Impact Of Technology In Banking

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

RESERVE BANK’S EARLY INITIATIVES
As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives. “Institutional development” was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on “improvements in the productivity” of the banking sector. Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Periodically, almost once in five years since the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.

Based on the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and collection of MIS. In the inter-bank payment systems, it was in the form of clearing and settlement using the MICR technology.

Two momentous decisions of the Reserve Bank in the 1990s changed the scenario for ever there are:
a) The prescription of compulsory usage of technology in full measure by the new private sector banks as a precondition of the license and
b) The establishment of an exclusive research institute for banking technology institute for development and Research in Banking Technology.

As the new private sector banks came on the scene as technology-savvy banks and offered several innovative products at the front office for the customers based on technology, the demonstration effect caught on the reset of the banks. Multi channel offerings like machine based (ATMs and pc-Banking), card based (credit/Debit/Smart cards), Communication based (Tele-Banking and Internet Banking) ushered in Anytime and Anywhere Banking by the banks in India. The IDRBT has been instrumental in establishing a safe and secure, state of the art communication backbone in the from of the Indian Financial NETwork (INFINET) as a closed user group exclusively for the banking and financial sector in India.

CHANGING FACE OF BANKING SERVICES
Liberalization brought several changes to Indian service industry. Probably Indian banking industry learnt a tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It’s a consumer oriented market there.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very popular as they help you to realize your most cherished dream. Interest rates are coming down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Almost every bank and financial institution is offering these products, but it is essential to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of all.

Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they are of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments charged generally have higher credit limits or some times no credit limits.
Debit cards-this card is may be characterized as accountholder’s mobile ATM, for this you have to have account with any bank offering credit card.

Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and to keep track of their banking transaction.

RURAL BANKING
One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. In addition to regular agricultural loans, banks to offer several other products geared to the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the early 2000’s ICICI bank began setting up internet kiosks in rural Tamilnadu along with ATM machines.

NRI SERVICES
With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING
E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives effect to multichannel delivery of service by the bank. This E-Banking is driven by twin engine of “customer-pull and Bank-push”.

CONCLUSION
Technology has been one of the most important factors for the development of mankind. Information and communication technology is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. Banking industry is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth has been strongly supported by the development of in the field of technology, without which this could not have been possible of course it will change our lifestyle in coming years.

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Strategies for Establishing the Best Healthcare Startups

Establishing a functional business is always a challenge for various entrepreneurs especially when you are a doctor and want to develop your private practice. The best way to excel with your Healthcare practice startup is to understand some of the details involved in the process and the article highlights some of the top considerations.

When you are setting a plan for a business health care practice startup, you will already know your target audience, and the location should be ideal for them. Patients are likely to drive for more than 30 minutes to a private clinic as long as it offers the best services and amenities such as the parking lot and you should factor in such details.

If you want to avoid most confusion associated with running a business, it is mandatory to have a business plan for healthcare practice startup. When you have a well-crafted business plan, you will be sure to include most of the details such as the rate of competition, target market and marketing techniques and the document can also help you secure a loan.

The medical center should have a team of various experts such as oncologists and physical therapist. The hospital will also have various departments to take care of insurance, hiring and marketing and having a perfect practice startup team can guarantee success.

Most times, you will lack sufficient capital to run your health business, and you should include it in your planning so that you know how to follow up with the financiers. You should start researching for some of the best places where you can easily qualify for business loans.

When you are establishing your Healthcare practice startup, you should ensure that you have the right documents such as the insurances. When most of your clients realize that you have a vast network with most of the insurance companies, they are likely to consider your services. Researching and understanding some of the authorities to register with can ensure that you acquire valid licenses and also operate a legal entity within your area.

Good medical practice needs to have a welcoming and knowledgeable staff to ensure that everything falls in place. When you are starting, it is essential to know some of the critical staffs to work with such as the medical assistant, office manager, and insurance claims officer.

If you want to be among the top-rated healthcare business in your area, then you should ensure that you invest in the right tools of management. Identifying some of the perfect computer system for your Healthcare practice star up and also involving your staffs to lay down the entire structures and policies can ensure that you have a working system.

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What Is A SIP Service Provider And Is It Important For Your Business?

Do you have intentions of improving your business’s phone system? Do you intend on communicating with your customers and co-workers without any problems? In case you agreed to the queries about, it is time you educate yourself on the fast-growing SIP trunking industry. A SIP service provider is a company that assist your business in setting up SIP trunking technology. SIP trunking is a substitute to traditional phone systems that enables your workers to communicate through the internet. Rather than depending on public switched telephone network, you can use best SIP provider your internet connection to keep in touch with your employees and clients. You are better off considering to work with SIP service other than traditional telephone service provider. Check them out below

It enables your business to save cash. SIP trunking service can save you money in a few different ways. Firstly, you do not have to stress about paying more for long-distance or international calls. Similarly, since your phone calls are foreseen, you can come up with a budget quickly and plan. With SIP trunking service, you save cash from having to spend so much on expensive hardware.

It gives you more communication opportunities. SIP service enhances easy communication and also opens the door to a variety of other communication means. It entails things like instant messaging and video conferencing. You might also consider utilizing particular apps that will enable everyone to stay in touch and on the right track.

Your business becomes mobile. You can use the best SIP provider apps to maintain contact with your staff members even when they are out of the office. You might want to try SIP service because it makes communications easier especially if you’re going to stay in touch with the people at work in case they have going for meetings, or they are working from home.

It is not difficult to manage SIP. You will not experience a rough time to manage your SIP services. In case you need to have more lines or adjust your plan, you can easily do that by a quick phone call or simple tricks on your provider’s website. You do not have to have someone come over and set up an additional phone line.

Immediate returns for your business. A majority of people have witnessed prompt returns after investing on best SIP provider SIP trunking services. In most situations after you have switched over, best SIP provider within a month, you will notice a reduction in your phone costs mainly if you and your workers make long-distance calls most of the time.

Since you have information about what a SIP can do and the advantages it has for your business, it is time for you to start hunting. However, you need to consider certain factors so that you do not experience any challenges in finding a service that will accommodate all your communication needs.

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