{"title":"Impact of information technology on Indian banking sector","authors":"Meenakshi Sharma, Akanksha Choubey","doi":"10.1057/s41264-024-00287-3","DOIUrl":null,"url":null,"abstract":"<p>The banking industry has undergone a transformation because of information technology (IT), which has altered how financial institutions operate, provide services, and engage with their clients. Everyday enhancement in IT and development of digitalisation in banking sector has led researchers to examine the impact of information technology on Indian banking sector and challenges Indian banks face while implementing IT in its services and products. Though the drastic change and development of banking industry through IT cannot be denied, there is still a need to address issues such as consumer’s trust, technical training of employees, connectivity issues in Indian technological infrastructure, and buyer’s awareness to create a more open and secure banking ecosystem. This qualitative research explores the impact of IT on Indian banking sector and analyses the contribution of IT towards the infrastructural development of Indian banks, major challenges faced by Indian banks in changing technological scenario and scope of IT implementation in the Indian banking. The research even analyses the effect of pandemic on banking sector and brings out recent IT trends in banking sector post-pandemic. This research involves both secondary and primary data (collected through exploratory interviews of 40 bankers, including managing directors to branch managers) of 10 public and private banks in India. The findings of the study resulted to facts such as rise in the level of knowledge and awareness amongst consumers post-pandemic, effectiveness of data management, security, safety, and improvement in the service quality as the major impact of information technology in Indian banking sector and digital banking service, artificial intelligence, robotics, blockchain technology, and IT-driven core banking solutions were identified to be the future scope of IT in banking sector.</p>","PeriodicalId":46310,"journal":{"name":"Journal of Financial Services Marketing","volume":null,"pages":null},"PeriodicalIF":2.9000,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Services Marketing","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1057/s41264-024-00287-3","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
The banking industry has undergone a transformation because of information technology (IT), which has altered how financial institutions operate, provide services, and engage with their clients. Everyday enhancement in IT and development of digitalisation in banking sector has led researchers to examine the impact of information technology on Indian banking sector and challenges Indian banks face while implementing IT in its services and products. Though the drastic change and development of banking industry through IT cannot be denied, there is still a need to address issues such as consumer’s trust, technical training of employees, connectivity issues in Indian technological infrastructure, and buyer’s awareness to create a more open and secure banking ecosystem. This qualitative research explores the impact of IT on Indian banking sector and analyses the contribution of IT towards the infrastructural development of Indian banks, major challenges faced by Indian banks in changing technological scenario and scope of IT implementation in the Indian banking. The research even analyses the effect of pandemic on banking sector and brings out recent IT trends in banking sector post-pandemic. This research involves both secondary and primary data (collected through exploratory interviews of 40 bankers, including managing directors to branch managers) of 10 public and private banks in India. The findings of the study resulted to facts such as rise in the level of knowledge and awareness amongst consumers post-pandemic, effectiveness of data management, security, safety, and improvement in the service quality as the major impact of information technology in Indian banking sector and digital banking service, artificial intelligence, robotics, blockchain technology, and IT-driven core banking solutions were identified to be the future scope of IT in banking sector.
期刊介绍:
Under the guidance of its expert Editors and an eminent international Editorial Board, Journal of Financial Services Marketing has become one of the world''s leading forums for the latest thinking, techniques and developments in marketing financial services. The Journal has established itself as a key bridge between applied academic research and commercial best practice, globally.
The journal covers:
marketing banking services, pension plans, insurance, saving schemes, investment finance, personal finance, mortgages and credit and debit cards
loyalty plans
brand management
cross-selling products and services
customer relationship management
online services
customer profiling
targeting
product positioning
pricing
distribution management
consumer finance
pooled investment funds
The Journal of Financial Services Marketing publishes detailed and authoritative:
Case studies from marketers worldwide, detailing their practical experiences, the problems faced and the lessons learned
Research with IMPLICATIONS FOR PRACTICE from leading business schools, research institutes and universities, worldwide
Reviews and briefings by expert practitioners and academics sharing thought-provoking and challenging ideas
Legal reviews examining in detail the major changes in legislation
Book reviews providing a ''thumbnail'' of best practice in marketing within the financial services field
...to keep subscribers up-to-date with the latest developments and thinking in bank and financial services marketing.