Role of Information Technology in Banking Sector

Two most powerful forces affecting each sector of the economy today are the increasing rate of globalization and advances in information and communication technology Due to various physical and psychological structural changes taking place in the economy, the role of information technology (IT) in the banking industry is growing and is expected to grow still faster. For sustaining and progressing, the banks have to keep pace with development of Information Technology. However, for some constraints such as locating customers, transaction errors, privacy concern, various types of frauds and risks, appropriate precautions have to be taken.