A Result Analysis of Impact of Information Technology on the Banking Sector

The use of the internet as an electronic delivery method for banking services and products is a general extension of traditional banking. With the use of IT, banking has been redefined and reengineered today, and the future of banking will undoubtedly offer more. Customers receive advanced services thanks to ongoing product and process improvements. Thus From a seller's market to a buyer's market, there occurs a paradigm change. Banks therefore modify their strategy of "Mass banking to Class" and "Conventional banking to Convenience banking" Banking". The report looks at a number of pertinent problems regarding the use of IT in banking and proposes implementing IT and other cyber regulations, protecting the privacy and confidentiality of data correctly. This will ensure that IT plays a growing role in the financial sector.