Financial inclusion through information technology with reference to banking sector

Technology is the key for financial inclusion because that is the only way to reduce the cost significantly and reach the masses. Various kinds of technologies like personal digital assistants (PDAs), point of sale (POS)/smart cards, automated teller machines (ATMs), mobile phones and internet are suitable for financial inclusion due to affordability, accessibility, security and privacy. In the last decade, mobile phone technology has emerged as the most potential and well suited channel for financial inclusion. Use of mobile phone for inclusive finance is very popular in countries where most of the population is unbanked or underbanked. This paper discuss the various generation of information technology in Banking Sector, requirement of collaboration and innovations, various operation mode in market and banking services mix. This paper concludes in recent scenario when customer avail electronic services of bank they make proud. Day to day trends are change and different types of innovated services are provided to customer on low payment value. This is possible only by the technological innovation and growth of information technology. Information Technology provides the plotting about systematic banking, special and concentrated CRM strategy, and anytime, anywhere, anyhow banking.