Impact of information technology in select banks: a case study of Ranga Reddy district, Telangana state

The information technology has revolutionized various aspects of our life. The world at large is rapidly changed into the ‘Net Age’ and Banking industry is the backbone of Indian financial system and it is associated with many challenging goal parallel. The banking industry is redefined and re-engineered with the use of Information Technology (IT) and it is sure that the future of banking will offer more sophisticated services to customers with the continuous products and process of innovations/It means, banks are changed their approaches and ideas from “Conventional Banking to Convenience Banking” and “Mass banking to Class Banking”/Hence, In the current Globalized era, support of technology is playing a vital role for the successful functioning of the banking sector. Information technology in banking sector refers to the use of sophisticated information and communication technologies together with computer science to enable banks to offer better services to its customers in a secure, reliable and affordable manner and sustain competitive advantage over other banks. The growth and expansion of Internet and Information Technology in banking services has facilitated to use by customers are ATM, web based Internet banking (E-Banking, Online Banking), Mobile Banking and Electronic Fund Transfers at Point of Sale, Anywhere Branch Banking, cash direct deposit in ATM centres, and branch networking are the facilities that are highly used and offered by all the banks. The present research paper emphasizes the Role and Impact of Information Technology in Indian banking sector.