By introducing the possibility of online financial transactions, IT in banking has immensely scaled up the level of activity by making services and products easily available at an affordable cost and accessible to an ever increasing set of people.
Information and communication technology functions are fundamental to the success and stability of banks as well as in increasing their outreach to the unbanked or underbanked areas of the country with limited “brick and mortar” structures. It is, therefore, necessary that banks prioritise these functions at the highest level. 4. We have travelled a long way from the era of “3-6-3” banking.