Banking on Technology: The Rapid Evolution of India Banking Sector

ABSTRACT

Following the nationalization of banks in India, the banking sector has undergone rapid expansion to cater to a diverse range of citizens needs. Embracing technology and advancing ambitiously, the banking industry has achieved notable progress in recent times. India commercial banks have transformed into convenient comprehensive hubs, catering to all financial requirements of their customers. As value-added and personalized offerings gain prominence, the banking sector is shifting its focus from the masses to a more affluent clientele. Leveraging technological advancements, banks now have the capability to establish seemingly branch-like setups within commercial building lobbies, sans the need for human tellers. Technological breakthroughs, including telebanking, automated teller machines, the World Wide Web, mobile banking, and electronic banking, have enabled branches to operate on a 24/7 basis. Globally, the banking industry has recognized the strategic potential of E-Banking in client acquisition and retention. This article strives to dissect and analyze the impact of E-Banking on the banking sector, shedding light on its outcomes.

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