Future Banking System
Dr. Chhaya Mishra
ILVA Com. & Sc. College,
Venkteshwar Institute of Technology Indore.
The study focuses on the radical changes that latest technological developments has brought and transformed the philosophy of banking. The major success of the impact is reflected in adoption and acceptance of banking system by and large by the society. The latest advertisement campaign in the IDBI Bank “banking for small and big featured by an elephant and bay elephant” is the best example of service motive of banks and their ability to cater the needs of different segments of society. Technology has not only broadened the reach of banks but also it has contributed in the effectiveness and efficiency of operations that can be seen on the boards mentioning the time required by the dealing officer in the requisite services in the branch. The pace of the development and its acceptability is taking the banking industry where there will be no branches of the bank and only computers , mobiles and internet along with the ATM`s will run ,govern and manage the business.
Analysis of earlier studies
A lot of work has been done on the same topic involving and describing the importance and effectiveness of the Computer Software driven banking and Internet based banking but all the studies which we have seen were moving around the existing systems only. We have made an attempt to see beyond the visible horizon thorough the virtual eyes of technology may be hypnotically seen today but will definitely take a finished form of service.
Objective of the Study
To find out what is hidden in the futures treasure that my again surprise us in the forthcoming advanced scenario and the reliability of the banking system as well as challenges up front. We have selected as our area of focus is enhancing the utility of ATM`s for printing the Demand Drafts and cheque as well as transferring the funds from one account to another. In this dream system the ATM`s are going to work as Internet Banking interface media between two customers, they may belong to the same bank or other.
We have taken the views of more than 20 people who are in the age group of 25-60 people such as Banking/I.T./Business/Doctors/Finance/Senior professional with vast experience in different sectors. Our structured questionnaire has helped us to generate reliable results to give us the confidence in the dreamed system.
Technology Support Required
✓ Internet Banking Environment.
✓ ATM Support system.
✓ Card (Debit/Credit/Smart) or Log in id and Password support system. ✓ Software support system for integrating and interacting within same bank/different banking environment. The above mentioned pictorial presentation shows that the functioning of the system using possible environment.
Functioning of the system
The ATM based system will be interactive enough to provide the user enough convenience to print the demand drafts and usage of the account transfer facilities. Presently we are going to focus on the demand draft and cheque printing system through ATM.
The present system as modified from time to time provides the facilities of ✓ Withdrawal,
✓ Bill Payment,
✓ Balance Enquiry,
✓ Mini Statement,
✓ Pass Book Printing,
Little modification of the present system can enhance its utility as well cut the cost of banks to a higher extent eventually the benefit of which can be transferred to the customers. [pic]
The Result of the above...
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