Indian banking industry Dissertation Example | Topics and Well Written Essays - 4500 words

Indian banking industry - Dissertation Example The intention of this study is the banking industry of India. The introduction of the banking concept is attributed to the medieval Florence in the year 1937. Medici, a powerful and renowned merchant family, introduced networking system in shops through which people can easily deposit and withdraw their money from different cities. It provided the people with the facilitation of easy transfer of money while avoiding carrying large amount of cash while traveling. Initially banks in India were dealing only with the financing activities. The overall history of the Indian banking industry have seen the ears of Presidency banks, to Imperial Bank of India, and lastly to the State Bank of India. During different time periods the banking sector of India has been facing a volatile environment and because of this there have been shift from majority of private ownership to nationalism and now it is moving towards the greater liberalization. The government knows that there is an important role o f private and foreign players in the banking industry as there is huge competition. During the period of evolution the banking industry of India has witnessed immense development in terms of regulations, new and unique products and services offered which facilitate people and attract them towards itself, ownership structure and the technology deployed. Nowadays Indian banks are continuously focusing on the introduction of new services offered in order to meet their customer expectations. The challenges and opportunities being faced by the Indian banks in this regard, consists of rural market, management of risks, customer expectation, transparency, environmental concerns, social and ethical issues, global banking, growth in banking sector, human factor, customer and employee retentions. The biggest challenge is to reach the mass market of India. First of all, the banks have to focus and understand the customer and then have to design products and services according to their needs (K umbhar, 2011). Nowadays, consumer demands mobile banking, internet banking and ATM services because consumer is very well aware of each and everything and their expectations and demands have increased as compare to previous years. For this reason, banking industry in India is going towards differentiation, product innovation and technology innovation. AIMS AND OBJECTIVES OF THE PROJECT: The following are the aims and objectives of the study To analyze the evolution of IT in the Banking industry of India To analyze how IT has influenced the banking industry of India BRIEF OVERVIEW OF THE LITERATURE REVIEW: Banking is one of the oldest professions of the world and has gone through various transitions with the passage of time and developments. One of the key developments in the recent years, that has changed Indian banking sector tremendously, is the evolution of IT sector in banking industry of India, due to which today banking has become an easy to do