banking technology industry technological innovations paper future

Technological Innovations And Future Of Banking Industry# Technological Innovations And Future Of Banking Industry3196 Words13 PagesTechnological Innovations and Future of Banking Industry – A study oftechnological drivers of change Janki Kakkad IS 8005 Kennesaw State UniversityAbstract Technology has been the main driver for globalization of bankingoperations. Various advancements in technology have not only changed thebanking business but also the way customers perform their banking activity.Banking industry is moving from the traditional brick and mortar set up to thevirtual channels at a very rapid rate. Technologies like ATM, POS terminals,internet and mobile banking have increasingly influenced the use of e-moneyover paper money. The purpose of my research paper is to examine how theadvancement in technology affects the banking services. I will also examinehow technology impacts the financial transaction costs and revenue generationfor banks. For the purpose of this research paper I have reviewed academicpeer reviewed articles, case studies and internet resources. Since virtualchannels can be used to offer standardized banking products, banks can shifttheir focus on relationship management. On one hand banks are adopting newertechnology to reduce cost and provide convenience to customers, but not alltechnology is easily adopted by customers as they raise some serious securityconcerns. In order to bridge this gap, banks will have to provide advancedsecurity measures and assure information quality. Introduction Bankingfunctions have virtualized on a large