies have altered the banking industry from paper and branch based banking to digitized and networked banking services. Unlike before, internet has becomethe cheap and makes transfer of data easy and fast. Technology has completely changed the accounting and management system of all banks and now the way of delivering services to bank customers is completely changed. Most of the banking organizations has started various innovative efforts towards banking to create more values for their customers. Some of the innovative efforts which boost the business activities of the banks are discussed below. E-banking: It enables the bank to deliver its services easily to its high end customers. To make the system user friendly to all clients, banks have used a Graphical User Interface (GUI), with this software, customers can access their bank details on their own computers, make money transfers from one account to another, print bank statements and enquire about their financial transactions. Another technology used by banks to exchange data between the bank and clients is called Electronic Data Interchange (EDI); this software can be used to transmit business transaction in a computer-readable form. So the client on the other end will be in position to read the information clearly. NRI Banking Services: Since many people go abroad for work, they have a need to supporttheir families. Technology in this regard has made it simple for them to send money to their loved ones easily. Plastic money: Credit cards or smart cards like VISA ELECTRON have made the banking industry more flexible than before. With a credit card, a customer can borrow a specific amount of money from 5

8 the bank to purchase any thing and the bank bills them later. In this case, they don t have to go through the hassle of borrowing small money. Then with Smart Cards like visa electron, a customer can pay for anything using that card and that money is deducted from their bank accounts automatically, they can also use the same card to deposit or withdraw money from their accounts using an ATM machine. Self Inquiry Facility: Instead of customers going to the help desk and waiting in the long cue, banks have provided simple self enquiry systems at all the branches. A customer can use their ATM card to get information about their accounts. Automated Teller Machine: ATM is a computerized device providing access to the financial transaction in a public place. Banks have installed ATM machines at various places; this means a customer does not have to go to the main branches to make their transactions. This has enabled anytime banking, as customers can use ATM machines to deposit and withdraw money in/from their accounts. Apart from these ATM also facilitates to transfer money from one place to another and can request for a cheque book. Centralized Information Results To Quick Services: It enables banks to transfer information from one branch to another easily. That means, if a customer registered anywhere can get their account information at any other branch of the bank. Signature Retrieval Facilities: Technology has played a important role in reducing fraud in banks which protects their clients. Bank uses technology which verifies signatures before customer withdrawing large amount and reduces on the errors and risks which might arises due to forgery. Tele Banking: This is the services provided by the banks and financial institution where customer performs their banking transactions over the telephone. Mostly telephonic services use an automated phone answering system. This technology facilitates to carry out operation of the accounts as per the order given to the bank computers. SMS Banking: This technology permits customers to operate banking services over mobile phones using SMS. It is more advantageous than internet banking because people carry mobile phones everywhere. It reduces difference between banks and their customers. Internet Banking: Also known as online banking, means conducting financial transactions through websites. It provides services like online bill payment, shop online etc. consumer can operate their bank account from anywhere in the world from any personal computer at any time with an internet connection. Technology- A Tool forimproving Internal Effectiveness (Its Significance and Benefitsin the Banking Industry) Indian banking until now, focused mainlyon transaction processing, datastorage, service delivery, and so. These are the priorities to make banking better, convenient and more accessible. Currently, as data storage and retrieval are on computerized systems, the administrative processes are largely manual, warranting huge resource deployment. This adds to costs, impacts efficiency and reduces effectiveness of internal controls. Further, in the existing models followed in many work areas in banks, data flows and reporting for MIS as well as external filings require manual interventions and 6

9 multiple database access/sourcing. This not only affects the timeliness of data submission but also the qualitythereof. Errors in submitted data and, sometimes, subjective interpretations of data submissionrequirements lead to wrong decisions and, may be, serious consequences. The Reserve Bank has taken the initiative in the form of automated data flow project, through which an attempt is being made to ensure that all banks start furnishing reports to the Reserve Bank by means of straightthrough/automated processes which do not require manual intervention. This will ensure that reporting is error-free, direct from business data and timely. It is expected that technology adoption would enable the banking sector to be integrated with the global financial markets, adopt international best practices and ensure delivery of superior customer service. It is also envisaged to result in greater productivity, profitability, and efficiency; faster service and customer satisfaction; convenience and flexibility; and space and cost savings. It presumed that robust and reliable services would be delivered to theircustomers at a lower cost, as well as help banks to make better decisions. IT usage was also expected to result in improving process integration and flexibility, decreasing operational exceptions that climb through the management hierarchy, thus, freeing up management time for decision making. CHALLENGES AHEAD The world of banking is not the same as before. Financial globalization gathered momentumin the 1970 s with the development of computing power. But along with this technological development came the risks which were manifested in the recent global financial crisis. Banks and financial institutions introduced multifarious products whose risks were not satisfactorily understood. Expertise on these highly complex products is confined to a very smallgroup of specialists, for which the senior management and the Board of Directors providesinsufficient oversight, resulting in governance discrepancy. IT is the a highly specialized field and, from governance point of view, it is important that directors of banks have a reasonable grasp of the issues involved so that IT can be used in the most optimal way in banks. As the banks are investing highly in technologies, to ensure security and resourceful banking channels, it isnecessary that a thought is given to adopting appropriate controlled framework for the technologymanagement methodologies and foolproof security mechanisms. IT Governance and its Relevance in terms of Banking: IT Governance has stemmed from the concern for investment in IT infrastructure and the everincreasing dependence on IT for operating and managing day-today business activities. IT governance focuses not only on information technology systems, but also on their performance and alliance of technology with business and risk management. With the high rate of technological dependency, the need for proper IT governance in the case of banks, is gaining more prominence. With the adoption of IT governance in banks, results in effective control on, and better utilization of, the huge IT infrastructure created by banks. For implementation of effective governance structure, particularly in organizations havingsignificant IT investments, are guarded by certain factors. Common among such inhibiting factors are challenges in aligning the business and IT strategies, need for appropriate and reengineered business processes and delivery models, lack of project ownership and insufficient risk and resource management. IT governance depends strongly on corporate governance and the overall corporate strategy, which means that IT governance provides tools to manage IT structures and processes in order to 7

10 appropriately support thebusiness strategy. Implementing IT governance in banks may be very challenging. For addressing the structural inadequacies in the areas of IT governance, information governance, data governance, information security governance, there is an imperative need to have synergy among these areas.adoption of a structured IT governance framework would enable banks to manage their businesses in a manner that would bring about benefits to their customers as also facilitate the growth of banks in this fiercely competitive world. IT investments, Indian banks have an inherent advantage in terms of factor cost (IT labor costs in India are lower than those in Asian or European markets) and distribution strategy (usingalternative channels effectively). This low-cost servicing capability can give a competitive edge to the Indian banks seeking to do business outside the country. Use of IT governance can help achieve these objectives. Thus, the benefits of employing effective IT governance framework are manifold. Treading the Path Carefully: The data confidentiality is an issue that must be dealt with very carefully. This is main area of concern for banks and their customers. It is true that in the recent years technological advances have been made by banks in providing secured internet technologies to control hacking and phishing. This enabled toput in place strong risk management processes within the bank which must be continued by the banks not only to minimize financial loss but also, to safeguard trust and confidence of their customers. The longterm success of any bank cannot be achieved without the development of new business ideas, innovative products and services and focus on retention of customers. Cyber Security: Keeping themselves updated with the changes in technology is the major challenge for the banks inspite of the fact that such updatingwill keep on increasing their expenditure on computer security. Computer security measures can be obtained by using anti-virus software, access control and firewalls and by employing qualified IT or IT-security staff. Apart from this, thereshould be adequate training of staff on computer security. Although after considering all the factors that are against computer security of organizations, it is possible that complete eradication of cyber crimes may not be achieved which can however be reduced through public education, and the founding of a foolproof framework for the prosecution of computer criminals. Keeping a Check: There are several specific issues that need to be considered carefully to keep incidents of cyber crime at bay. A few illustrative ones are as follows: a. Be aware of that the real problem which is crime, not hacking b. Criminal intelligence analysis along with business c. Be cautious of money-laundering opportunities d. Build up partnerships and information sharing arrangements Even after deployment of technology for transaction process, analytical processing by banks is still in a nascent stage. Banks should stillwork towards gaining benefits from technology in terms of cost reduction, improved customer services and effective flow of information within the banks and to the regulator. 8

11 Costs and Risks: Extensive technology deployment in the banking has brought to some newissues and challenges. These can be broadly divided into two categories-costs and risks. Costs in terms of heavy expenditure on IT deployment and, risks resulting from reliance on IT systems without necessary safeguards. Cost aspects can be addressed by synergizing IT deployment objectives with the broader, strategic business objectives to ensure adequate operational and management controls overpurchase as well as maintenance of appropriate technology solutions. Governancemechanisms have to be strengthened to ensure that costs involved in IT management are properly evaluated and controlled, technology deployment decisions are based on holistic and considered evaluation, the solutions/process changes have customer in focus and that banking organizations do not end up investing in technology which hampers customer interests. The second aspect relating to IT risks is a very critical issue. With the increased use of IT, there are attendant risks posed to the banks as well as their customers in terms of monetary loss, data theft, breach of privacy and banks need to be extremely aware of such risks. Channel Innovation: This is the area which acts as the differentiator among competing banks. Now a day, customers are demanding better service and experiences from their banks and leave them for another when they do not measure up to expectations. The delivery of service rests with the banking channel. That swhy,channel innovation will play a crucial role in the futureof banking. It could take many forms like high-tech branch, a more intelligent ATM, a social media channel, cloud banking or a mobile phone etcthat has replaced both cards and currency. Collectively they allreinvent the business of retail banking and the future ofretail banking lies within its channels only. Big Data Big Power: Technologysolutions for Big Data must integrate different technologies, data formats and coding structuresincluding exception management, error reporting andaudit trails. Banks would need sophisticated technologiesthat can perform business transaction-level logically suchas cost allocation, revenue distribution and payments.the best solutions should be capable of adjusting thesebusiness processes rapidly and with minimal cost. Information Management: The organizational structure of any bank must be capable of managing theinformation throughout its lifecycle, regardless ofsource or format (data, paper documents, electronicdocuments, audio, video, etc.) for delivery throughmultiple channels that may include cell phones andweb interfaces. Information management is a corporateresponsibility that needs to be addressed and followedfrom the top management to the front line workers inany organisation. Part of that responsibility lies intraining the organisation to become familiar with thepolicies, processes, technologies and best practices ininformation Management. Customer Lifetime Value (CLV): The CLV focuses on thecustomer as the influencer of bank s profitability. TheCLV gives the ability to evaluate the newcustomers, not existing customers, who are to betargeted and to be attracted through marketingcampaigns. It also gives the limit up to which the bankcan spend for acquiring the new customers based ontheir CLV. There is a huge opportunity for banks tocapture and enhance the 9

12 CLV. It is one of the most important challenge for the bank to grab these opportunities. The innovative technological enhancement has brought major changes in the Indian banking industry. Bankers are not only interested I n satisfying their customer but are also running on the path to enrich their experience. This has leadto increasing expectations of the customers and it is not easy for the bank to meet them and has become the huge challenge for the banks. Impact of IT on Success of Banking: Effective use of technology has a multiplier effect on growth and development of the economy. IT plays aessential role in banking. By introducing online financial transactions, IT in banking has enormously scaled up the level of activity by making services and products easily available at an affordable cost and accessible to an ever-increasing set of people. Information and communication technology has now become the main reason of success and stability of the banking. It is, therefore, necessary that banks should prioritize these functions at the highest level. The most significant impact of IT has been the manner in which it has facilitated financial transactions across the globe. Banks must look beyond core banking, i.e., transaction processing and now the banking of the future will be that which would be driven by the customers. This requires banks to create value for its customers, taking into account the profile of existing and targeted customers and their needs. This would enable them to emerge stronger and more competitive. With higher technological and financial awareness, customers today are looking to offer the following by their banks: More ranges of products Simple procedures Quick services and alerts (such as ,sms, etc.) Transparency of charges and fees Complete view of account relationship Coupled with this, there is an increasing use of alternate channels, such as the Internet and mobile devices, by customers. This impact has made the rules, in managing channels and the process of reaching customers, a moving target. Therefore, banks need to redesign their strategies and respond appropriately to the rules as they change. If banks adopt suitable processes, it would definitely bring about cost savings in the long term and more profitable customer relationships. With a view of achieving higher focus on customer service, banks should be conscious of the customer needs and should make sure of not filling up too many additional features into products which makes them too complex to understand and use, because this might lead to decline in customer experience. If customers want a particular service, technology can make it happen. Therefore, the main focus for banks should be on knowing and developing viable solutions and services suiting their customers demand. Banks have to balance their service offerings across customer segments and provide reliable and adequate information. Banks must use the technology to devise products and processes which are collectively most advantageous. Banks in India have now adopted Core Banking Solution and this has helped the customer to carry out'anywhere Banking'. The banksare now moving towards the integration of various systems to create a centralized database consisting of customer information and other data. This concept called Data Warehousing. Banks uses various tools and techniques to analyze this data for enhancing their businesses. Individual systems help in running the business of banks, but if the banks have to optimize their businesses, they have to invest in data warehousing technology. Many banks in India already have 10

13 adopted this technology. The Reserve Bank has also invested in creating its data warehouse which is made available to the general public through the link Database on Indian Economy: RBI's Data Warehouse CONCLUSION: Technology plays a very significant role in banking industry. Adoption ofappropriate IT solutions for acquiringinformation and moving towards the customer-centric perspectivealong with productcentric perspectivewould place the banks at a competitive advantage. Thebanking industry relies on technology, to run theirsystems efficiently, effectively and securely as also tomove ahead of its competitors. The technology is ameans for the banks to render better customer service,increase their business and profitability as well asmanage risks. The time has come for banks to adoptand adapt appropriate technology. As Albert Einsteinhas said where there is the necessary technical skillto move mountains, there is no need for the faith thatmoves mountains. It is with this premise that we needto move forward. Technology is changing the cultural and businesslandscapes beyond recognition.banking todayis using the transformativepower of technology to create business value,and step-function growth for tomorrow. It had been estimated that globally, emergence of new technologies reduces absolute spending on IT. And, therefore, new face of banking has the potential to emerge as a game changerin terms of costs, convenience, and speed of reach. Keeping the customer s perspective in mind,banks would need to ensure that they implementsolutions that exploit the latest available technologyto build their applications/solutions to ensurecustomer s delight as also proliferation of bankingservices. Developments in IT have also brought along awhole set of challenges to deal with. These includerapid changes in technology, complexities, high costs,security and data privacy issues, new laws andregulations and inadequately trained manpower. Thereis a need to enhance the governance of IT and organize information security measures in the bankingsector based on extant international standards and bestpractices. Taking in consideration cyber fraud in banksit is necessary to improve controls andexamine the need for pro-active fraud risk assessmentsand management processes in commercial banks.banks must also work towards ensuring circulationof the IT security policy and procedures and relatedparameters amongst all operative functionaries ofbanks. Banking system is increasingly becoming animportant constituent of the financial system. Banksneed to innovate and improve their efficiency to remaincompetitive and the role of technology in this regardis very critical. Indian banking industry, today, is in the midst ofan IT revolution. The Indian Banking society isadopting the latest technological advances to addressthe threat of competition and to meet customerexpectations. A combination of regulatory and marketforces has supported the implementation of technologyand automation in the Indian banking industry. BIBLIOGRAPHY: 1.Acharya, N.R. and Kagan, A. (2008), Impact of Website Usability on Performance: A Heuristic Evaluation of Community Bank Homepage Implementation, Journalof Business and Economic Research, Vol.6, No.6, pp Batterymarch, P. (2003), Productivity and Information Technology, Management Science, Vol.40, 11

14 No.11, pp Beccalli, E. (2003), Information Technology and Economic Performance: Some Evidences from the EU Banking Industry, Working Paper, Accounting and Finance Department, London School of Economics. 4.Centeno, C. (2004), Adoption of E-services; Internet Banking in the Candidate Countries, Report of the Institute of Prospective Technological Studies. 5.Cook, D.S. (1997), Structural Change in the U.S. Commercial Banking Industry: The Role of Information Technology, Working Paper, ESA/OPA, pp G. S Popli, New Face of Indian banking Industry Emerging Challenges and Potential, Delhi School of Business, July 19 7.Malhotra, P. and Singh, B. (2005), New Revolution in Indian Banking Industry: Internet Banking, Punjab Journal of Business Studies.Vol.1, No.1, (April- Sept.), pp MinaxiBansal (2013), Effect of Information Technology on Performance of Indian Banking Industry, Punjab University 9.Parsons, D.J. Gotlieb, C. and Denny, M. (1990), Productivity and Computers in Canadian Banking, Working Paper, University of Toronto Department of Economics. 10.Prof. M.C. Sharma, Role of Information Technology in Indian Banking Sector, International Journal in Multidisciplinary and Academic Research (SSIJMAR), Vol. 2, No. 1, January-February (ISSN ) 11.S. J. Ho and S. K. Mallick ((Feb., 2010), The Impact of Information Technology on the Banking Industry,The Journal of the Operational Research Society, Vol. 61, No. 2 (Feb., 2010), pp RBI Monthly Bulletin July

15 Publish Research Article International Level Multidisciplinary Research Journal For All Subjects Dear Sir/Mam, We invite unpublished Research Paper,Summary of Research Project,Theses,Books and Book Review for publication,you will be pleased to know that our journals are Associated and Indexed,India International Scientific Journal Consortium OPEN J-GATE Associated and Indexed,USA Google Scholar EBSCO DOAJ Index Copernicus Publication Index Academic Journal Database Contemporary Research Index Academic Paper Databse Digital Journals Database Current Index to Scholarly Journals Elite Scientific Journal Archive Directory Of Academic Resources Scholar Journal Index Recent Science Index Scientific Resources Database Directory Of Research Journal Indexing Indian Streams Research Journal 258/34 Raviwar Peth Solapur ,Maharashtra Contact Website :

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