A CASE STUDY ON

TECHNOLOGICAL DEVELOPMENTS IN BANKS

BY

MEGHNA VALIYAVEETTIL

ROLL NO: 53

SUBMITTED ON: 24TH MAY, 2021

FOR FINAL YEAR OF

MASTER OF COMMERCE (MCOM)

UNDER THE GUIDANCE OF PROFESSOR

DR. LAXMAN BAISANE

THROUGH

MODERN EDUCATION SOCIETY’S

NESS WADIA COLLEGE OF COMMERCE

2020-2021

EMAIL ID: Meghna.valiyaveettil@nesswadiacollege.edu.in

Electronic copy available at: https://ssrn.com/abstract=3863554

ABSTRACT: Technology has enabled transformation in banking. In the
development of Indian Economy, the Banking sector plays a very important and crucial
role. With the use of technology there had been an increase in penetration, productivity
and efficiency. Commercial Banks in India are now becoming a one stop Supermarket.
The focus is shifting from mass banking to class banking with the introduction of value
added and customized products. The bank' s branches are running on the concept of
24 X 7 working, made possible by the use of Tele banking, ATMs, Internet banking,
Mobile banking and E - banking. The large-scale increase in the number of
transactions handled by the banks has enhanced the dependence of the banking
sector on modern technologies including the use of computers. In this regard, this case
study highlights the technological development in the banking sector in India.

Keywords: Information technology, banking sector, NEFT, RTGS.

1. INTRODUCTION:

Banks were visualized as large buildings having different counters for various services.
Even the banking services were also limited. The customers used to visit the branch
of their bank and stand in queues, either to deposit money or to withdraw money.
Another service customers were going to bank for was to get a demand draft. There
were not many financial services available to the customers. Banking hours were
limited and customers had to be physically present at the counter of the branch of the
concerned bank to avail the services. Today, banking and financial services are at the
tip of the fingers. This has been made possible due to technological advancements in
our country.

Indian banking system is consistently moving towards the development of

technological changes and its advantages in banking operations. For the overall
economic growth of the country, technology is considered to be the backbone of the
financial system. Be it a manufacturing sector, education or banking all are growing
under the aid of technology. For making the full usage of technology, banks are heavily
investing in new technological or innovative methods of banking. ATMs, E-banking,
mobile banking, CRM, tele-banking are some of the examples. Electronic banking
services, Indian Financial network (INFINET), Real time gross settlement etc shows

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that RBI has also adopted new technological payment methods on an ongoing basis.
Because of the above-mentioned factors Indian financial system has become more
complex as compared to International Financial system.

Liberalization, Privatization & globalization have changed the picture of Indian

Economy in a different way in the last few Years. Indian banking system is not an
exception left behind. These set reforms have shown or presented numerous
challenges before Indian Banking System to either shake hands with the pace of new
technological methods or leave behind the old traditional system. For a healthy
economic system, it is needed to have a sound and effective banking or financial
system as it is considered to be the backbone of the economy. Indian banking should
not only be hassle free but also meet external or internal factors and new challenges
of technology. However, it is acceptable that only upgrading of technology or
introduction of new innovative products to the banking system will not improve the
state of affairs till the time customers associated with the banks respond positively.
Thus, it becomes necessary for the banks to not only retain old customers but also
add new groups by offering new products and services on time taking into
consideration customer’s preferences, perceptions & convenience.

Indian banking system has seen a number of phases of metamorphosis in which one
was in 1969 when all commercial banks were turned into nationalized banks by our
Prime Minister & Finance Minister- Indira Gandhi. Actual transformation or turnaround
of Indian banking system was started post 1991 economic liberalization when banks
became involved in offering better fare to customers.

TECHNOLOGY IS MAKING THE BANKING INDUSTRY MORE EFFICIENT IN THE

FOLLOWING WAYS:

 The World at your Fingertips

 Less Errors and Better Data Protection
 Better Customer Experience
 Business Intelligence to Drive Profitability

2. TECHNOLOGICAL DEVELOPMENT IN BANKS

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Developments in the field of information technology strongly supports the growth and
inclusiveness of the banking sector by facilitating inclusive economic growth. IT
improves the frontend operations with backend 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.

3. REVIEW OF LITERATURE:

The following studies on Information technology in the banking sector, related directly
or indirectly have been reviewed in this chapter.

1. 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, and 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 unparalleled convenience through various delivery
channels. This paper also talks about various technologies like MICR, Cheque
transaction system, RTGS, NEFT etc.
2. 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

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 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.

3. Approach of RBI towards the Development of Information Technology in

the banking sector India:

Mr. P. Vohra, Chief Technology Officer, ICICI Bank feels that RBI has continued its
efforts for developing a modern and efficient, integrated payment and settlement
system for the banking sector. Initiatives taken by RBI for setting up RTGS will have
far reaching impact.

Mr. V.K. Ramani, President, IT UTI Bank is of the view that the Special Electronic
Funds Transfer opens up a significant business opportunity, large trading and
distribution firms can effectively implement e-procurement systems with settlement of
transactions across the banking system taking place under the SEFT.

Mr. Neeraj B Bhat, Chief Technology Officer, IDBI Bank feels that as such there is
no major shift on the IT front in this year‘s RBI policy. What we see today is the
culmination of the initiatives that were started a few years back. These were in the
areas of moving towards automating interbank payment and settlement systems.

Mr. V. Chandershekher, Chief Technology Officer, Bank of Baroda, Technology

initiatives started off with introduction of PDO-NDS during early 2002. This was
followed by the introduction of CFMS Phase 1. Roll out of RTGS is very important.
RTGS/NEFT addresses the requirement of the customers for moving funds across
bank branches at almost the same cost they pay for the normal remittances facility.
The chain of incidents indicates that the technology focus of RBI is to bring in
technology to minimize systemic risk.

Mrs. S.A. Panse, DGM (IT), Bank of Maharashtra also feels that NSS, coupled with
connecting the service branches of the bank and treasury with RTGS for settlement of
all the transactions on a real time basis, would have an impact on the FLOAT funds.

Electronic copy available at: https://ssrn.com/abstract=3863554

It would be imperative on each bank‘s part to establish a full fledged costing
department (if not done already) and rework the service charges structure.

4. SIGNIFICANCE OF THE STUDY:

The use of Information Technology in all spheres of financial and banking sectors is a
deep reality. The sector has enabled the banking sector to go beyond its traditional
role and is now playing an increasingly important role in its key areas of operation as
securitization, risks preference and liquidity among others to which IT helps in a big
way. It has assumed such high levels that it is no longer possible for banks to manage
their IT implementations on a standalone basis. With I.T. revolution, banks are
increasingly interconnecting their computer systems not only across branches in a city
but also to other geographic locations with high-speed network infrastructure and
setting up local areas and networks are now exposed to a growing number. The
customers have high expectations and have become more demanding now as they
are also more techno-savvy as compared to their counterparts of the yesteryears.

They demand instant, anything and anywhere banking facilities. Though Reserve
Bank of India has formulated many policies on adoption of I.T. in the overall working
of the commercial banks in India, yet there is an urgent need to address the issues
involved in this respect to compete with the banks at international level. As such there
is a great need to focus more on this aspect. The present study helps a lot in this
regard.

5. OBJECTIVES OF THE STUDY:

The study has following objectives:

⮚ To study the role of technology in banks.

⮚ To analyse the banking innovations after the computerisation of banks in India.
⮚ To study the technological developments in the banking sector.

6. RESEARCH METHODOLOGY:

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The present study is based on the secondary data collected from Research Articles,
Research Journals, RBI Report, and Internet. Various studies on this subject have also
been referred to in this study.

7. HYPOTHESIS:
⮚ Technology has a positive impact on the development of banks.
⮚ Technology has enabled transformation in banking.

8. POSITIVE IMPACT OF TECHNOLOGY ON BANKING SECTOR:

Whenever the impact of technology on banking and financial services needs to be

discussed,it can be broadly divided into two categories, its impact on the bank and
financial services provider and its impact on customers. From the viewpoint of the bank
it would be operational aspects and from the view point of customers it would be
services and satisfaction. From the side of bank as well as customers, following
improvements can be considered as the positive impact of technology on banking and
financial services sector

AUTOMATION OF BANKING OPERATIONS:

The very first change was seen with the computerization of the banking and financial
services industry. With this the operations of this industry were automated and the
manual procedures got reduced. This resulted in savings of resources, in terms of time
and money. It also helped in reducing per transaction cost of many operations. Another
major positive change was the development of a single window for all banking
services. The computerization of banking industry made it possible.The
banking procedures got faster and there was saving of time.

24 X 7 BANKING HOURS:

The shift from limited hour branch banking to 24 hour banking became possible due
to the introduction of Automated Teller Machine (ATM), Cash Deposit Machine (CDM),
Multi-tasking Banking Kiosk (MBK) etc. All these mechanical facilities helped the
banking industry to work on a 24 X 7 basis as no banking staff is required to operate
these machines and customers themselves operate these machines, to receive the
specific banking service. The customer got rid of counter based services and now
could enjoy banking services at any hour of the day, as per his convenience.

Electronic copy available at: https://ssrn.com/abstract=3863554

CORE BANKING SOLUTION (CBS):

Core Banking Solution (CBS) is centralized Banking Application software. It has

several components which have been designed to meet the demands of the banking
industry. Core Banking Solution is supported by advanced technology infrastructure.
It has high standards of business functionality. It has high standards of business
functionality. CORE stands for ‘Centralized Online Real-Time Exchange’. In this
system the branches of the banks can access data from the centralized system and
hence the customers can avail the services irrespective of their bank branches. CBS
has helped the banks as well as customers to achieve efficiency and accessibility.

ELECTRONIC PAYMENT:

Facilities like National Electronic Fund Transfer, real-time Gross Settlement and IMPS
have been made possible through the use of CBS. These services are the methods to
transfer money from one party to another party. There is minimum use of cheques and
demand draft these days as online money transfer facilities are more convenient and
faster.

(i) National Electronic fundTransfer (NEFT):

It is a nation-wide payment system facilitating one-to-one funds transfer. Under this

Scheme, individuals, firms and corporations can electronically transfer funds from
any bank branch to any individual, firm or corporate having an account with any
other bank branch in the country participating in the Scheme. For being part of the
NEFT funds transfer network, a bank branch has to be NEFT- enabled.

(ii) Real Time Gross Settlement (RTGS)

The acronym “RTGS” stands for Real Time Gross Settlement. RTGS system is a
funds transfer mechanism where transfer of money takes place from one bank to
another on a “real time” and on “gross”basis. This is the fastest possible money
transfer system through the banking channel. Settlement in “real time” means
payment transactions are not subjected to any waiting period. The transactions are
settled as soon as they are processed.

“Gross settlement” means the transaction is settled on one to one basis without
bunching with any other transaction. Considering that money transfer takes place

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 in the books of the Reserve Bank of India, the payment is taken as final and
irrevocable. RTGS volume crossed 0.3 million transactions twice during March
2012 and the necessary resource augmentation was undertaken to handle the high
transaction volumes. In view of the increasing volumes, as also other business
requirements, the Reserve Bank is in the process of replacing the existing RTGS
with NG-RTGS, which provides more functions and facilities. The NG-RTGS is
expected to adopt the emerging messaging standards.

(iii) INTERBANK MOBILE PAYMENT SYSTEM (IMPS):

IMPS, an instant 24X7 mobile payment system launched in 2010 by NPCI, is an

interbank electronic fund transfer service through mobile phones. IMPS facilitates
customers to use mobile instruments as a channel for accessing their bank accounts
and carry out interbank fund transfers in a secured manner with immediate
confirmation features. This facility is provided by NPCI through its existing NFS switch.

SWIFT:

Transfer funds internationally with the SWIFT system. Behind most international
money and security transfers is the Society for Worldwide Interbank Financial
Telecommunications (SWIFT) system. SWIFT is a vast messaging network used by
banks and other financial institutions to quickly, accurately, and securely send and
receive information, such as money transfer instructions. SWIFT works by assigning
each member institution a unique ID code that identifies not only the bank name but
country, city, and branch.

E-BANKING/ INTERNET BANKING:

Development of the internet and World Wide Web gave way to internet banking.
Internet banking, also known as online banking or e-banking or Net Banking is a facility
offered by banks and financial institutions that allow customers to use banking services
over the internet. This facility permits registered customers of the bank to perform
banking operations at any time of the day from any computer - now it may also be
possible to do it from a cell phone.

The followings are the advantages of Internet Banking:

(i). Advantages to customers:

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 Banking from your desk:- with e-banking services, one can actually carry out a
number of transactions sitting on one‘s seat with just a few clicks. Net banking
customers view their account balance and also open fixed deposits, transfer funds,
pay electricity, telephone or mobile phones bills and much more.

 Instant information: The accounts of the customers are updated as soon as the
transaction takes place i.e., the accounts show the information updated to the last
second. This means if a cheque issued by you has been debited from your account in
the morning, your account status will reflect this when you log in to your accounts in
the afternoon as against the earlier updating at the end of the day.

(ii) Advantages to the banks: Lesser personnel required: online banking has
encouraged a chunk of people, though a smaller one to carry out most of their
transactions from a distance. This has resulted in lesser pressure on the employees
in terms of entertaining customers. Easy publicity: banks can easily pass on the
information about their new avenues/schemes without any wastage of time.
Customers interested in the schemes would revert back and can be attended to later.

ENHANCED GEOGRAPHICAL REACH:

Technology has enabled the banking and financial services industry to

flourish beyond geographical boundaries. There is no need for the banks to now
establish a branch everywhere as the customer can access the banking services
through internet or mobile.

PHONE BANKING/ MOBILE BANKING:

Increasing use of smartphones in our country has made it possible that customers can
access banking services using their mobile phone. This facility has eliminated the need
of a desktop or laptop also, for accessing the baking services. Phone banking has
made the banking and financial services accessible through landline phone
or simple mobile phone by calling the branch of the concerned bank. Trading of
instruments can also be done in the same manner. There are around 800 million
mobile users in India which are bound to increase and thus the utility of apps of banks
and financial institutions will also increase.

E-MONEY/ E-WALLETS:

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Use of technology has introduced newer financial services in the Indian economy. One
such service is e-money and e-wallets. Using e-wallet does not require physical
currency. This automatically reduces the requirement related to physical currency and
ultimately results in saving of national resources.

GROWTH OF ATMS IN INDIA:

An ATM is an electronic machine operated by the customer himself to make deposits,

withdrawals and other financial transactions. It is a step towards improvement in
customer service. ATM facility is available to customers 24 hours a day. ATMs have
given an edge to banks and financial institutions in efficiently carrying out their
operations.

Even through ATM originally developed for cash dispenses, now it includes many
other bank related functions such as- cash withdrawal, paying routing bills fees and
taxes, printing bank statements, funds transfers, purchasing online products, train
tickets reservations, products from shopping mall, donations and charities, adding
prepaid cell phone/mobile phone credit, advertising channels for own or third party
products and services and payment of insurance premiums.

PAYMENT SYSTEMS BY RBI:

Inter-bank Clearing System, High Value Clearing System, MICR Clearing System,
Government Securities Clearing System and Real Time Gross Settlement System.

IMPROVED COMMUNICATION:

With the advent of technology in the banking and financial services sector, it has
become possible for the bank to share information of each and every transaction
with the customer, electronically. A system generated SMS and email is sent to the
customer as soon as the transaction takes place. There is no need to maintain a pass
book, these days. Marketing and advertising is also being done through SMS and
emails, by the banks and other financial institutions.

NEWER PRODUCTS:

With the development of technology, newer financial products have hit the market.
Loan products have gained popularity in recent years. Many types of loans have been
introduced in the market, as per the requirement of the customers. The customers

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were never offered consumer loans before the advent of technology in the financial
services sector. An example of such a new product is bancassurance. Bancassurance
is selling insurance through banks. This way, the bank's already existing large
customer network is used for selling insurance.

NEW MOBILE APPLICATIONS:

There is introduction of new mobile apps to take advantage of technology and to

access receipt and payment services of the banks and other financial institutions.

For example: BHIM, Phonepe, Google pay, Paytm, Jio pay.

DEMATERIALIZATION OF PHYSICAL DOCUMENTS:

Technology has made it possible to dematerialize the documents like shares,

debentures etc. This means that now there is no need to carry documents physically.
No need for companies to mail the documents as shares and other instruments can
be virtually stored in the holder’s account. Dematerialization has also pumped the
trading of equity shares, mutual fund units and other such tradable instruments.

ONLINE TRADING:

It is because of technology only that the online trading of shares and other such
instruments is possible today. Previously, trading of such instruments was to be
done physically only and it was not an easy task. Moreover, common man could not
participate in it due to lack of expertise. Today, the scenario has changed. Anyone can
trade in these instruments after getting a little bit of training. This technological
innovation has given a boost to the investment in shares and other such instruments.

TRADING IN FACTION:

Previously, the trading of instruments was done in whole numbers only but with the
dematerialization it is possible to trade in fractions now. This has encouraged trading
in those instruments which have higher market price which was not possible
previously.

INSTANT TRANSFER:

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In past days, the transfer of ownership after the transaction was a time taking task but
with the introduction of technology, the transfer has become instant from the account
of the seller to the account of the buyer.

ENHANCED ACCESSIBILITY:

Another positive impact of technology on the banking and financial services sector is
that various banking and financial products are now in easy reach of the customers
which was not like this, in the traditional system. Technology has made the procedures
simple and various investigations related to the customers can now be done online.
For example, each customer can be verified as peer his CIBIL score, which is
available online.

INCREASED CUSTOMER DATABASE:

Technology has helped the banks and financial institutions to increase their
customer base manifold. In the
case of providing services to the customers physically, the number of customers that
can be served is limited but in the case of providing banking services on an
online basis the number of customers can be unlimited or at least the number
is far more than the number in case of branch services. With companies managing the
database of customers,cross selling is also being done now.

DECREASED SERVICE TIME PER CUSTOMER:

Using technology in banking and financial services has actually decreased the service
time per customer. Availing banking services online is in fact more customer oriented
and the activities are time bound otherwise the account gets signed out due to security
reasons. This way the transaction time per customer is reduced substantially.

EASE IN USE OF CARDS:

With the technological advancements, there is a surge in use of cards like debit cards,
credit cards, EMI cards etc. It is the ease of use of these cards that has encouraged
the customers to use these cards more frequently. Cash requirement is drastically
reduced if the payment for different utilities is done using cards.

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 9. TECHNOLOGICAL ADVANCEMENT IN BANKING SERVICES
ACCESSIBLE AREAS:

Generally day to day activities in every human being in the field of technological
advanced banking services gadgets especially:

⮚ Hospitals
⮚ Supermarkets
⮚ Merchants
⮚ Petty shops
⮚ Vegetable shops
⮚ Service Sectors

10. BOTTLENECKS OF TECHNOLOGICAL ADVANCEMENT:

⮚ Operational instructions training never given by the bankers every time.
⮚ Non-Literate peoples never accept this type of services.
⮚ Psychological mind set.
⮚ If a problem happens in outdoor ATM’s and other accessible points, who is
responsible to rectify immediately?
⮚ It creates an opportunity to hack our activities.
⮚ Problem of understanding the concepts.

11. TECHNOLOGICAL TRENDS:

To stay in business, banks have to adapt and respond quickly to new innovations.

Key technologies that can have the greatest impact on evolution of banking services
and distribution channels are:

⮚ Mobile technologies: They form the fastest growing distribution channel

and allow to offer new services – e.g. mobile payments.
⮚ Electronic money
⮚ Biometrics: It is a group of methods widely used for authentication, to
confirm the identity (equivalent of Personal Identification Number) or
identification (equivalent of login).
⮚ Cloud computing.

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 ⮚ Big Data – analyzing huge data repositories to discover new useful
knowledge. It is a technology that allows better understanding of the cus-
tomer behavior, anticipating customer’s needs and offering better suited
methods of communication.
⮚ Behavioral Systems - examining customer behavior, including location
data, transaction characteristics.
⮚ Social media – can be used as a new channel of communication with cus-
tomers but also as a new distribution channel. As an example a social
payment can be mentioned. In this solution a social media portal becomes a
place where we can send or receive a payment.
⮚ Geomarketing - it is the use of geographical parameters to carry out
market-ing campaigns. In banking practice it is used to decide on the
location of the banking infrastructure (like bank branches, terminals,
POS), to adjust marketing efforts to target groups residing in the area.

12. FINDINGS:

According to the study it was found that technology has paved a huge way for the
banking sector. Banking sector in India has seen a number of changes in the last few
years. Many banks have begun to take an innovative approach towards banking with
an objective to satisfy their customers by offering new technological & innovative
products time to time which in turn will add value to customers. Information technology
plays a very vital role in turning around the picture and growth of Indian banking
system. New innovations in product designing and their delivery in banking and
finance industries are the result of it. Information technology has not only made
changes in the banking system but also offered a wide range of innovations to build
up new systems that address a wide range of customer needs that were beyond
imagination years ago.

13. CONCLUSION:

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Ever since the 18th century, the banking sector has been evolving, and it is known as
one of the oldest businesses in the world. It has progressed and grown with every
passing year. Although in recent years, the industry has transformed with the help of
technology. Banks were always regarded as a place with long queues, and an
unmanageable amount of paperwork. Due to technological advancements in the
banking sector, the need for labour and papers has reduced a lot.

Research on the banking industry provides a wealth of information about technological

progress. Today, banks are focusing more on enhanced delivery systems which in
turn would transform branches, enhanced telephone services and leading edge
internet banking functions that provide a positive multi-channel experience to
customers.

The efficient use of technology has facilitated accurate and timely management of the
increased transaction volumes of banks which come with a larger customer base.
Indian banking industry is greatly benefiting from I.T. revolution all over the world. It
enabled sophisticated product development, better market infrastructure,
implementation of reliable techniques for control of risks and has helped the financial
intermediaries to reach geographically distant and diversified markets.

The Information Technology Act, 2000 has also provided the much needed legal
recognition to the creation, transmission and retention of an electronic or magnetic
data which can be treated as a valid proof in a court of law, except in those areas,
which continue to be governed by the provisions of the Negotiable Instruments Act,
1881. By designing and offering simple, safe and secure technology, banks reach at
the doorsteps of the customers with an objective of ‘delight customer satisfaction.’ In
fact Information technology has succeeded in creating a win- win situation for all
concerned segments in India.

14. SUGGESTIONS:
⮚ The bank needs to give awareness to customers about internet banking.
⮚ Most of the customers are feeling risk in E-banking so the banking industry
needs to eliminate those risks.
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