1. Core-Banking

The banking sector has been the main adopter of the IT technology and services. In a report that PwC released in May this year, the implementation of core-banking techniques has resulted in increased efficiency and lead to reduced costs. The report estimates that Indian banks, on an average, spend 15 percent on implementing and maintaining technology.
During the 90’s every branch of a bank used to have a separate data center and a server in order to maintain their different databases. Such a set up is the reason that EOD operations used to take 12 to 14 hours to complete. Almost all the operations were done manually and IT systems consisted of just a few tables, forms, and reports.
But now, thanks to the advancements in the IT sector, core banking operations are heavily dependent on internet and telecommunications and only 10 to 15 percent go to the branches to get their work done. ATMs, Phones, SMSs, Internet, Kiosks have replaced the manual operations. This transformation has led to high scalability and capability to handle bulk banking operations.

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