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