A STUDY ON IMPACT ON TECHNOLOGY IN BANKING SECTOR

This study titled “A STUDY ON IMPACT ON TECHNOLOGYIN BANKING SECTOR” E-banking implies performing basic banking transactions by customers round-the-clock globally through electronic media. Modern banking is more information-based, speedy and boundary less due to the impact of E-revolution. Modern banks have to be well-versed in information technology, its user and applications. Banking decision have to be IT-based, with the spread of digital economy. E-banking is more of a science than art. E-banking is knowledge-based and mostly scientific in using electronic devices of the computer revolution. When most business and commercial enterprises tend to become internetworking organisation, banking has to be E-banking in the century. Today’s banking is virtual banking. Virtual banking denotes the provision of banking and other related services through the extensive use of IT, without direct resource to the bank by customers. The salient features of virtual banking are the overwhelming reliance on it and the salient of physical bank branches to deliver banking services to customers. The principal types of virtual banking services include Automated Teller machine (ATMs), shared ATM networks, Electronic Funds Transfer at point of sale (EFTPos), smart cards, stored value cards, phone banking, home banking, internet and intranet banking. Thus, the practise of banking has undergone a significant transformation due to the adoption of E-banking.