Key Future Challenges of Indian Banking Information System: A Qualitative Investigation

2. Literature Review

Technology is very much integrated and pervasive with banking that it is impossible to think of banking operation without an effective IT system in place. Banks are one of the largest investors in information system (IS) infrastructures like core banking solution, mobile banking solutions, client relationship management solutions and so on. The Centralized banking system (CBS) is one such technological advancement that has revolutionized the banking sector. CBS are organization-wide information systems that bring substantial changes to a bank’s methods of working and information flows. It contains record of all customer transactions and the processing of those transactions. It enables banks to offer a multitude of customer-centric services from a single location (Chakrabarty, 2010). It enables customers to access their accounts from any branch, anywhere, irrespective of where they have physically opened their accounts. Gradually, majority of the branches of the commercial banks including Regional Rural Banks are progressively bought into the core-banking net. Today, all the public sector banks have completed 100 per cent computerization of their branches with CBS. The banks in general have implemented Finacle, Bancs 24, Finware, Crown, Flexcube, and I-flex information systems as CBS solutions (Chakrabarty, 2010).