Effect of Technology in Shaping the Indian Banking Sector

Abstract

Technology by far has one of the most profound impacts on development of human lives. Banking industry is growing rapidly with the use of various technologies like ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic cards are some of the banking products that cater to the needs of the retail segment and have seen its number grow exponentially in recent years. Researchers have tried to analyse the said impact it has had. The expectation was that an increase in adoption of technology led to an increase in GDP, either because of the convenience of cashless modes of payment or volume of withdrawals/deposits at ATMs and many more.