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 International Journal Of Business Management
Available at www.ijbm.co.in
ISSN NO. 2349-3402
VOL. 2(2),2015

Emerging Role of Technology in Indian Banking Sector: A Phase of Digitalization in the Sector

Jagteshwar Singh Kohli1

Abstract: The economic reforms initiated by the Government of India about two decades ago
have changed the landscape of several sectors of the Indian economy. The Indian banking
sector is no exception. This sector is going through major changes as a consequence of
economic reforms. The role of banking industry is very important as one of the leading and
mostly essential service sector. India is the largest economy in the world having more than
120 crore population. Today in India the service sector is contributing half of the Indian GDP
and the banking is most popular service sector in India. The significant role of banking
industry is essential to speed up the social economic development. Banks plays an important
role in the economic development of developing countries. Economic development involves
investment in various sectors of the economy. The economic reforms have also generated
new and powerful customers (huge Indian middle class) and new mix of players (public
sector units, private banks, and foreign banks). The emerging competition has generated new
expectations from the existing and the new customers. There is an urgent need to introduce
new products. Existing products need to be delivered in an innovative and cost-effective way
by taking full advantage of emerging technologies. The biggest opportunity for the Indian
banking system today is the Indian consumer. Demographic shifts in terms of income levels
and cultural shifts in terms of lifestyle aspirations are changing the profile of the Indian
consumer. The Indian consumer now seeks to fulfill his lifestyle aspirations at a younger age
with an optimal combination of equity and debt to finance consumption and asset creation.
This is leading to a growing demand for competitive, sophisticated retail banking services.
This paper explains the changing banking scenario, the impact of economic reforms and
analyses the challenges and opportunities of national and commercial banks.

Keywords: E-Banking, Customer Retention, Economic Reforms, Information Technology,

lifestyle, GDP, CRM

1. Junior Research Fellow, School Of Management Studies, Punjabi University, Patiala

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Introduction

India is one of the top 10 economies in the world, where the banking sector has tremendous
potential to grow. The last decade saw customers embracing ATM, internet and mobile
banking. India‘s banking sector is currently valued at Rs. 81 trillion (US$ 1.31 trillion). It has
the potential to become the fifth largest banking industry in the world by 2020 and the third
largest by 2025, according to an industry report. The face of Indian banking has changed over
the years. Banks are now reaching out to the masses with technology to facilitate greater ease
of communication, and transactions are carried out through the Internet and mobile devices.
A bank is a financial institution that provides banking and other financial services to their
customers. A bank is generally understood as an institution which provides fundamental
banking services such as accepting deposits and providing loans. There are also nonbanking
institutions that provide certain banking services without meeting the legal definition of a
bank. Banks are a subset of the financial services industry. A banking system also referred as
a system provided by the bank which offers cash management services for customers,
reporting the transactions of their accounts and portfolios, throughout the day. The banking
system in India should not only be hassle free but it should be able to meet the new
challenges posed by the technology and any other external and internal factors. For the past
three decades, India‘s banking system has several outstanding achievements to its credit. The
Banks are the main participants of the financial system in India. The Banking sector offers
several facilities and opportunities to their customers. All the banks safeguards the money
and valuables and provide loans, credit, and payment services, such as checking accounts,
money orders, and cashier‘s cheques. The banks also offer investment and insurance
products. As a variety of models for cooperation and integration among finance industries
have emerged, some of the traditional distinctions between banks, insurance companies, and
securities firms have diminished. In spite of these changes, banks continue to maintain and
perform their primary role—accepting deposits and lending funds from these deposits. Before
the establishment of banks, the financial activities were handled by money lenders and
individuals. At that time the interest rates were very high. Again there were no security of
public savings and no uniformity regarding loans. So as to overcome such problems the
organized banking sector was established, which was fully regulated by the government. The
organized banking sector works within the financial system to provide loans, accept deposits
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and provide other services to their customers. The following functions of the bank explain the
need of the bank and its importance:

 To provide the security to the savings of customers.

 To control the supply of money and credit
 To encourage public confidence in the working of the financial system, increase
savings speedily and efficiently.
 To avoid focus of financial powers in the hands of a few individuals and institutions.
 To set equal norms and conditions (i.e. rate of interest, period of lending etc.) to all
types of Customers.

Objectives of the Study:

The objective of this paper is to explain the changing banking scenario, to analyze the impact
of liberalization, privatization & globalization and to study the challenges and opportunities
of national and commercial banks in changing banking scenario. In addition to this, an
attempt is made to understand the significance of banks in India.

Literature Review:

The following studies on Information technology in banking sector, related directly or

indirectly have been reviewed in this chapter. Dr. Satish Tanaji Bhosale, Dr. B.S Sawant,
“Technological Developments in Indian Banking Sector” : This paper talks about the role of
banking sector in the development of Indian Economy. So banks need to optionally leverage
technology to increase penetration, improve their productivity and efficiency, deliver cost
effective products and services, provide faster. Efficient and convenient customer service and
thereby, contribute to overall growth and development of the country. It highlights that
technology allows transactions to take place faster and offer unparallel convenience through
various delivery channels. This paper also talks about various technologies like MICR,
Cheque transaction system, RTGS, NEFT etc. Dr. V.S Mangnale, Ms. J.V Chavan, Mr. A.D
Randive, “ E-CRM in Indian Banking Sector, Golden Research Thoughts : This paper
highlights that technology, people and customer are the three elements on which hinges the
success of banking in the fast changing economic environment. The ultimate performance of
a bank depends upon the satisfaction of its customers. In the emerging competitive and
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technological driven era, banks have to strive hard for retaining and enlarging their customer
base. E-CRM is the latest buzzword in the corporate sector and is perceived as one of the
effective tool in this direction by banks. This paper analyzes the concept of e-CRM in Indian
banks from its various dimensions covering specifically its need, process, present status and
future prospects. KPMG, “Technology enabled transformation in Banking”, The Economic
Times Banking Technology, Conclave 2011: The article has concluded that Information
technology in banking is fast evolving. From enabling banking services to driving
transformation in the industry, Information technology holds a promise to change the face of
banking in the next few years. New entrants are looking to leverage their existing strengths in
the Indian banking arena. The opportunity available to these entrants through leveraging their
understanding of technologies and markets they operate in, promises innovative business
models with a focus on delivering customer value. The pace of change aided by regulatory
directions will push banks to direct their strategies to a customer centric focus over the next
four years.

Methodology:

This paper is the outcome of a secondary data on Indian Banking Sector with special
reference to Indian context. To complete this, annual reports, various books, journals and
periodicals have been consulted, several reports on this particular area have been considered,
and internet searching has also been done.

Evolution of Indian Banking Sector:

The first bank in India, called The General Bank of India was established in the year 1786.
The East India Company established The Bank of Bengal/Calcutta (1809), Bank of Bombay
(1840) and Bank of Madras (1843). The next bank was Bank of Hindustan which was
established in 1870. These three individual units (Bank of Calcutta, Bank of Bombay, and
Bank of Madras) were called as Presidency Banks. Allahabad Bank which was established in
1865, was for the first time completely run by Indians. Punjab National Bank Ltd. was set up
in 1894 with headquarters at Lahore. Between 1906 and 1913, Bank of India, Central Bank of
India, Bank of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up. In 1921,
all presidency banks were amalgamated to 22 forms the Imperial Bank of India which was
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run by European Shareholders. After that the Reserve Bank of India was established in April
1935. At the time of first phase the growth of banking sector was very slow. Between 1913
and 1948 there were approximately 1100 small banks in India. To streamline the functioning
and activities of commercial banks, the Government of India came up with the Banking
Companies Act, 1949 which was later changed to Banking Regulation Act 1949 as per
amending Act of 1965 (Act No.23 of 1965). Reserve Bank of India was vested with extensive
powers for the supervision of banking in India as a Central Banking Authority. After
independence, Government has taken most important steps in regard of Indian Banking
Sector reforms. In 1955, the Imperial Bank of India was nationalized and was given the name
"State Bank of India", to act as the principal agent of RBI and to handle banking transactions
all over the country. It was established under State Bank of India Act, 1955. Seven banks
forming subsidiary of State Bank of India was nationalized in 1960. On 19th July, 1969,
major process of nationalization was carried out. At the same time 14 major Indian
commercial banks of the country were nationalized. In 1980, another six banks were
nationalized, and thus raising the number of nationalized banks to 20. Seven more banks were
nationalized with deposits over 200 crores. Till the year 1980 approximately 80% of the
banking segment in India was under government‘s ownership. On the suggestions of
Narsimhan Committee, the Banking Regulation Act was amended in 1993 and thus the gates
for the new private sector banks were opened.

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2000 Onwards

1956- 2000
• Number of banks
increased to 27 public
• Nationalisation of 14 sector banks, 22
1936- 1955 private sector banks
large commercial
banks in 1969 and 6 and 41 foreign banks
more banks in 1980 • Advent of mobile
• Imperial Bank
expanded its network • Entry of private and internet banking
1935 to 480 branches players such as ICICI • Growing FDI in the
intensifying the Indian banking sector
• In order to increase competition
• RBI was penetration in rural
established as the areas, Imperial Bank • Gradual technology
central bank of was converted into upgradation in PSU
country State Bank of India banks
1921
• Quasi central
banking role of
• Closed market
Imperial Bank came
• State-owned to an end
Imperial Bank of
India was the
only bank
existing

Source: Indian Bank’s Association, Aranca Research, BMI

The following are the major steps taken by the Government of India to Regulate Banking
institutions in the country:-
1949: Enactment of Banking Regulation Act.
1955: Nationalization of State Bank of India.
1959: Nationalization of SBI subsidiaries.
1961: Insurance cover extended to deposits.
1969: Nationalization of 14 major Banks.
1971: Creation of credit guarantee corporation.
1975: Creation of regional rural banks.

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1980: Nationalization of seven banks with deposits over 200 Crores.

Technological Developments in Banks

Developments in the field of information technology strongly support the growth and
inclusiveness of the banking sector by facilitating inclusive economic growth. IT improves
the front end operations with back end operations and helps in bringing down the transaction
costs for the customers. The important events in the field of IT in the banking sector in India
are:
 Arrival of card-based payments- Debit/ Credit card in late 1980s and 90s.
 Introduction of Electronic Clearing Services (ECS) in late 1990s.
 Introduction of Electronic Fund Transfer (EFT) in early 2000s.
 Introduction of RTGS in March 2004.
 Introduction of National Electronic Fund Transfer (NEFT) as a replacement to
Electronic Fund Transfer/Special Electronic Fund Transfer in 2005/2006.
 CTS in 2007.
Emerging Trends in Banking Technology
 Financial Inclusion
 Mobile Banking
 Electronic Payments
 CRM Initiatives
 IT Implementation and Management
 IT for Internal Effectiveness
 Managing IT Risk
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 IT for business innovation

Challenges and Opportunities

The Indian banking sector continues to face some structural challenges. We have a relatively
large number of banks, some of which are sub-optimal in size and scale of operations. On the
regulatory front, alignment with global developments in banking supervision is a focus area
for both regulators and banks. The new international capital norms require a high level of
sophistication in risk management, information systems, and technology which would pose a
challenge for many participants in the Indian banking sector. The deep and often painful
process of restructuring in the Indian economy and Indian industry has resulted in asset
quality issues for the banking sector; while significant progress is being made in this area, a
great deal of work towards resolution of these legacy issues still needs to be done. The Indian
banking sector is thus at an exciting point in its evolution. The opportunities are immense – to
enter new businesses and new markets, to develop new ways of working, to improve
efficiency, and to deliver higher levels of customer service. The process of change and
restructuring that must be undergone to capitalize on these opportunities poses a challenge for
many banks. The Indian banking sector is faced with multiple and concurrent challenges such
as increased competition, rising customer expectations, and diminishing customer loyalty.
The banking industry is also changing at a phenomenal speed. While at the one end, we have
millions of savers and investors who still do not use a bank, another segment continues to
bank with a physical branch and at the other end of the spectrum, the customers are becoming
familiar with ATMs, e-banking, and cashless economy. This shows the immense potential
for market expansion. The exponential growth for the industry comes from being able to
handle as wide a range of this spectrum as possible. In this complex and fast changing

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environment, the only sustainable competitive advantage is to give the customer an optimum
blend of technology and traditional service. As banks develop their strategies for giving
customers access to their accounts through various advanced services like e banking, mobile
banking and net banking, they should also regard this emerging platform as a potential
catalyst for generating operational efficiencies and as a vehicle for new revenue sources.
Banking industry‘s opportunities includes:
 A growing economy
 Banking deregulation
 Increased client borrowing
 An increase in the number of banks
 An increase in the money supply
 Low government-set credit rates and
Larger customer checking account balances. Developing countries like India, has a huge
number of people who don‘t have access to banking services due to scattered and fragmented
locations. But if we talk about those people who are availing banking services, their
expectations are raising as the level of services are increasing due to the emergence of
Information Technology and immense competition between the services and products
provided by different banks. Since, foreign banks are playing in Indian market, the number
of services of offered has increased and banks have laid emphasis on meeting the customer
expectations. India's banking sector has made rapid strides in reforming and aligning itself to
the new competitive business environment. The major challenges faced by banks today are as
to how to cope with competitive forces and strengthen their balance sheet. Today, banks are
groaning with burden of NPA‘s. It is rightly felt that these contaminated debts, if not
recovered, will eat into the very vitals of the banks.

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Indian Consumer
The biggest opportunity for the Indian banking system today is the Indian consumer.
Demographic shifts in terms of income levels and cultural shifts in terms of lifestyle
aspirations are changing the profile of the Indian consumer. This is and will be a key driver of
economic growth going forward. The Indian consumer now seeks to fulfill his lifestyle
aspirations at a younger age with an optimal combination of equity and debt to finance
consumption and asset creation. This is leading to a growing demand for competitive,
sophisticated retail banking services. The consumer represents a market for a wide range of
products and services – he needs a mortgage to finance his house; an auto loan for his car; a
credit card for on-going purchases; a bank account; a long-term investment plan to finance
his child‘s higher education; a pension plan for his retirement; a life insurance policy – the
possibilities are endless. And, this consumer does not live just in India‘s top ten cities. He is
present across cities, towns, and villages as improving communications increases awareness
even in small towns and rural areas. Consumer goods companies are already tapping this
potential – it is for the banks to make the most of the opportunity to deliver solutions to this
market.
Revolution of Information Technology
Technology is the key to servicing all customer segments – offering convenience to the retail
customer and operating efficiencies to corporate and government clients. The increasing
sophistication, flexibility, and complexity of product and servicing offerings makes the
effective use of technology critical for managing the risks associated with the business.
Developing or acquiring the right technology, deploying it optimally, and then leveraging it
to the maximum extent is essential to achieve and maintain high service and efficiency
standards while remaining cost-effective and delivering sustainable returns to shareholders.

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Early adopters of technology acquire significant competitive advantage. Managing

technology is, therefore, a key challenge for the Indian banking sector. Wide disparities exist
between various banks as far as technology capabilities are concerned; the sector as a whole
needs to make significant progress on this front.
Banks may have to go for mobile banking services for a cluster of villages. Alternatively,
technological institutions have to come out with low-cost, self-service solutions/ ATMs. The
government and the RBI should actively support such research efforts. Here, it is worthwhile
to mention that the adaptability of the Indian rural population to high-tech devices is one of
the fastest in the world. A wider dissemination of information on technologies and products
to the Indian banking industry by the research institutions could benefit the banking
institutions. This cross-pollination of ideas would mutually enrich the banking and the
technology development processes. The Indian banks are subject to tremendous pressures to
perform as otherwise their very survival would be at stake. The application of IT and e-
banking is becoming the order of the day with the banking system heading towards virtual
banking.
Industrial Development
The developments in Indian industry and government and the integration of India with the
global markets also offer innumerable opportunities to the banking sector. Companies and
governments are increasingly seeking high-quality banking services to improve their own
operating efficiency. Companies seek to offer better customer service and maximize
shareholder returns and governments seek to improve the quality of public services. The
internationalization of India offers banks the opportunity to service cross-border needs of
Indian companies and India-linked needs of multinationals.
Knowledged Society

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Building knowledge-driven, learning organizations is important in the current scenario of

rapidly evolving operating environments. Knowledge and assimilation of new ideas and
trends are essential to keep the organization ahead on the curve. This is true for banking as it
is for all other sectors. Banks must continuously seek to be aware of cutting edge practices in
banking internationally and institutionalize this learning across the organization. This will
prepare them for the future as Indian markets become more sophisticated and integrated into
the global financial markets. Another critical area for the Indian banking sector is people.
The ability to attract and retain talent is a key success factor for a people-oriented business
like banking. Banks have to build organizations that are process driven yet innovative, stable
yet flexible, and responsive to change.
Intense Competition
The RBI and Government of India kept banking industry open for the participants of private
sector banks and foreign banks. The foreign banks were also permitted to set up shop on
India either as branches or as subsidiaries. Due to this lowered entry barriers many new
players have entered the market such as private banks, foreign banks, nonbanking finance
companies, etc. The foreign banks and new private sector banks have spearhead the hi-tech
revolution. For survival and growth in highly competitive environment banks have to follow
the prompt and efficient customer service, which calls for appropriate customer centric
policies and customer friendly procedures.
Employees’ Retention
The banking industry has transformed rapidly in the last ten years, shifting from transactional
and customer service-oriented to an increasingly aggressive environment, where competition
for revenue is on top priority. Long-time banking employees are becoming disenchanted with
the industry and are often resistant to perform up to new expectations. The diminishing

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employee morale results in decreased revenue. Due to the intrinsically close ties between
staff and clients, losing those employees completely can mean the loss of valuable customer
relationships. There tail banking industry is concerned about employee retention from all
levels: from tellers to executives to customer service representatives because competition is
always moving in to hire them away.

Financial Inclusion
Financial inclusion has become a necessity in today‘s business environment. Whatever is
produced by business houses that have to be under the check from various perspectives like
environmental concerns, corporate governance, social and ethical issues. Apart from it to
bridge the gap between rich and poor, the poor people of the country should be given proper
attention to improve their economic condition. In India, RBI has initiated several measures to
achieve greater financial inclusion, such as facilitating no-frills accounts and GCCs for small
deposits and credit.
Rural Market
Banking in India is generally fairly mature in terms of supply, product range and reach, even
though reach in rural India still remains a challenge for the private sector and foreign banks.
In terms of quality of assets and capital adequacy, Indian banks are considered to have clean,
strong and transparent balance sheets relative to other banks in comparable economies in its
region. Consequently, we have seen some examples of inorganic growth strategy adopted by
some nationalized and private sector banks to face upcoming challenges in banking industry
of India. For example recently, ICICI Bank Ltd. merged the Bank of Rajasthan Ltd. in order
to increase its reach in rural market and market share significantly. State Bank of India (SBI),

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the largest public sector bank in India has also adopted the same strategy to retain its position.
It is in the process of acquiring its associates. Recently, SBI has merged State Bank of Indore
in 2010.
High Transaction Costs
A major concern before the banking industry is the high transaction cost of carrying non-
performing assets in their books. The growth led to strains in the operational efficiency of
banks and the accumulation of non-performing assets (NPA‘s) in their loan portfolios.
Social and Ethical Aspects
There are some banks, which proactively undertake the responsibility to bear the social and
ethical aspects of banking. This is a challenge for commercial banks to consider these aspects
in their working. Apart from profit maximization, commercial banks are supposed to support
those organizations, which have some social concerns.
Timely Technological up gradation
Already electronic transfers, clearings, settlements have reduced translation times. To face
competition it is necessary for banks to absorb the technology and upgrade their services.
Global banking
The impact of globalization becomes challenges for the domestic enterprises as they are
bound to compete with global players. If we look at the Indian Banking Industry, then we
find that there are 36 foreign banks operating in India, which becomes a major challenge for
Nationalized and private sector banks.

Conclusion
The pre and post liberalization era has witnessed various environmental changes which
directly affects the aforesaid phenomena. It is evident that post liberalization era has spread

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new colours of growth in India, but simultaneously it has also posed some challenges. This
article discusses the various challenges and opportunities like High transaction costs, IT
revolution, timely technological up-gradation, intense competition, privacy & safety, global
banking, financial inclusion. Banks are striving to combat the competition. The competition
from global banks and technological innovation has compelled the banks to rethink their
policies and strategies. Different products provided by foreign banks to Indian customers
have forced the Indian banks to diversity and upgrade themselves so as to compete and
survive in the market.
The biggest challenge for banking industry is to serve the mass and huge market of India.
Companies have become customer centric than product centric. The better we understand our
customers, the more successful we will be in meeting their needs. In order to mitigate above
mentioned challenges Indian banks must cut their cost of their services. Another aspect to
encounter the challenges is product differentiation. Apart from traditional banking services,
Indian banks must adopt some product innovation so that they can compete in gamut of
competition. Technology up gradation is an inevitable aspect to face challenges. The level of
consumer awareness is significantly higher as compared to previous years. Now-a-days they
need internet banking, mobile banking and ATM services.

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