Overview

Technology in Indian banking has developed considerably from the days of back office automation to today's online, centralized and unified solutions .Banking is now no longer limited to the branches where one has to approach the branch in person, to request a statement of accounts, to withdraw cash or deposit a cheque. With the extension of internet usage, e-banking has become one of the most revolutionized segments of today's economic growth. E-banking is influential value added tool to engage new customers and retain the existing ones. With the proliferation of internet and computer usage, the electronic transmission of e-banking service has become standard for banks to satisfy customer expectations. Besides it helps in get rid of costly paper handling and teller communication in the progressively competitive banking environment. The expected competitive advantage of e-banking consists in the areas of cost reduction and satisfaction of consumer necessity. Rendering banking is increasingly becoming a 'need to have' than a 'nice to have' service. The ebanking thus now is more of a standard rather than an exception in many developed countries due to the fact that it is the cheapest way of rendering banking services. Electronic distribution channels render alternatives for faster transmission of banking services to a broad range of customer. Most of the customers who start banking online do it because they need to pay bills regularly and would like to do it with least effort. Besides that, people adopt the internet banking to keep an eye on their money affairs, view their account balance and monitor security payments from other parties. Information technology permits electronic channels to perform many banking actions that would traditionally be carried out over the counter. The use of paper cheques has been enhanced step by step with e-cheques (electronic images) letting banks to reduce costs, have more storage capacity, and improve customers services E-banking provides vast benefits to consumers in terms of the ease and cost of transactions. Online banking supports banks to improve customer satisfaction, hold their existing customers, increase banks' market stake, decrease administrative and operational cost and more importantly reform banks' competitive position

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