Huge (IT) Information Technology Investment Required In Indian Banking

Huge (IT) Information Technology Investment Required In Indian Banking

Current RBI Governor, Mr. Shashikant Das is appealing for giant Information Technology Investment Required In Indian Banking.

In Mumbai RBI head office, for safety, fast connectivity, better experience, easy use and realizable economy connectivity, Shashikant is preferring more investment to boost the banking system.

What was the context?

After the HDFC Bank announcement for credit sales, open deposit and online digital transaction initiative, RBI governor appraised HDFC bank. He is supporting the online banking system.

He is giving the example of ICICI bank specially that 63.27% of sales in loan and credit card use sales by online banking and mobile banking. He told that as per ICICI bank, artificial intelligence use in app of ICICI Bank Ltd, 17% additional transactions happening every YOY growth.

As per HDFC, Fixed deposit ratio is 16.89%, as per the branch offline banking. 3600+ crore rupees of transaction in UPI commissions and payment.

If banks will invest more on fast servers and security then 30,000 crore of hacking and money lack will reduce and transaction without failure will happen.

Why Information Technology Investment In Indian Banking?

Today, almost every Indian is connected with banking system. If all customer will be on the footnotes of offline bank then it’s very hard to manage them.

That’s why, customers are connected with online banking system. In this case, banks have to invest more on IT system to make sustainable and healthy growth.

Better experience and connectivity will enhance the performance & revenue of banks.

Manual customer handing is difficult to attend all within working hours. IT is making life easy and global connectivity. So, we have to make this system better and enhanced.