BACKGROUND OF THE STUDY For the past decade the banking sector of Ghana has seen revolutionary activities including influx of foreign banks into the country, increase in bank capitalization, re-categorization of banks into universal banking and the rest. These have heightened competition in the banking industry in Ghana. There have been the need for more sophisticated and advanced means of operating in order to be more effective and efficient in banks operations for their continuous survival. Thus, to widen and maintain market share in the Ghanaian banking industry in these periods of high competition, banks are require to be operating with the top notch level of technology which includes electronic banking and internet banking. Electronic
The banking sector forms a crucial basis for the overall economic development of the nation. Therefore, excellence in banking is a crucial focus of government policies. And it is imperative that the Information Technology is one of the most crucial facilitators for the transformation of the Indian banking industry in terms of its transactions processing as well as for various other internal systems and processes. The various technological platforms used by banks for the conduct of their operations, their method of reporting and the way in which interbank transactions take place has evolved remarkably over the
ELECTRONIC BANKING ATM’s is introducing in the electronic banking, which provides the facility of electronic transfer of fund, payment of bills etc. According to some, the future decision of electronic banking is the acceptance of mobile telephone banking and related TV banking. However, many that on-line banking will continue to be the most popular method for future electronic transactions have checked it. • The exit of money: The account holder can take money from their
Today the Internet is the best way, was a supply channel and distribution complete and walking in consumer-oriented in the forefront of this development is the electronic applications of financial products and services. Due to the rapid spread of cyber EFT is an alternative channel for the provision of banking services and products. In Sri Lanka, the banks are now online services and ETF as head of the Bank of Ceylon, Sampath Bank Commercial Bank of Sri Lanka, are beginning to appear. Electronics is now considered a strategic weapon and will revolutionize the way banks operate, deliver and compete with each other, especially when the competitive advantages of traditional branch networks is rapidly eroding (Nehmzow, 1997; Seitz,
Existing on the internet years before the World Wide Web was launched was a speciality of this. Initially it was used for email and other sundry internet interactions, but during 1995, Citibank pioneered online access to their customers’ bank accounts. At first access was through a software distributed on a floppy. Afterward of the creation of the World Wide Web, Citibank offered browser-based access as a major highlight. This made Citibank one of the longest and finest term financial residents of both the internet and the World Wide Web together, being one of its
In today’s era, when there is tough competition, globalization and deregulation have forced banks to deliver all-time services to its customers. The IT revolution in the banking industry has made the banks more responsive to the customers’ needs. IT revolution in the banking sector has had a significant impact on the performance of the banks and also in customer service delivery. Globalization has helped to connect all the nations all the nations together without leaving them isolated. IT has benefitted all the sectors, including the financial sector, especially banking industry.
The adoption of Electronic banking began as reliable channel of distribution for financial services following the rapid advancement in Information Technology and competitive banking markets. It is understood that that the forces behind the rapid changes of banks are largely changes in the economic environment, innovation in information technology, innovation in financial products and services, ever changing nature of customer’s demand, liberalised and consolidated financial markets and deregulation of financial inter-mediation. Due to unforeseen developments and changes in the economic environment, banks need to be innovative and invest in research and development so as to come up with better and flexible strategies to remain focused and competitive on the global markets. Banks have been in the forefront of using technology to improve its products and services. It is important for banks to offer services electronically to differentiate themselves from competitors.
Abstract Banking sector is one of the key driver for the economic growth and development of the sub-continent ,as it generates opportunities for employments and directly or indirectly supports the various causes and drivers of economic upgradations of the region and as a whole the whole of the sub-continent too. It is one of the major service catering sector in India. There are various types of banks in the sub-cotinent ,broadly can be classified as the central bank,the public sector banks,the private banks,the rural regional banks and the foreign banks. Large gamut of human assets are employed in this arena of the economy. The human assets are one of the most valuable assets for any organisation and so for the banking sector too.
6. Biometric: Biometrics in banking also helps to increase customer trust and improve brand reputation. The necessity for a stronger authentication solution became inevitable in banking services because of the growing pace of sophisticated transactional technology adoption along with the unfortunate rise in fraud and security breaches due to reliance on traditional security systems such as passwords. 7. Surveillance camera: As part of our security services for banks, we offer specialized security systems for ATMs.
Singh (2002) opined that technology has introduced new ways of delivering banking services and products to customers, such as ATMs, and internet banking (IB). Hence banks have found themselves at the forefront of technology adoption for the past two decades. These changes and developments in the banking industry have impact on service quality, future of the banking activities, and consequently its continually competitive ability in the world markets since going along with technology is one of the most important factors of economic organizations success in general and rural banks in particular (Nyangosi, 2009). The adoption of information technology in the rural banking sector is also attributable owing to the fact that, linguistic barriers needed to be put to an end to enable easy and cheaper communication during transaction, to foster customer-bank relationship, increase customer satisfaction, improve operational efficiency, reduce the running cost, reduce transaction time, give rural banks competitive edge, provide security to investors fund and promotion of other financial