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Why the Indian banking sector is undergoing a Change?

Atul Kumar
General Manager-Syndicate Bank
Wednesday, August 28, 2013
Atul Kumar
Headquartered in Manipal, Karnataka; Syndicate Bank (NSE: SYNDIBANK) is one of the oldest and major commercial banks of India .The bank was nationalized on 19 July 1969, by the Government of India and has a current market capitalization is Rs.4,036.07 crores.

The Banking sector is undergoing a phase of metamorphosis with technology being its major catalyst. The need for technology and technology-based services has raised the demand of banks to move towards universal banking. Faster and more convenient channels like smart cards, ATMs, usage of the internet, mobile and social banking are inclusive. Overhauls like core banking, human resource management (HRM) and enterprise risk (ERP) management and process re-engineering to name a few, have been incorporated to improve on performance and productivity.

With the rise in the number of banks, there was a need to integrate a network and that is where technology pitched in. Core banking system has revolutionized connectivity from bank to bank, making banking more adapted to changing technological trends. With the convergence of the internet with mobiles, both are being used in replacement to the time consuming traditional methods of banking transactions with the only difference between the two would be added advantage of saving your transaction in a file in the case of internet banking and later for confirmation of your transaction.
With nearly 900 million mobile handsets in the country, there is potential in promoting the need to move towards a cashless and paperless banking methodology. Cards available at a minimal cost as low as ten rupees is a milestone moving towards this reality. Catalyzing this would be the decreasing cost of internet service from ISPs making it a greater reality for more accessibility to the general public.

These digital services have averted complications involved in traditional bank transactions; saving time, environment and money like the issuance and approval of bank drafts and cheques.

Foreign Vs. Indian Banks

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