E-Banking: Technology for Cashless Society- A Study on Indian Banking Industry

At the present time, all over the world economy is influence with the rapid advancement in the field of Information Technology. In this modern age of technology, Information Technology is at the heart of today business. Presently, a customer is preferring self-service outlets and customers are looking towards alternate delivery channels and moving away from branch banking. The recent transformation in banking system helps to keep pace with a globally changing environment. Because of the environment changing in banks are challenging to achieve customer loyalty and for this reason, the banks are effective in introducing better performance and innovative services. The system of banking is shifting from traditional banking to electronic banking for better services. On this situation, an emergence of Electronic banking (E-banking) delivers an excellent opportunity for efficient services and promotes competitiveness to reach consumer demands through the progress in banking operation and routes to reduce overall banking expenses. In India, the banks are significantly gain from the Information technology revolution and it enabled to develop a complicated product, improved market infrastructure, implementation of suitable techniques for risk control. This paper studied the technology advancement in the Indian banking industry and views the existing operation of E-banking services.The study results exposed that Mobile banking and Internet banking are the most widely accepted and highly used delivery channel. The study seems that E-banking has good prospects for the banking industry.