Banking- Technology Impact Essay

Probably Indian margining industry learnt a tremendous lesson. Pre-liberalization, on the whole we did at a bank was deposit and withdraw capital. Service standards were pathetic, exactly all we could do was grin and bear it. Post-liberalization, the tables score turned. Its a consumer oriented market there. Tech noogy is revolutionizing every field of human strain and activity. One of them is introduction of information technology into capital market. The internet banking is ever-changing the banking industry and is having the major effects on banking relationship.Web is more(prenominal) most-valuable for retail financial services than for many other industries. Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is living accommodations loan, which is witnessing a cut-throat competition. The home loans are very popular as they ease you to realize your most cherished dream. Interest rates are overture down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan.Almost every bank and financial institution is offering these products, but it is essential to understand the divers(prenominal) aspects of these loan products, which are not mentioned in their colored advertisements. PLASTIC capital Plastic money was a delicious gift to Indian market. free respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula bribe now repay later. There are different facts of plastic money credit card is synonyms of all.Credit card is a financial instrument, which cannister be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally know these. On the basis of their credit limit, they are of different kinds like classic, luxurious or silver. Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments aerated generally have higher credit limits or some quantify no credit limits. Debit cards-this card is may be characterized as accountholders mobile ATM, for this you have to have account with any bank offering credit card.Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below. smooth BANKING Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services.