Role of It in Banking Sector Summary: The article presents a study which aims to analyze the role of information technology

(IT) in the banking industry Based on the article! technological inno"ations ha"e enabled the industry to open up efficient deli"ery channels It is said that IT has helped the banking industry to deal with the challenges the new economy poses The study also e#amines the "iews of bank employees on the implementation of IT in banks $ccording to the author! pri"ate and foreign banks use more IT%related banking ser"ices than public sector banks &#cerpt from $rticle: R'(& ') I*)'R+$TI'* T&,-*'('./ I* B$*0I*. I*12STR/ Ilyas% 2r Rahman! 'smania 2ni"ersity! -yderabad! I*1I$ I*TR'12,TI'* I T in Banking: 3) Technology has opened up new markets! new products! new ser"ices and efficient deli"ery channels for the banking industry 'nline electronics banking! mobile banking and internet banking are 4ust a few e#amples 5) Information Technology has also pro"ided banking industry with the wherewithal to deal with the challenges the new economy poses Information technology has been the cornerstone of recent financial sector reforms aimed at increasing the speed and reliability of financial operations and of initiati"es to strengthen the banking sector 6) The IT re"olution has set the stage for unprecedented increase in financial acti"ity across the globe The progress of technology and the de"elopment of world wide networks ha"e significantly reduced the cost of global funds transfer 7) It is information technology which enables banks in meeting such high e#pectations of the customers who are more demanding and are also more techno%sa""y compared to their counterparts of the yester years They demand instant! anytime and anywhere banking facilities 8) IT has been pro"iding solutions to banks to take care of their accounting and back office re9uirements This has! howe"er! now gi"en way to large scale usage in ser"ices aimed at the