Analysis of Historical and Dynamic Transition in the Concept of Banking in India

Abstract

Keeping in mind the changing technology replacing the traditional concept of Banking, this research was undertaken to get an insight of how the system has changed over a period of time and how the system has benefited. Hence the topic for this research was "Historical and Dynamic Transition in the Concept of Banking in India". The sample that was selected for the study consisted of 100 consumers selected by Stratified Random Sampling Method in such a way that it included students, working professionals, government officials, house makers and senior citizens. The banks that were selected were HDFC, SBI, PNB. 50 employees of the mentionedBanks in Pune were selected. The tool used for the primary data collection was the questionnaire method. Based on the customer responses it was found that the new system as compared to the old techniques enabled growth in banking sector and improved services. The results showed that customers found it impossible to even think of banks that run without IT applications and newer advanced systems. It was also found that the new system enabled banks to overcome geographical limitations and manage rising transaction volumes well. The study showed that major benefit of the new system for both the employees and customers is improved efficiency and ease of completing the day to day tasks. It was found that banking system has evolved from the plain banking services into universal Banks. The anytime anywhere norm has become popular due to the advent of ATMs, internet banking, mobile banking and social banking. The research would benefit financial institutions and MBA aspirants, who are interested in finding the trend in the banking system.