TECHNOLOGICAL ENVIRONMENT OF BANKING SECTOR

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The latest development in technological in computer and telecommunication have encouraged the bankers to changes the concept of branch banking to anywhere to anywhere banking. The use of ATM and internet banking have allowed anytime anywhere banking facilities. Simple quires are now answered by automatic voice recorders, currency accounting machines; self service counters are now encouraged. Credit card facility has encouraged an era of cashless society. Today master card and visa card are the two most popular cards used world over. The banks have now started issuing smartcards or debit cards to be used for making payments. These are also called as electronic purse. Some of the banks have also started home banking through telecommunication facilities and computer technology by using terminals installed at customers home and they can make the balance inquiry, get the statement of accounts, give instructions for fund transfers, etc…through ECS we can receive the dividends and interest directly to our account avoiding the delay or chance of loosing the post.

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