Vol. 10, Issue 2, Part C (2024)

Banks had to adapt to new ways of doing business in the 90s due to technological developments. The ban king sector is seeing a substantial improvement in service quality because to the new paradigms in business brought about by IT. Nothing ever stays still in the banking and financial industry. The breadth of banking's operations is the most significant shift. Traditional banking focuses on three main activities: receiving deposits from consumers, lending out excess deposits to eligible borrowers, and transferring cash. Modern banks go above and beyond the call of duty to meet the non-financial and financial requirements of their diverse clientele, which includes everyone from individual savers to multinational conglomerates—and even those who aren't clients at all. Depending on the bank's size and kind, the variety of services supplied might vary greatly.

One of the most crucial components in human progress has been technological advancement. The most recent development in the realm of technology that facilitates electronic access, processing, storage, and distribution is information and communication technology.

Plastic cards, one kind of banking product that serves the demands of the retail sector, have seen a geometric evolution in their number in recent years, contributing to the industry's rapid expansion in response to technological developments such as automated teller machines (ATMs), online banking, telephone banking, mobile banking, etc.

Technological advancements have been crucial to this expansion; without them, it would not have been conceivable, and it will undoubtedly alter the way we live in the years to come. The purpose of this article is to examine the advantages and current problems of certain prominent IT-enabled services provided by financial institutions.