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2012•SSRN Electronic JournalOpen access

INFORMATION TECHNOLOGY IN BANKING SECTOR

Rajesh Tiwari, Rakesh Kumar

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Abstract

Electronic banking is generally an extension of traditional banking, using the internet as an electric delivery channel for banking products and services. The banking today is redefined and re-engineered with the use of IT and it is sure that the future of banking will offer more sophisticated services to customers with the continuous product and process innovations. Thus there is a paradigm shift from seller‟s market to buyer‟s market. So banks also change their approach from “Conventional Banking to Convenience Banking” and “Mass banking to Class Banking”. The study examines various relevant issues relating to role of IT in banking and recommends to ensure privacy and confidentiality of data‟s, implement IT and other Cyber laws properly. This will ensure the developmental role of IT in the banking industry.

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What this paper is about

Electronic banking is generally an extension of traditional banking, using the internet as an electric delivery channel for banking products and services. The banking today is redefined and re-engineered with the use of IT and it is sure that the future of banking will offer more sophisticated services to customers with the continuous product and process innovations. Thus there is a paradigm shift from seller‟s market to buyer‟s market. So banks also change their approach from “Conventional Banking to Convenience Banking” and “Mass banking to Class Banking”. The study examines various relevant issues relating to role of IT in banking and recommends to ensure privacy and confidentiality of data‟s, implement IT and other Cyber laws properly. This will ensure the developmental role of IT in the banking industry.

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Available abstract

Electronic banking is generally an extension of traditional banking, using the internet as an electric delivery channel for banking products and services. The banking today is redefined and re-engineered with the use of IT and it is sure that the future of banking will offer more sophisticated services to customers with the continuous product and process innovations. Thus there is a paradigm shift from seller‟s market to buyer‟s market. So banks also change their approach from “Conventional Banking to Convenience Banking” and “Mass banking to Class Banking”. The study examines various relevant issues relating to role of IT in banking and recommends to ensure privacy and confidentiality of data‟s, implement IT and other Cyber laws properly. This will ensure the developmental role of IT in the banking industry.

Key concepts: Electronic banking, Retail banking, Business, Confidentiality, Telephone banking, Commerce, The Internet, Product (mathematics)

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