Information technology-A gateway for Improving customer experiences in Indian banking sector- an overview
Financial System is the life line of any economy in the world, with India being no exception to this. With Commercial Banks, Cooperatives, Capital Markets and other financial institutions forming an integral part of it, financial system has become a viable and powerful instrument in enabling the economies of the different countries in achieving the basic objective of the wellbeing of the people through the distribution of the fruits of economic prosperity to them.
Banks as an important segment of the "Financial Services Sector"(FSS), acting as a viable link between the depositors and borrowers by attracting deposits and advancing loans of different types for undertaking various economic activities have been known for their pioneering role in accelerating the economic growth of the different counties worldwide.
As the key component of financial system, they play an important role in ensuring the proper allocation of funds mobilized by them from the savers in the form of deposits and deployment of the same in the form of loans and advances among different borrowers resulting in an efficient functioning of the overall economy in the country.
Banking industry acting as the key driver hastening the economic progress has been known for playing its defined role of maintaining financial equilibrium and economic stability and has been supporting substantially the Indian economy to become not only emerging, but also more vibrating.
By providing diversified and customised financial services, Banks in our country have been supporting both Corporate and Non- Corporate Sectors to identify themselves with every phase of economic development of our country.