More sophisticated they are, they may also trade some stocks, transfer some cash from their Euro A/c to USD a/c put up a lump sum in a Mutual Fund or sign up a home insurance policy online”. 14. The above statement denotes the diverse set of banking applications which technology can support.
In fact, there is a need of a single channel solution to multiple product offerings. It must, however, be remembered that technology is just an enabler. Almost all banks in India have invested heavily in web-based and mobile-based delivery banking and payment solutions. Very often, these channels are supported by different vendors and also one use different technology which increases complexity and involves cost.