How technology is driving competitive advantage in banking sector

^{Banks have been leading tech transformation for a while now. In fact, over the last few years, banks have truly revolution the tech landscape with large-scale rollouts of Mobile banking, Internet banking,}

^{pre-approved instant loans and quick global remittance solutions, etc.}
^{Conceptualization of the Unified Payments Interface (UPI) architecture with the regulator, its eventual implementation and resounding success is an example of the astute understanding of technology by banks. It is important to remember that the millions of UPI transactions driving the economy ride on the underlying core systems of banks. The steep rise in volumes and the banks' ability to absorb is a testimony to the robustness of the tech deployment at banks.}
^{The largest change has been the advent of a streamlined public infrastructure, coupled with of new technologies and tech-savvy customers. Emerging platforms, such as cloud computing, India Stack with Aadhaar-UPI, and distributed ledger technology, now provide new ways to aggregate and analysis information, improving connectivity and reducing the marginal costs of accessing information and participating in financial activities.}
^{Many emerging innovations leverage advanced algorithms and computing power to now automate activities that were once manual, allowing financial institutions to offer cheaper, faster and more scalable alternative products and services. New entrants - big and small - with focused specializations are also creating targeted products, increasing competition in these areas for the traditional end-to-end financial services models.}

^{Information technology in banking sector refers to the use of sophisticated information and communication technologies together with computer science to enable banks to offer better services to its customers in a secure, reliable and affordable manner and sustain competitive advantage over other banks.}

^{Banking industry is a backbone of Indian financial system is afflicted by many challenging forces. One such force of information technology. In today’s era, technology support is very important for the successful functioning of the banking sector. Without IT and communication we cannot think about the success of banking industry, it has enlarged the role of banking sector in Indian economy.}

^{For creating an efficient banking system, technology has a key role to play. In past 10 years, banks in India have invested heavily in the technology such as Mobile banking, Net banking, ATMs, credit cards, debit cards, electronic payment systems and data warehousing and data mining solutions, to bring improvements in quality of customer services and the fast processing of banking operation. Heavy investments in IT have been made by the banks in the expectation of improvement in their performance. But important in the performance depends upon, differences in the deployment, use and effectiveness of IT.}

^{Information technology in banking sector refers to the use of sophisticated information and communication technologies together with computer science to enable banks to offer better services to its customers in a secure, reliable and affordable manner and sustain competitive advantage over other banks.}

^{The significance of technology is greatly felt in the financial sector in view of the competitive advantage for banks resulting in the efficient customer service.}^{In the development of Indian Economy, Bank sector plays a very important and crucial role. With the use of technology there had been an increase in penetration, productivity and efficiency.}

^{Electronic delivery channels, ATMs, variety of cards, web based banking, and mobile banking are the names of few outcomes of the process of automation and computerization in Indian banking sector}