Internet Banking- A transformation Based on Technology from Traditional to Virtual Banking

Abstract

Indian Banking has undergone a total transformation over the last decade. Moving seamlessly from a manual, scale constrained environment to a technological leading position, it has been a miracle. Such a transformation takes place as per the need of the hour within a short span of time with low cost. In the development of Indian economy, banking sector plays a very important and crucial role. With the use of technology there had been an increase in penetration, productivity and efficiency. It has not only increased the cost effectiveness but also has helped in making small value transaction viable. Electronic delivery channels, ATMs, variety of cards, web based banking, and mobile banking are names of few outcome of the process of automation and computerization in banking sector.