Transformation of Indian Banking through IT- Enabled Services

Information Technology has become fuel for rapid change. Banking sector in India has been a major beneficiary of the inroad made by IT. The banks appear to be on fast track for IT based products and services. Many new processes, products and services offered by banks and other financial intermediaries are now IT centered. Another major development witnessed in recent years is the growth in multiple delivery channels to customers such as internet-based banking, mobile banking and anywhere banking. The major objective of the study is to focus on the role of information technology in managing bank transformation. The study also highlights the benefits of IT enabled services for customers and banks. It also focus on the major challenges faced by Indian banking industry in the use of information technology such as security, legal issues, building –up of skilled personnel and educating people about technological banking products. The study concluded that no doubt customers are benefitted by transformation but India is required to address the important issues to get the full benefits of information technology implementation.