Recent Development And Applications Of IT In Banking Sector

Abstract

Technology has changed the working of banks in India. In twenty first century Banking services are totally dependent on technological innovations. Technology developments and application have changed the operations of banking in India. Development of a sound and adequate information system has become inevitability to meet the challenges of growth and diversification. Today banks aim to provide fast, accurate, less fraudulent and quality banking services to their customers. The topmost agenda for all the banks in this twenty first century is digitization. Digital banking has made banking faster, easier, convenient and more efficient. CAGR of over 22 per cent during 2019-2024 is expected in India Digital Banking Market  owing to growth in  technological advancements, increasing internet penetration and growing number of smart phone users in India. AI, Data analytics, Big data, Fintech services, Wearable technology, Robotics, Block chain technology, data mining and other related technologies are the recent developments in Indian banking sector. This paper highlights the application of IT in Indian banks as well as recent developments.