Information Technology (IT) has transformed the way the banks do business. Banks are leveraging on technology not only to cut cost but also to reduce the transaction time and improve overall efficiency. No bank, – no matter, the location or scale – can ignore technology. It has become inevitable for survival of any bank. Apparently, the application of IT in banks has transformed the traditional banking industry, from being a highly protected governmental agency with a limited scope of activities in the defined territorial boundaries, into an independent and open industry, providing a wide range of financial and banking services in a competitive environment on a global scale. The concepts of face-to-face banking and branch banking have given way to the new age concepts like core banking, remote banking, electronic banking, tele banking, mobile banking, global/international banking, anywhere banking, virtual banking, electronic fund transfers and so on, thanks to the IT revolution. Further, IT has also enabled the banks to offer wide portfolio of banking and financial services, ranging from loans and deposits to investment advice, portfolio management, investment banking, foreign exchange banking, wealth management, insurance and so on, using several alternative channels of servicing the customers across the globe. This book provides insights into the role of IT in the banking sector, while, at the same time, covering the various manifestations of technology in banking. The book also covers the emerging trends, issues and challenges posed by IT in the banking sector.
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