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An Assignment On Services Marketing
(The role of technology in improving/impeding services quality, in a banking and financial sector.)
Saurabh Goel 08bs0003002
co.www. Recommendations of the Narasimham Committee (1991) paved the way for the reform phase in the banking.final-yearprojects. banking in India has evolved through four distinct phases. The arrival of foreign and private banks with their superior state-of-the-art technology-based services pushed Indian Banks also to follow suit by going in for the latest technologies so as to meet the threat of competition and retain their customer base. also called as Reform Phase. During Fourth phase. Important initiatives with regard to the reform of the banking system were taken in this phase.com/fyp/ INTRODUCTION In the five decades since independence. A combination of regulatory and competitive reasons. Indian banking industry. have led to increasing importance of total banking automation in the Indian Banking Industry. provisioning and capital adequacy.troubleshoot4free.cc | www. Important among these have been introduction of new accounting and prudential norms relating to income recognition. today is in the midst of an IT revolution. Entry of new banks resulted in a paradigm shift in the ways of banking in India. growing expectations led to increased awareness amongst banks on the role and importance of technology in banking. The growing competition. . deregulation of interest rates & easing of norms for entry in the field of banking.
capital and foreign exchange markets. i. Detailed guidelines of RBI for Internet Banking has prepared the necessary ground for growth of Internet Banking in India.. .www.final-yearprojects. Information technology and the communication networking systems have a crucial bearing on the efficiency of money. Information technology enables sophisticated product development.cc | www.troubleshoot4free. Internet has significantly influenced delivery channels of the banks. better market infrastructure. One is Communication and Connectivity and other is Business Process Reengineering. transformation of assets and monitoring of risks.com/fyp/ ROLE OF TECHNOLOGY Information Technology has basically been used under two different avenues in Banking.e. implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. access to liquidity. Internet has emerged as an important medium for delivery of banking products & services.co. Further. technology has changed the contours of three major functions performed by banks. In view of this.
It gives twenty-four-hour access. If we're on a business trip or vacationing away from home. This lets you know that the site is protected from cyber-thieves looking to steal your personal and financial information. we can still keep a watchful on our money and financial transactions – regardless of our location. 5. But online. you can still access your account and make transactions online. 3. there are no lines to contend with. review . As stated in RBI's Annual Monetary and Credit Policy 2002-2003: "To reap the full benefits of such electronic message transfers. Many features and services are typically available online.com/fyp/ The Information Technology Act. For example. 4. transmission and retention of an electronic (or magnetic) data to be treated as valid proof in a court of law. From both customer and banking perspectives it shows that the Internet is a convenience tool available whenever and wherever customers need it. Conducting business online is generally faster than going to the bank. 2. It allows us to access our account from virtually anywhere. It is also found that the Internet has improved the factors in service quality like responsiveness. Long teller lines can be time-consuming. You can access your account instantly and at your leisure. It's a very convenient alternative for those that can't get to the bank during normal hours because of their work schedule. ADVANTAGES OF TECHNOLOGY 1.troubleshoot4free. with just a few clicks you can apply for loans. 6. 1881. communication and access.cc | www.co.final-yearprojects.www. check the progress of your investments. But make sure that the website you're using has a valid security certificate. 2000 has given legal recognition to creation. It is concluded that the Internet has an important and positive effect on customer perceived banking services and the service quality has been improved since the Internet has been used in banking sector. it is necessary that banks bestow sufficient attention on the computerisation and networking of the branches situated at commercially important centres on a time-bound basis. When the neighborhood bank closes. especially on a Pay Day. health or any other reason. Intra-city and intra-bank networking would facilitate in addressing the "last mile" problem which would in turn result in quick and efficient funds transfers across the country". which continue to be governed by the provisions of the Negotiable Instruments Act. except in those areas. It's generally secure.
The progress of technology and the development of worldwide networks have significantly reduced the cost and time of global funds transfer. IT has been providing solutions to banks to take care of their accounting and back office requirements. Information Technology has also provided banking industry with the wherewithal to deal with the challenges the new economy poses. 7. IT also facilitates the introduction of new delivery channels--in the form of Automated Teller Machines. 11. . The IT revolution has set the stage for unprecedented increase in financial activity across the globe. For example.co. They demand instant.troubleshoot4free. This has. anytime and anywhere banking facilities. It is information technology which enables banks in meeting such high expectations of the customers who are more demanding and are also more technosavvy compared to their counterparts of the yester years. You can also perform more mundane tasks such as ordering new checks. and pay bills through your online account portal. 14. Mobile Banking and the like. new products. manage investments. you can apply for credit cards. requesting additional deposit slips. new services and efficient delivery channels for the banking industry. 9. now given way to large scale usage in services aimed at the customer of the banks.final-yearprojects. There are many useful features and services available online besides for the usual transactions. mobile banking and internet banking are just a few examples. The share trading companies and AMC’s can give improved and faster service with help of technology.www. 13. 8. however. Use of de-mat account and online trading enables a person to buy and sell shares any time. 12. Technology has opened up new markets. 10. Online electronics banking.com/fyp/ interest rates and gather other important information that may be spread out over several different brochures in the local bank. 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.cc | www. or reporting a lost or stolen debit card. Net Banking. Certainly the above mentioned advantages if technology have improved the quality of service in a banking and financial sector.
Railway Ticket Booking through SMS 12. Card to Card Funds Transfer 15. Anywhere Banking 17. Shopping 10. e-Monies Electronic Fund Transfer 6. Instant Alerts 4. Bill Payment 9. Bank @ Home “Express Delivery” .www. Internet Banking 18. Prepaid Mobile Recharge 13.cc | www. Ticket Booking 11. Mobile Banking 5.com/fyp/ TECHNOLOGY PRODUCTS IN A BANKING SECTOR: 1. Online Payment of Excise & Service Tax 7. Phone Banking 8. Mobile Banking 19. Net Banking 2. Credit Card Online 3.troubleshoot4free. Smart Money Order 14.co.final-yearprojects. Funds Transfer (eCheques) 16.
Not all online setups are an extension of a brick-and-mortar bank. without the benefit of a branch that you can actually visit if need be. Before using a banking site that you aren't familiar with. Some operate completely in cyberspace. Yes. you could possibly lose all of your deposits if the bank goes under. 4. Some online banks are more stable than others.final-yearprojects. you must be sure to thoroughly do your homework about the bank's background before giving them any of your money. . or its major shareholders decide to take an extended vacation in Switzerland. it can take months or even years to correct the damage. If not. Online banking is subject to the same business-day parameters as traditional banking.co. Identity theft is running rampant. Normally this is not a problem. 3. check to make sure that their deposits are FDIC-insured. Not all online transactions are immediate. as well. Again.cc | www. some are considerably better (or worse) than others. Some banks are better than others in this department. but sometimes customer service by telephone or email can be spotty and may prove to be more of a hassle if you have a serious issue that is not easily resolved. 5. Customer service can be below the quality that you're used to. If your bank operates only online or simply does not have a branch office in your local area. but it certainly isn't always secure. Therefore. And once your information is compromised. you will not be able to reach a representative in person for discussion of account issues. Some people simply take comfort in being able to talk to another human being face-to-face if they experience a problem. printing out and keeping receipts is still very important. 6.troubleshoot4free.com/fyp/ DISADVANTAGES OF TECHNOLOGY 1. Although most major banks employ a dedicated customer service department specifically for online users. even when banking online. online banking is generally secure. This generally does not happen in case of traditional method of banking. With no way to physically check out the operation. not to mention possibly costing you thousands of dollars.www. going through the dreaded telephone menu can still be quite irritating to many. so you will need to do some research if this is an important consideration for you. 2. and banks are by no means immune.
.www.final-yearprojects. Others are simply too stubborn to acquire the relevant knowledge and skills.co. Using online banking effectively requires some basic computer literacy and familiarity with navigating the Internet.cc | www.com/fyp/ 7. There are also a significant number of people who are suspicious of anything having to do with the Internet because it is outside of their comfort zone. those who are afflicted with technophobia or are simply inexperienced with this particular genre may not be comfortable with this concept. While this is not a problem for people like me.troubleshoot4free.
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