There are several competitive advantages linked with the reception of the technology in the service sector.
Information technology is progressively becoming inestimable and dominant tool driving the development, aids in growth and promote competition and strengthens the competition. There are many examples of information technology application associated with banking sector that assist in building new markets and fuel the economy for example, automated teller machine ATMs.
Technology adoption has led to the community efficiency which results in reduction of cost, improvement of service quality and enhances the added value to the customer. There is a direct and positive impact of technology on the service quality of every sector especially the banking sector.
Today, the banks, to remain in the competitive position are facilitating their customers with the technology based services according to their demand. The diffusion of IT has led to a drastic transformation of the product user relationship due to the improved services being provided by the banking sector.
The product service innovations which took place due to the dissemination of information technology in service sector have a great impact on demand and employment.
It is important to realize that in service sector the issues of generation and dispersion of innovation are inextricably important. Both are highly correlated and is considered important in all service industries and financial sector like banks. So the current study is designed to investigate the impact of technological advancements on banking service quality. From last 15 Years, the use of technology is enhanced in the service quality field. The industry of service takes advantage through investing in new technologies.
Carroll, All fields of work in the business administration know that quality service has very important to retain customers and earn profit. Gilbert, The trend of Information technology change and its growth has intense effect on the service quality. It is maintain from management and major focus in developing countries. Clark, An ATM is configured to make withdrawals,distribute cash, issue account balance and transfer money in between accounts.
It iscomputerized electronic machine. Daniel, An ATM is the mostrenowned and advanced banking servicebecause it is provide an option to do transactions,access your accountand can make online purchasing. Clark, Telephone banking enables us to pay bill or do banking transactions without leave the house. It is useful,convenient and speedily service. Rahimudinand Bhukhrai, Internet banking is use of electronic methods or means without cash or check we can transfer money from one account to other account.
Internet is use to give information on a web page about the bank. Laukkanen, All the banks should established strategies to create awareness about online banking, for this marketing and promotions campaign can be useful. It is the most important and very easy way of online payments. It is easier way rather than carrying a check book. Birch, The use of Smart cards are secured in these days of technological advancement and these are well-established international standards in easy to use.
According to Lewis, et al. And on the basis of the new technology banking sector can improve their service quality. Now days the service firms are greatly depends on a large range of the technological innovative sources. Service firms have different resources to explore the new technological evolutions. Technological information can be collect mainly from the suppliers, clients,delivery departments and customers etc.
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The Post Office savings banks are run as departmental agencies of the Central Government, and all the funds deposited with them are in fact lent to the Government, their owner. Similarly, lending alone does not make a financial institution a bank. In fact, leaving out Post Office savings banks, all other financial institutions do the work of lending to others.
But only those of them are banks that also accept chequable deposits them. All others are non-bank financial institutions. Banks are said to be department stores of financial services as they render a wide variety of such services to their customers. The range of these services differs from bank to bank, depending mainly on the size and type of banks.
So far we have highlighted only two of them, because, in combination, they are the necessary services which a bank as a bank must perform. They are also the two most important functions of a bank. We sum up briefly below the main services which banks in India generally perform. This should help appreciate the role which banks play in the economic life of the country. You must be logged in to post a comment.
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The range of these services differs from bank to bank, depending mainly on the size and type of banks. So far we have highlighted only two of them, because, in combination, they are the necessary services which a bank as a bank must perform. Database of FREE banking essays - We have thousands of free essays across a wide range of subject areas. Sample banking essays!
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