Study of new technologies in Banking and Financial services
In the current fiscal year, Indian banks have been able to enjoy tremendous development because to a variety of advancements, including the Unified Payments Interface (UPI), cloud computing, and others. The current monetary system is ascribed to India. Furthermore, at an early stage of growth, the nation was a pioneer in the use of credit cards, mobile banking, and internet banking. This article examines, a study of introduction of new technologies in banking and financial services.
The constantly shifting expectations of their clients, the introduction of tough new laws, and advances in banking technology are all issues that financial institutions must contend with.
During the current financial year, India’s banking sector has seen significant growth due to increased customer demand. Despite the broad use of electronic banking, paper cash is still used widely in today’s society. The Indian monetary system is capable of providing a novel tool, in addition to liquidity and security. You can find this capability all over the country. The study shows that the drop-in FEE may cause directly by the fact that fewer foreign tourists have come to the country because of the epidemic that has been going on.
Keywords: Banking services, new technology in banks, Payments Bank, NEFT, RTGS, UPI
Introduction
Financial institutions and the broader financial system are crucial to the success of every enterprise. The security and growth of a business rely on how well the pillars of society work together. Banking and other financial services have changed because of digital technology.
Smartphones, technology to make people more productive, cloud computing to help people work together, and data analysis to learn more have changed almost every business in the modern world. This change has also been caused by cloud computers, robotics to improve efficiency, and data analysis to learn more. Now, cutting-edge technology is even more important to the growth of a business.
Objectives
- To have an in-depth knowledge of the most current technological developments in the banking and financial industries.
- It is essential that we investigate the most current technical improvements that have been made in the banking industry.
- To undertake research on the ways in which new technologies have influenced the development of financial systems.
- The purpose of this project is to analyze how the banking and financial industry may stand to benefit from emerging technology breakthroughs.
Literature review
The Federal Reserve bank was the first institution in the world to send money digitally. Near the start of this process, phone lines were put in between the reserve phones of American banks, the Federal Reserve Board, and the Treasury. Because of these lines, it became possible to process money transfers online, which had not been possible before. When it came out for the first time, people could use the IBM 801 bank for the first time.
It was in that year that the IBM 803 proof machine as well as the machine that came before it was both made available for purchase to the general public. The creation of these gadgets prepared the door for the launch of a diverse range of ground-breaking financial services.
The data revealed that the demographics of online banking users are one of the most important elements affecting service quality. Customers of public and private sector banks have differing perspectives on online banking services.
Conclusion
This research is a study of introduction of new technologies in banking and financial services which focuses on banking and financial services, therefore its conclusions should benefit others in related fields. Finance examines the when, why, and where of technology usage throughout history. Analyzing and documenting the situation’s pros and cons. This article examines the practicability of a variety of technological processes and compares and contrasts them.
Consumers eagerness to test new products shows that the market is welcoming innovation. The banking and financial services industry makes use of many “channels” in order to expand its clientele. More research on this topic will spark creative thinking and provide readers practical suggestions.
NEW TECHNOLOGIES IN BANKING AND FINANCIAL SERVICES
A study of introduction of new technologies in banking and financial services found that global research on new technologies in cooperative accounting, digital payment, and fully digital banking is increasing based on the number of research projects and their future direction. This was shown by the findings of the research. This allows several new perspectives on the inquiry topic.
The advancements that have been achieved in cutting-edge technology are primarily responsible for the revolution that is now taking place in the sector of the economy that deals with financial services.
| Project Name | : A study of introduction of new technologies in banking and financial services |
| Project Category | : MBA FINANCE |
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