Ict and Banking Industry

A PROJECT REPORT ON THE EFFECT OF INFORMATION AND COMMUNICATION TECHNOLOGY ON THE EFFECIENCY OF BANKING INDUSTRY (IN UDAIPUR CITY) IN THE PARTIAL FULLFILLMENT OF THE REQUIREMENT FOR MASTER OF BUSINESS ADMINISTRATION (MBA) 2007-2009 PACIFIC INSTITUTE OF MANAGEMENT, UDAIPUR Post Box No. 12, Pratap Nagar Extension, Airport road Udaipur-313003 Ph: 0294-2491340 E mail: pimanagement@rediffmail. om,pimplacement@rediffmail. com Submitted by: Submitted to: Chanda Joshi Mr. Dhiraj Jain MBA Part-2 Asstt. Professor, PIM ACKNOWLEDGEMENT Industrialists in professional life are likely and keenly aware of their sense of indebtness to many people who have stimulated & influenced their intellectual development in ordinarily.

The feeling is formally expressed in customary gestures of acknowledgement therefore it seems only right to acknowledgement my gratitude with sense of veneration to the almighty & various people helped me to work in systematic & smoother manner. I would like to express my profound thanks to all the respondents who were co-operative enough and spared their valuable time in filling up the questionnaire. Words are not in lexicon to express my sincere sense of gratitude for my mentor, elite guide and path Mr. Dhiraj Jain and, Prof. B.

P SHARMA (Director, pacific institute of Management) whose valuable guidance instigating encouragement creative thoughts & constructive criticism had helped me to accomplish this research work successfully. CHANDA JOSHI PREFACE The explosive growth of information and communication technology (ICT) is swiftly changing the banking industry and stern competition between the increasing numbers of banks has resulted in high investment on ICT. This report discusses the effect of ICT on banking industry (service) in Udaipur city with reference to public and private banks.

Two Questionnaires were used to collect data from diverse customers and bank employees separately; the customers and bank employees accept as true that ICT has an effect on banking industry in India. The results of study undoubtedly show the massive impact of ICT on the performance of the banking industry in India. INDEX PARTICULARS DESCRIPTION 1. ACKNOWLEDGEMENT 2. PREFACE 3. EXECUTIVE SUMMARY 4. INTRODUCTION 5. INDUSTRY PROFILE 6. RESEARCH METHODOLOGY 7. DATA INTERPRETATION 8. FINDINGS,CONCLUSIONS . RECOMMENDATIONS 10. QUESTIONNAIRE 11. BIBLIOGRAPHY EXECUTIVE SUMMARY Advances in the banking sector have ushered in an era of multi – product and multi – service being delivered using multiple yet integrated channels. The use of information and communication technology (ICT) is on the increase and encompasses nearly the entire gamut of banking operations. Rising competition and customer expectations have compelled top management implement, and continuously upgrade, agile scalable ICT practices and solutions.

The enormity and range of banking services combined with the complexity of integrated and ICT – enabled delivery mechanisms require comprehensive partnerships to be forged between banks and providers of ICT solutions. ICT has a crucial role to play in the financial sector in at least three main areas: improving the range and efficiency of banking services available to customers, lowering costs increasing the efficiency of capital markets, and allowing for more effective regulations of all types of financial markets and related transactions.

The use of ICT enables a better delivery of banking services to both depositors and borrowers within a country and between countries. ICT has a central role in the operation of various capital markets such as stock markets, bond markets and foreign exchange markets, and it is intensively used by market organizers, market professionals and investors in this markets. ICT is also an essential tool for supervisory or regulatory bodies of these markets at both national and international levels.

This research presents the preliminary findings of a research study to identify the effect of implementation of ICT on the efficiency of banks in Udaipur. The methodology includes the collection of data by the questionnaire survey. Two types of questionnaires are to be prepared for the data collection- One questionnaire has been distributed among the customers to know the efficiency of the banking services by using ICT. The second questionnaire is to be filled by the officials of the banks, which will provide information about the need, & importance of the ICT for the efficiency of the bank.

Chapter 1 INDUSTRY PROFILE INDUSTRY PROFILE What is banking? Bank may be defined as a financial institution which is engaged in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit etc. A set of services intended for private customers and characterized by a higher quality than the services offered to retail customers. Based on the notion of tailor-made services, it aims to offer advice on investment, inheritance plans and provide active support for general transactions and the resolution of asset-related problems.

The essential function of a bank is to provide services related to the storing of deposits and the extending of credit. Basic function may include Credit collection, Issuer of banking notes, Depositor of money and lending loans. Now a days banking is not in its traditional way, with the advancement of technology its focusing on more comfort of customer providing services such as: •Online Banking • Investment Banking • Electronic Banking • Internet Banking • PC Banking /Mobile Banking • E-Banking The importance of banking sector is immense in the progress and prosperity of any State or country.

INDIAN BANKING INDUSTRY The growth in the Indian Banking Industry has been more qualitative than quantitative and it is expected to remain the same in the coming years. Based on the projections made in the “India Vision 2020” prepared by the Planning Commission and the Draft 10th Plan, the report forecasts that the pace of expansion in the balance-sheets of banks is likely to decelerate. The total assets of all scheduled commercial banks by end-March 2010 are estimated at Rs 40, 90,000 crores. That will comprise about 65 per cent of GDP at current market prices as compared to 67 per cent in 2002-03.

Bank assets are expected to grow at an annual composite rate of 13. 4 per cent during the rest of the decade as against the growth rate of 16. 7 per cent that existed between 1994-95 and 2002-03. It is expected that there will be large additions to the capital base and reserves on the liability side. Banks in India can be categorized into non-scheduled banks and scheduled banks. Scheduled banks constitute of commercial banks and co-operative banks. There are about 67,000 branches of Scheduled banks spread across India. During the first phase of financial reforms, there was a nationalization of 14 major banks in 1969.

This crucial step led to a shift from Class banking to Mass banking. Since then the growth of the banking industry in India has been a continuous process. The Public Sector Banks (PSBs), which are the base of the Banking sector in India account for more than 78 per cent of the total banking industry assets. Unfortunately they are burdened with excessive Non Performing assets (NPAs), massive manpower and lack of modern technology. On the other hand the Private Sector Banks are making tremendous progress. They are leaders in Internet banking, mobile banking, phone banking, ATMs.

As far as foreign banks are concerned they are likely to succeed in the Indian Banking Industry. Indus land Bank was the first private bank to be set up in India. In the Indian Banking Industry some of the Private Sector Banks operating are IDBI Bank, ING Vyasa Bank, SBI Commercial and International Bank Ltd, Dhanalakshmi Bank Ltd,Karur Vysya Bank Ltd, Bank of Rajasthan Ltd etc are some private sector banks. Banks from the Public Sector include Punjab National bank, Vijaya Bank, UCO Bank, Oriental Bank, Allahabad Bank , Andhra Bank etc.

ANZ Grindlays Bank, ABN-AMRO Bank, American Express Bank Ltd, Citibank are some of the foreign banks operating in the Indian Banking Industry . CHAPTER-2 INTRODUCTION ————————————————- Meaning of ICT The term “ICT” describes the use of computer – based technology and the internet to make information and communication service available to a wide rang of users. The term is used broadly to address a range of technologies, including telephones. Central to these is the Internet, which provides the mechanism for transporting data in a number of formats including text, images, sound, and video.

Additionally, ICT deals with the application layer, the systems that enable information to be collected and distributed, analyzed, and processed. However, while ICT is generally adaptable to different information. Needs and circumstances, its effectiveness in solving development issues still depends on the content it carries. ————————————————- The New Era The 21st century will bring about an all – embracing convergence of computing, communication, information and knowledge. This will radically change the way we live work and think.

The growth of high – speed networks, coupled with the falling cost of computing power, is making possible application under dream of in the past. Voice, data, images, and video may now be transferred around the world in microseconds. This explosion of technology is changing the banking industry from paper and branch banks to’ digitized and networked banking services. It has already changed the internal accounting and management systems of banks. It is now fundamentally changing the delivery systems banks use to interact with their customers.

All over the world, banks are still struggling to find a technological solution to meet the challenges of a rapidly changing environment. It is clear that this new technology is changing the banking industry forever. Banks with the ability to invest and integrate information technology will become dominate in the highly competitive global market. Bankers are convinced that investing in IT is critical. Its potential and consequences on the banking industry future is enormous. ————————————————- Technology and Banks Transformation ————————————————-

Computers are getting more sophisticated. They have given banks a potential they could only dream about and have given bank customers high expectations. The changes that new technologies have brought to banking are enormous in their impact on officers, employees, and customers of banks. Advances in technology are allowing for delivery of banking products and services more conveniently and effectively then ever before- thus creating new based of competition. Rapid access to critical information and the ability to act quickly and effectively will distinguish the successful banks of the future.

The bank gains a vital competitive advantage by having a direct marketing and accountable customer service environment and new, streamlined business processes. Consistent management decision support system provides the bank that competitive edge to forge ahead in the banking market place. ————————————————- ————————————————- Major application: – The advantage accruing from computerization are three-directional – to the customer, to the bank, and to the employee. ————————————————- ———————————————— For the customer ————————————————- ————————————————- Banks are aware of customer’s need for new services and plan to make them available. It has increased the level of competition and forced them to integrate the new technologies in order to satisfy there customers. They have already developed and implemented a certain number of solutions among them: ————————————————- * ————————————————-

Self – inquiry Facility: ————————————————- Facility for logging into specified self – inquiry terminals at the branch to inquire and view the transaction in the account * ————————————————- Remote banking: ————————————————- Remote terminals at the customer site connected to the respective branch through a modem, enabling the customer to make inquires regarding his accounts, on-line, without having to move from is office. * ————————————————-

Anytime banking- Anywhere banking : ————————————————- Installation of ATMs which offer non-stop cash withdrawal, remittances inquiry facilities. Networking of computerized branches inter-city and intra-city, will permit customers of these branches, when interconnected, to transact from any of these branches. * ————————————————- Telebanking: ————————————————- 24- Hour service through which enquiries regarding balances and transactions in the account can be made over the phone. ————————————————- Electronic banking : ————————————————- This enables the bank to provide corporate or high value customers with graphical user interface (GUI) software on a PC, to inquire about their. Financial transaction and accounts, cash transfers, chequebook issue and inquiry on rates without visiting the bank: Moreover, the customer can send LC text and details on bills, and the bank can download the same. The technology used to provide this service is called electronic data interchange (EDI).

It used to transmit business transaction in computer – readable from between organization and individuals in a standard format. * ————————————————- As information is centralized and updates are available simultaneously at all places, single – window service become possible, leaving to effective reduction in waiting time. For the bank:- During the last decade, banks applied IT to a wide range of back and front office tasks in addition to a great number of new products. The major advantages for the bank to implement IT are: Availability of a wide range of inquiry facilities, assisting the bank in business development and follow – up. * Immediate replies to customers queries without reference to ledger-keeper as terminals are provide to mangers and chief mangers * Generation of various MIS reports & periodical returns on due dates.. * Automatic and prompt carrying out of standing instructions on due date and generation of reports. * Fast and up-to-date information transfer enabling speedier decisions by interconnecting computerized branches and controlling offices.

For the employees – IT has increased this productivity through the followings: * Accurate computing of cumbersome and time – consuming jobs such as balancing and interest calculation on due dates. * Automatic printing of covering schedules, deposit receipts, passbook / pass sheet, freeing the staff from performing these time – consuming jobs, and enabling them to give more attention to the needs of customers. * Signature retrieval facility, assisting in verification of transactions, seating at their on terminal. * Avoidance of duplication of entries due to existence of single – point data entry.

A search of the banking literature reveals that banks are moving rapidly to take advantage of recent and new customer service and cost reduction opportunities that new technologies offer. IMPORTANCE OF INFORMATION & COMMUNICATION TECHNOLOGY The internet is rapidly becoming the information superhighway of a global electronic marketplace. The rising commercial interests in the internet are especially evident in “front-end” application such as electronic catalogs, yellow pages, storefronts, malls, and customer support centers.

All this application are based on the world wide Web (WWW) – the fastest growing segment of the Internet. Although “back-end” applications such as electronic data interchange (EDI) are equally important, their adoption has not been as rapid. One major concern is security:: the Internet is generally perceived as not secure enough for transmitting sensitive data such as payments. Upon a closer look, however, this view is not warranted, since technologies such as public key encryption and firewalls address essential security concerns.

Moreover, such technologies are already available. The only remaining barrier is the lack of real world users of those technologies. Investing in technology According to a survey conducted by the American Bankers Association, US banks expenditure on information technology grew from $ 16. 3 billion in 1994 to $ 18. 7 billion in 1995 – an increase of 14. 7%, and $ 1 billion more than the same bankers forecasted they would spend in last year’s survey. By 1998, the banks expect to spend $ 21. 2 billion (an increase of 7. 1%) The New Delivery Systems.

The increasing cost of building brick-and-mortar branches, decreasing cost of computers, high delivery costs and slow revenue growth force a relook at the conventional delivery systems. Moreover, growing comfort of technology usage by the customer is rapidly fostering usage of non – branch channels for routine transactions. The new strategy changes the focus of the branch from being a high cost transaction center to a provider of a wide range of services like telebanking, customer service kiosks, ATM’s, and remote electronic banking.

New Marketing Opportunities As the new technology is so expensive banks need to use the new systems to do more than deliver information and basic services. Banks need the ability to also sell insurance and investment products to get a better return on this investment. Telephone banking can bring financial services to the home or office, especially if they are affordable screen phones. By noticing how much interest the customer expresses, the bank can market stock quotes and insurance quotes.

Interactive videos are new technology that banks can make available to the customers to maintain personal contact while still lowering the expenses of delivery service. With an interactive video an expert employee is not needed in each branch. Complex life insurance products, open brokerage accounts, customized product illustrations can be widely available where needed. The interactive videos will be cost effective expertise. The internet is a medium to allow banks to offer products to customers outside the normal customer base of a branch.

Banks are aware of the customer’s need for these services and plan to make them available before other sources do. THE EFFECT OF ICT ON BANKS Banks is an unusual firm because it does not produce any object or tangible product, like a farmer producing rice or Cement Companies producing bags of cement. On any business day, a bank receives information, stores information, processed information, and distributes information. A saving deposit is recorded, an entry is made in someone’s account, at the right time interest is added, and the customer is periodically provided with a ummary statement. A loan application is received, a file is started, the application is assessed by a loan officer, and the client is either rejected or provided with a credit. Each of these functions can be handled by hand with ledger and pens or, today, they can be handled entirely by data entry, computers, and information systems. What ICT does for a bank is to make a dramatic reduction in the costs of handling information and in the transaction costs to the bank and customer of handling a deposit or loan.

Clearly, this reduction benefits both the bank and its customers. The impact of high transaction costs is even more acute in rural areas and gravely Inhibits access even to basic financial services. Out on-going field work shows that a formal lending rate for a farm loan of, say, 15 percent is not sufficient to switch business away from informal lenders who charge a rate of 40 percent or higher. ICT not only increase the efficiency of bank operations but permits banks to offer a wider array of services such as ATMs, telephonic banking, and computer banking.

ICT facilities the deeper penetration of credit card services, thereby expediting business transaction. Behind the scenes an ICT system would permit banks to speed up inter bank check clearing and engage in electronic funds transfer such as direct debiting or salary deposits. A credit bureau would enable banks to obtain accurate and immediate information about a customer’s credit history and rating, thus lowering risks, costs, and interest rates. What is perhaps less well – known, is that ICT dose not merely lower information and transactions costs and improve bank efficiency and services.

With the development or proper accounting and reporting standards, an ICT system also improves the ability of bank and capital market regulators to track the information they need to regulate financial markets . ICT can help takes and customs authorities to expedite revenue collections and if properly handled it can greatly reduce the potential for unwarranted side payments. Role of information technology in banking industry I. T. in Banking: 1). Technology has opened up new markets, new products, new services and efficient delivery channels for the banking industry.

Online electronics banking, mobile banking and internet banking are just a few examples. 2). Information Technology has also provided banking industry with the wherewithal to deal with the challenges the new economy poses. Information technology has been the cornerstone of recent financial sector reforms aimed at increasing the speed and reliability of financial operations and of initiatives to strengthen the banking sector. 3). The IT revolution has set the stage for unprecedented increase in financial activity across the globe.

The progress of technology and the development of world wide networks have significantly reduced the cost of global funds transfer. 4). It is information technology which enables banks in meeting such high expectations of the customers who are more demanding and are also more techno-savvy compared to their counterparts of the yester years. They demand instant, anytime and anywhere banking facilities. 5). IT has been providing solutions to banks to take care of their accounting and back office requirements. This has, however, now given way to large scale usage in services aimed at the customer of the banks.

IT also facilitates the introduction of new delivery channels–in the form of Automated Teller Machines, Net Banking, Mobile Banking and the like. Further, IT deployment has assumed such high levels that it is no longer possible for banks to manage their IT implementations on a stand alone basis with IT revolution, banks are increasingly interconnecting their computer systems not only across branches in a city but also to other geographic locations with high-speed network infrastructure, and setting up local area and wide area networks and connecting them to the Internet.

As a result, information systems and networks are now exposed to a growing number. Technology Products: (1). Net Banking (2). Credit Card Online (3). One View (4). InstaAlerts (5). Mobile Banking (6). NetSafe (7). e-Monies Electronic Fund Transfer (8). Online Payment of Excise & Service Tax (9). Phone Banking (10). Bill Payment (11). Shopping (12). Ticket Booking (13). Railway Ticket Booking through SMS (14). Prepaid Mobile Recharge (15). Smart Money Order (16). Card to Card Funds Transfer (17). Funds Transfer (ECheques) (18). Anywhere Banking (19). Internet Banking (20). Mobile Banking (21). Bank@Home (i) Express Delivery 22). Cash on Tap: (ii) Normal Delivery Chapter 3 RESEARCH METHODOLOGY RESEARCH METHODOLOGY Research in common parlance refers to the search for knowledge. It can also be define as scientific and systematic search for pertinent information on specific topic. In fact, research is an art of scientific investigation research is a voyage of discovery . it is also said to be the pursuit of truth with the help of study , observation , comparison and experiment. The rule of research in several fields of applied economics weather related to business or to economy as a whole, has greatly influenced in modern times.

The increasing complex nature of business and government has focused on the use of research in solving problem. According to Kiplinger “research is a systematic, controlled, empirical and critical investigation of hypothetical propositions about the presumed relation among natural phenomenon. Characteristic of Research : ? Research is a systematic and critical investigation into a Phenomenon ? Research is not a mere compilation, but a purposive investigation. ? It aims at describing, interpreting and explaining a phenomenon. ? It adopts scientific method. ? It is objective and logical. It is based upon the observable experience and empirical evidence. ? It is directed towards finding answers to pertinent question and Solution. Stage in Research Process : ? formulating the research problem ? Choice of research design ? Determining sources of data ? Designing data collection forms ? Determining sampling design and sampling size ? Organizing and conducting the field survey ? Processing and analyzing the collected data ? Preparing the research report RESEARCH OBJECTIVES : Objectives of the proposed study are as under:- 1) To study the effectiveness of ICT in banks of Udaipur city. (2) To study the effect of the ICT on service delivery of banks. RESEARCH DESIGN :- A Research Design specifies the methods and procedures for conducting a particular study. The researcher should specify the approach he intends to use with respect to the proposed study. Broadly speaking Research Designs can be groped in to 3 categories: 1. Exploratory research 2. Descriptive research 3. Casual Research For achieving the research objectives which are already stated clearly, The Descriptive Research method was adopted. SAMPLE SIZE :-

It describes how many employees and customers of the bank should be surveyed 25 employees and 25 customers of private as well public banks were surveyed. SAMPLING TECHNIQUE:- Respondents were selected on the basis of convenience sampling in the certain private As well as public banks of Udaipur city SAMPLE UNIT :- For the study two types of samples are to be selected – (a) Customers of the banks (b) Bank Employees TOOLS OF DATA COLLECTION :- The following tools were used for the data collection: 1. Structured questionnaire: By asking the structured questions to the employees and customers by interviewing. . Review of written document: some part of this study was collected from the journals and books. CHAPTER-4 DATA INTERPRETATION Various banks in which these employees are working Various banks in which customers are having their accounts A. FOR THE CUSTOMERS Q. 1 TYPES OF ACCOUNTS? Interpretation: The above graph shows about the types of accounts of the customers in the bank. In it 76% have saving account ,12%of customers are having current & 12% 0f customers are having both type of account in the banks. Q. 2 Awareness of the changes due to ICT? Interpretation:

The above graph shows the 98% of the customers are aware of the changes due to ICT, but very less ( 2% ) of customers were unaware of it. Q. 4 For last how many years is your bank using ICT? Interpretation: The76% customers respondents their bank using ICT for last 5 & above years and 24% of customer said that their bank is using ICT for the 0-5 years. Q. 5 is every department computerized? Interpretation: 92% customers respond that every department is computerized in their bank but very few customers i. e. 8% said that every department is not computerized Q. Do you find any problem while using ICT? Interpretation: The above graph shows that 60% of customers find no difficulty while using ICT, 32% said it is very difficult to understand and 8%% find it difficult to operate. Q . 7 Do you find bank staff co-operating ? Interpretation: 97% of customers said that there bank staff is co-operating but 3% respond negatively. Q. 8 Do you think ICT has improved the service delivery of the bank? Interpretation: Above graph shows that the 82% of customers were strongly agreed and 18% were agreed that ICT has improved the service delivery of the bank. Q. Are you satisfied with the banking services providing you after using ICT? Interpretation: Above graph shows that the 82% of customers were strongly satisfied, 16% were agreed satisfied but only 2% were dissatisfied with the services providing to them after using ICT. Q. 10 Is any improvement required in this type of services? Interpretation: Above graph shows that the 84% of customers needed improvement in ICT, 16% said that no improvement is required. B. FOR BANK EMPLOYEES Q. 1 Awareness of the changes due to I. C. T. ? Interpretation: The above graph shows that awareness level of the respondents due to the hanges of I. C. T. 100% are aware with the changes due to the I. C. T. in the banks. Q. 2 Is your bank using I. C. T.? Interpretation: The all respondents said that their bank is using information and communication technology. Q. 3 For how long I. C. T. is used in this bank? Interpretation: The Above graph shows about the year of ICT using being used in banks . In it78% of the banks are using ICT from past 0-5 years. After that 22% of the banks are using I. C. T. from past 6-10 year. And no bank has experience to use the I. C. T . more than 11 years. Q. 4 Do you think that implementation of I. C.

T. in banks is essential and effective in banks? Interpretation: The above graph shows that the implementation of I. C. T. in banks is very much essential and effective . 66% of employees are strongly agree with it & 34% of employees were agree. Q. 5 Has I. C. T. brought positive changes in your way of working? Interpretation: The above graph shows that the information and communication technology has brought very positive changes in the working way of doing job 68% respondents were strongly agree with it but the very least i. e. 2%of respondents were strongly disagree with the statement.

Q. 6 Has I. C. T. brought the positive changes in this bank? Interpretation: 68% of employees accepted that I. C. T. has brought positive changes in their bank ,28% were agree with it but 4% of respondents were disagree with fact. Q. 7 Do you face any problem while using I. C. T.? Interpretation: 82% of the employees do not find any difficulty in using the new system. 10% of the employees find the new system difficult to understand . 8% of the employees find difficulty in operating the new system. Q. 8 Has training been provided to the employees to use the new system tech. ?

Interpretation: The above graph shows that 42% 0f employees were strongly agree that they got the training to use the new system technology, 36% were agree but 20% were disagree & 2% were strongly disagree about the getting of training for using the technology. Q. 9 Has I. C. T. improved the performance of the bank employees ? Interpretation: 66% of respondents were strongly agree that the I. C. T. has improved the performance in their bank, 30% were agree but the rest were disagree with this. Q. 10 Has I. C. T. lead to loss of jobs in banking sector? Interpretation:

The above graph shows that 64%0f employees were strongly agree that I. C. T has lead to loss of jobs in banking sector,16% of employees were disagree with the statement. Q. 11 Has I. C. T. affected efficiency in banking services? Interpretation: The above graph shows that 68% 0f employees were strongly agree that I. C. T. has affected the banking services,30% were also agree & 2% were disagree with it. CHAPTER- 5 FINDINGS, CONCLUSIONS & RECOMMENDATIONS Findings : 1. 66% of the customers respond that they are getting better services after using Information & communication technology. 2.

It was found that 98% of customers & 100% of employees a were of the Changes due to new system technology. 3. It was found that 82% of customers strongly agreed that ICT has improved the Service delivery of the bank. 4. 98% of employees of employees accepted that the information & Communication technology has affected the banking service in positive Manner. 5. This was found that because of ICT has lead to the loss of jobs in banking sector. 6. During the study it was found that because of lower network connectivity Employees as well as customers were getting problem in service. . 100% of Employees as well as customers said that the implementation of I. C. T. is essential & effective in banks. Conclusion * Banks offering internet-based products and services should have reliable and secure methods to authenticate their customers. * The level of authentication used by the financial institution should be appropriate to the risk associated with those products and services. * Financial institution should conduct a risk assessment to identify the types and levels of risk associated with their internet banking application.

Where risk assessments indicate that the use of single-factor authentication is inadequate, financial institutions should implement multifactor authentication, layered security, or other controls reasonably calculated to mitigate those risks, the agencies consider single-factor authentication, as the only control mechanism, to be inadequate in the case of high risk transaction involving access to customer information or the movement of funds to other parties. * Most of the customers are satisfied with the services provided by banks. The objective of the study was to find out the effect of information & communication Technology on the efficiency of banking sector in certain private as well as public banks, It was to find out how service delivery is effected after using the ICT in banks. * The study concludes that information & communication technology plays more significant role in the increasing of the banking efficiency in both, private as well as public sector banks. RECOMMENDATIONS:- ? Raise awareness and promote the concept of information &Communication technology among the customers as well as bank Employees. The method of authentication used in a specific internet application Should be appropriate and reasonable, from a business perspective, In light of the reasonably foreseeable risks in that application. ? Conduct training programme once in the month. ? Encourage the use of E-Commerce by providing the better & fast Services. ? An effective authentication method should have customer acceptance, Reliable performance, scalability to accommodate growth, and Interoperability with existing systems and future plan . With the growth in electronic banking and commerce, financial Institutions should use reliable methods of originating new customer accounts online. ? Financial institutions should rely on multiple layers of controls to prevent fraud and safeguard customer’s information. ? Recognize the needs of employees while using the ICT. ? should provide the fast & regular ICT services so that employees can deliver the fast services & customers can gat the better services. ? The daily updating & awareness of new changes in ICT must be in Practice.

LIMITATIONS ?The research conducted was limited to Udaipur City only. ?Findings of the study are based on the assumption that respondents have Divulged the correct information. ?The study is confined to selected groups of employees & customers in banks of Udaipur city. ? Few respondents were so much occupied with their work that they could not Spare time to fill the questionnaire. ?Due to unwillingness of providing any information, the respondents Filled the questionnaire casually which might have affected the conclusion.

BIBLIOGRAPHY www. google. com www. rediff. com Kothari. C. R Research methodology; methods & techniques Questionnaire – 1 FOR BANK EMPLOYEES Contact Person________________________________________________ Age______ Gender_____ Designation_______ Phone No. _____________ Official Address_______________________________________________ _____________________________________________________________ Q. 1Are you a were of the changes due to information and communication Technology in banking system? Yes [ ] No [ ]

Q. 2 Is your Bank using I. C. T.? Yes [ ] No [ ] Q. 3If yes, for how long I. C. T. is used in this bank? 0 – 5 [ ] 6 – 10 [ ] 11 and above [ ] Q. 4Do you think that implementation of ITC is essential and effective for Banking sector? A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] E) neutral Q. 5Has ICT Brought Positive changes in your working way of doing job?

A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] E) neutral [ ] Q. 6Do you think that ICT has brought Positive changes in this bank? A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] E) neutral [ ] Q. 7What problem do you face while using this new system technology? A) Difficult to operate [ ] B) Difficult to Understand [ ] C) Easy [ ] Q. 8Did you get training to use the new system technology?

A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] E) neutral [ ] Q. 9Do you think ICT has improved the performance of employees in this bank? A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] E) neutral [ ] Q10Do you think ICT has lead to loss of jobs in banking sector? A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] E) neutral [ ]

Q. 11Has ICT affected the productivity / efficiency in Banking services? A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] E) neutral [ ] Q. 12Is any improvement required? Yes [ ] No [ ] Questionnaire – 2 FOR CUSTOMERS Contact person_________________ Age ____________ Gender__________________ Educational Qualification: Under Graduate Graduate Post Graduate Other specify Q1. What type of Account do you operate?

A) Saving [ ] B) Current [ ] C) other specify [ ] Q. 2For how long have you been using this bank? A) 0 – 5 [ ] B) 5 – 10 [ ] C) 10 – 15[ ] 15 and above Q. 3Are you aware of the changes due to information and communication Technology in banking system? A) Yes [ ] B) No [ ] Q. 4For last how many years your bank is using I. C. T.? A) 0 – 5 [ ] B) 5 and Above [ ] Q. 5Is every Department is computerized? A) Yes [ ] B) NO [ ] Q. Do you find any problem while using this new system technology? A) Difficult to operate [ ] B) Difficult to understand [ ] C) Easy [ ] Q. 7Do you find Bank staff co-operating? A) Yes [ ] B) NO [ ] SQ. 8Did you get any help services to use new system technology? A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] D) Neutral [ ] Q. 9 Do you think ICT has improved the service delivery of the bank ?

A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] D) Neutral [ ] Q. 10Are you satisfied with the Banking services providing you after using I. C. T.? A) Agree [ ] B) Disagree [ ] C) Strongly Agree [ ] D) Strongly disagree [ ] D) Neutral [ ] Q. 11Do you have account in both public sectors Bank as well as in private sector Bank? A) Yes [ ] B) No [ ] Q. 12if any improvement required? A) Yes [ ] B) No [ ]

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