Impact of information technology on Indian banking sector

IF 2.9 Q2 BUSINESS
Meenakshi Sharma, Akanksha Choubey
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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.

Abstract Image

信息技术对印度银行业的影响
由于信息技术(IT)的发展,银行业经历了一场变革,它改变了金融机构的运营方式、提供服务的方式以及与客户接触的方式。信息技术的日新月异和银行业的数字化发展促使研究人员开始研究信息技术对印度银行业的影响,以及印度银行在服务和产品中实施信息技术时面临的挑战。尽管不可否认信息技术给银行业带来了巨大的变化和发展,但仍需要解决消费者的信任、员工的技术培训、印度技术基础设施的连接问题以及购买者的意识等问题,以创建一个更加开放和安全的银行生态系统。这项定性研究探讨了信息技术对印度银行业的影响,分析了信息技术对印度银行基础设施发展的贡献、印度银行在不断变化的技术环境中面临的主要挑战以及印度银行业实施信息技术的范围。研究还分析了大流行病对银行业的影响,并提出了大流行病后银行业的最新信息技术趋势。本研究涉及二级数据和一级数据(通过对印度 10 家公共银行和私人银行的 40 名银行家(包括总经理和分行经理)进行探索性访谈收集)。研究结果表明,大流行后消费者知识和意识水平的提高、数据管理的有效性、安全性和服务质量的改善是信息技术对印度银行业的主要影响,数字银行服务、人工智能、机器人技术、区块链技术和信息技术驱动的核心银行解决方案被认为是信息技术在银行业的未来发展方向。
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来源期刊
CiteScore
5.60
自引率
26.70%
发文量
61
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.
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