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Role of IT in Banking Sector Assignment

Introduction - Role of IT in Banking Sector

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Chapter 1- Introduction

The banking environment is becoming competitive. In order to survive in the market the banks are required to blend themselves according to the changing environments likewise, various banks are including the latest technologies that are supporting to make more flexible banking structures as well as making the banks more effective to responses to the changing business environment. Technologies are also helping with effective communication, cost reduction and others within their operations. Likewise, the study shall explore the role of Information Technology (IT) in banking sector.


Technological involvement in banking was first debuted in UK and USA during the 1920s andgradually became prominent in 1960s through the involvements of credit cards, electronic funds transfers and others (Mulia et al., 2020). Web based banking came during 1980s moreover, 1990s experienced a financial reform, globalization, deregulations and also encountered revolution in communication technologies and technologies such as mobile phones, internet evolved to greater extent (Mulia et al., 2020). Currently in developing countries such as in Asian countries also the IT is being adopted in the banking sector. Banking sectors are incorporating software packages for the banking applications. It is helping the banks with communication, safekeeping of public money, exploring investment opportunities, transferring money, issuing draft and others. Likewise, detailed role of IT in banking sector shall be explored in this study.


Various banks have already modernized their services by including the electronic equipment and computers. The electronic revolution has helped the banking sector with flexible operations. Information technologies has enabled to eliminate large paper bank accounts and large registers and to include the information secured drives (Famiyah et al., 2018). Likewise, the research shall help to understand the various aspects of IT in banking and its related benefits. Moreover, the associated risk can also be identified and thus, the study can aware the people regarding the related risks.


The research aims to understand the role of IT or Information technology in the banking sector

Research objective

  • To understand the role of information technology in the banking sector
  • To investigate both positive and negative impact of Information technology on banking sector
  • To trace the IT related risk in the banking sector

Research Questions

  • What are the roles of Information Technology in the banking sector?
  • What is the positive and negative impact of Information Technology on banking sector?
  • What is the related risk with IT in banking sector?

Brief Literature Review

According to Bertuch-Samuels, (2019), IT is no more a back office function and it is gradually increasing the banks value. IT is enhancing the pro-active measures of the banks such as standardizing the banking infrastructure from the perspectives of networking and communication, achieving branch connectivity, moving in the direction of RTGS or Real Time Gross Settlement environment to forecast the real time database. IT is also enabling the banks to use imaging technology and magnetic link character recognition for cheque clearing.

According to Hoffman, (2020), IT in banking sector is offering various advantages. Such as customers can now get account statements, view the accounts, purchase draft, transfer funds just by clicking few keys. Smart cards or the cards along with “micro-processor” chips are giving new dimensions to the banking services. IT has also helped to include “Cyber-cash” in the banking sector that refers to exchanging cash through “cyber books”. It has also helped with easy telephone and electric bill payments. Article has revealed that information technology has given immense opportunity to the banks to undergo drastic changes and also it has helped the customer.

According to Rahi and Ghani (2018), one of the key driversto include IT in the banking sector is the sophistication in technology and the expanding popularity of the internet. Moreover, to reduce the cost related to the service delivery banks are required to automate the customer inquiry route through “self-service” channels. To do so, the banks require to invest in Kiosks, call centers, ATMs however currently the IT infrastructure is helping with internet banking to make the business strategy more customer centric. IT has also helped to integrate DOI or Digital Object Identifier to reduce the cost of banking operations. IT has helped with certain facilities such as ATM, E cheques, EFT or Electronic Fund Transfer, DeMAT Accounts, Telephone banking, Mobile banking, EDI or Electronic Data Interchange and others.

According to Rosuler et al., (2020), IT is helping the customers to peruse banking offers from anywhere in the world such as for balance enquiry, issuing instructions, request for service and others. It is also reducing the cost of banking, Customers can withdraw cash from anywhere and on-line purchase of products is possible using online payments. It is helping with anytime banking. The article has also revealed that IT is helping the banks to innovate schemes and to address the competition. It is helping with inter-branch resolution immediately thus are eliminating the chances of misinterpretation and fraud. IT is also helping the banks to promote their schemes and integrating the customer data is helping to offer customized and individualized services.

According to Sanchez and Camacho et al., (2020), although IT has various benefits but there are certain associated risks. The article has revealed that as the data are being stored in computers and is displayed whenever required through mobile banking or internet banking; it has given rise to threat to the confidentiality and privacy. The article has revealed that the “data processing” abilities of computers especially with retrieval capabilities raise doubt to the individuals regarding the safety of their personal information. However, according to the constitutional aspect, nations believe privacy as the part of human rights and is considering it as the core responsibilities of the banks and are extremely cautious while handling computer data processing to ensure that the computer process the data with utmost security and to ensure that the data is used only for purpose intent.

Brief research methodology

The research shall be conducted based on interpretivism research philosophy. Such research philosophy helps to observe the gathered literature and to interpret them. Likewise, the research philosophy shall help to reveal a reliable research put come regarding the role of IT in banking and thus remains suitable with the research. Deductive research approach shall be included, such approach observes the literature and then developed a hypothesis likewise, using the literature it test the hypothesis and confirms the hypothesis and in doing so it reflects a theory and that theory helps to answer the research questions (Mulia et al., 2020). Likewise, the approach shall help this research to answer the research questions effectively.

Systematic literature review shall be selected as the research strategy. It helps to gather the data from reliable data sources and to interpret them systematically. Such method helps to answer the research questions accurately, likewise shall help to reveal the role of IT in banking sector, positive and negative Impact of IT along with associated risks of IT in banking sector (Mulia et al., 2020).Thus shall remain suitable with the research. Mono- method and qualitative method shall be included. Cross sectional observation shall be done and it shall help to observe the data from a single point of time likewise, the current role of IT in banking along with its benefits and risk could be observed better.

Data shall be gathered from reliable data sources such as from Google scholar, CINAHL and others. Certain key search terms shall be selected such as “Role of IT in banking” and or “how IT changes the process of banking”, “Digital banking” and or “It development in banking sector”, “IT threats in banking sector” and or “Security threats in digitalized banking” and others. Using the search terms the relevant journals and articles shall be searched from the data bases. Moreover certain inclusion and exclusion criteria shall be developed to select the most relevant papers; inclusion criteria such as the articles published only in English shall be selected, articles published after 2017 shall be selected to get the latest information related to role of IT in banking moreover papers related to role of IT in banking shall be included on the other and exclusion criteria such as papers published in other language(other than English) shall be excluded, papers published before 2017 shall be excluded and paper related to the role of IT in other sectors (other than banks) shall be excluded. Moreover using CASP analysis the quality shall be checked likewise, the most relevant and quality paper shall be selected. Explanatory and narrative analysis shall be done (Mulia et al., 2020).

Research outcome

The research shall reveal the role of IT in banking sector such as IT enables better market infrastructure, enable sophisticated product development, and implement better financial intermediates to associate with geographically distant as well as diversified market and others (Famiyah et al., 2018). The outcome shall also highlight the positive and negative aspects of IT in banking sector along with the associated risk of IT in banking sector.

Ethical consideration

The research shall follow the ethics of research execution. No fake information shall be included. Plagiarism shall be avoided. All the data gathered from published journals, articles and other sources shall be referenced.

Chapter 2: Literature Review

Nowadays, the evolution of IT and its automotive products impressed various sectors for choosing it for their service. The baking rector is also one of them. IT plates a vital role in the banking sector by providing various technical sections such as ATMs, Net banking, etc. The banking sector’s administration and operations have always been assisted by computers. Information technology provides for advanced software formulation, enhanced economic equipment, and the deployment of dependable management measures, and also assisting in reaching capital markets. There are various areas in which IT takes part in the banking sectors of the UK such as set bank alerts, debit card, viewing account balance, etc (referred in figure 1). The involvement of IT in banks has risen to prominence as a viable communication channel for banks. In this section, the role, importance, advantages, drawbacks and risk associated with IT in the banking sector will be discussed in depth by the systematic literature review. Various publications, data sources will be gathered for this discussion from Google scholar.

Figure 1: Overview of IT implementation in UK Banking Industry

(Source: Ellitan, 2021)

The Role of Information Technology in the Banking Sector

The banking sector has gone through various major stages in the five decades since the technologies are implemented into it. The Resolutions of Abbasietal.(2018) opened the ground for the financial regulation process in the following phases, also known as the Transformation Transition stage. During this period, significant steps toward financial sector change were made. The adoption of new accountancy and administrative regulations recorded in the income statement identification, liquidity, and total assets, as well as the liberalisation of borrowing costs and the relaxation of entrance requirements into the banking industry, have all been significant. According to Abuzagia (2017), the evaluation of intonation technology is also played a significant role in the banking sector. In the UK, the introduction of foreign banks ushered in a fundamental change in economics. Increasing realisation of the significance and value of technologies in finance has emerged through greater competitiveness and steady growth. The entry of international and banking institutions, with its better government technology-based facilities, encouraged the banking system to follow that example by investing in cutting-edge software to combat competitiveness and preserve their existing customers. The banking industry implemented IT as various ways such as Saas, Virtual reality, loT, etc for increasing the productivity (referred in figure 2). Today, the financial sector is undergoing a technological transformation (Ellitan, 2021). The relevance of integrated payment automation or digitalisation in the Banking sector is increasing due to a mixture of legislative and economic factors.

Figure 2: Role of IT

(Source: Statista.com, 2021)

In the banking industry, information technology is applicable in two distinct ways. The first is connectivity and communication, and the second is reconfiguration workflows. IT permits for comprehensive software innovation, enhanced economic network, and the application of dependable risk management approaches, as well as assisting insurance companies in reaching out to locate in different geographical and heterogeneous marketplaces. As a result, the internet has revolutionised the outlines of three primary tasks eligible financial: accessibility to credit, portfolio conversion, and risk evaluation. Additionally, Hammoudetal.(2018) stated that the performance of currency, investment, and exchange rates is influenced by IT internet connections. The Internet has been heavily influenced the network of baking sectors and emerged for preparing the necessary stable ground for the banking sector. Except in certain sectors where the restrictions actually apply, the Information Technology Act 2000 has granted official status to the generation, distribution, and maintenance of digital data as competent evidence in a legal proceeding (Jakši? and Marin?, 2019). The implementation of IT offers various services to the banking sector such as online credit cards, mobile banking, bill payment, smart money order, internet banking, e-Cheques, DeMAT Accounts, ATM, funds transfer etc. As adequately leverage from such automated communication flows, financial institutions must devote adequate effort and time towards the digitalisation and interconnection of facilities nationwide in strategically vital locations. Moreover, Kamberaj (2020) expressed that Information sharing and interpersonal and interconnectivity would help to solve the last-mile challenge, resulting in quicker and more convenient transfer payments throughout the globe.

Figure 3: Benefits of Mobile Banking

(Source: Justcoded.com, 2021)

The technology products for payment systems emerged in the 1980s when financial institutions began to computerise their facilities in a restricted manner. The nineties saw a reduction in equipment costs and the introduction of minimal but strong Computers and applications, prompting banks to invest in Total Branch Automation programs. It plays a vital role in retail banking (Khumalo and Baloyi, 2018). The late middle twentieth century saw a whirlwind of economic fluctuations, liberalization, and internationalisation. The first instances of electronic banking were in the United Kingdom and the United States in the early twentieth century. With computerised financial transfers and card payments, it grows extremely famous in the 1960s. In the early 1980s, in Europe and the United States, the conception of internet baking was born. In contrast to public banks, the emerging private financial sector and international banks have limited outreach. In the unavailability of IT connections, Kolesov (2020) said that the industry has seen a slew of innovative services originate from these businesses via non-branch marketing techniques.

Figure 4: Global Banking Profitability

(Source: Khumalo and Baloyi, 2018)

IT is gradually transforming to a valuable addition for banking industry’s sustainable profitability. IT achieves this by maximising the banking system' effective services, such as reinforcing and consolidating banking' distribution or delivery process in the level of protection, transferring data, and collaboration with the other party, accomplishing strong accessibility, relocating toward the Real-Time Gross Settlement environment, predicting the future cash flow by constructing records and using Computed tomography Print Character Recognition and Image analysis advanced technologies for cheque collection. The banking system of a contemporary bank is insufficient (Kurbanov, 2018). Customers now want innovative, more efficient shipping mechanisms, and solutions like online payments have a double purpose for them. It offers regular banking operations including much more details about users’ balances and the bank's several other offerings. Banks must develop a username and password tiers that are accessible to both bank employees and clients to accomplish security. Various banks have revolutionised their operations by incorporating technology and digital components. The digital advancement has made it feasible to supply customers with greater convenience and efficiency in the financial sector (Lazi?et al., 2021). Users may now wave goodbye to big transaction registrations and paper banking information thanks to e-banking. The utilisation of technological display connectivity through the Website could go a decent way toward giving knowledge to users regarding their personal financial circumstances as well as the bank's capabilities.

Figure 5: Global Digital Banking Market

(Source: Vukajlovi?et al., 2017)

IT also assists bank employees in efficiently managing and assigning funds. Banking activities are becoming more streamlined. Mobile telephone carriers, internet service providers, computing gadget makers, programming businesses, portable handset designers, and technology automakers all contributed to the substantial profitability of the banking industry (Mocetti et al., 2017). Using a compact operating system platform and a lightweight design, smart phones practically meet all banking criteria, for intense, ATMs is electronic computerised networking equipment that enables bank account holders to access their deposits, request or generate income transactions, and monitor balances without having to go to a bank employee. IT helps in network administrator which connects a pc remotely to a fund's computer-linked, allowing customer support queries to be performed immediately eliminating any need for human participation. Additionally, Moorthi and Mathivananr (2017) stated that implementing IT in the service of the banking sector brings several opportunities such as remote service offering, analysing the customer service request, keep track of the request, data store, advanced customer service, mobile baking etc. IT helps in showing the difference between client assistance demands that can be fulfilled automatically and those that need to be handled by a human. The system is connected to the broker's server located channel. It allows mobile financial customers to take advantage of the bank's other automation.

Figure 6: Banking Growth of Technology

(Source: Mocetti et al., 2017)

Various Negative and Positive effects of Information Technology in the Banking Sector

IT has played various crucial roles in the banking sector and in enhancing the service of the bank and banking offerings. The advanced facilities made the customer expectations high and reduce the workload of the bake employees. The application of IT has both positive and negative impacts on the services of the banking sector.

Information technology demonstrates that the Internet is a useful feature accessible anytime and however people need it, both from the client and financial viewpoints. It was also discovered that the area of the internet has increased service quality elements such as response, interaction, and accessibility (Muljaniet al., 2019). The conclusion is that Digital banking service has a significant and beneficial impact on how customers view credit facilities, and that provider excellence is stronger since the Internet's introduction into the financial industry. In the banking industry, portable payments are also a technological evolution. Digital wallets are generally used by those who do not have bank accounts around the world. Wireless service carriers assist clients in collaboration with trading banks. Based on the view of Mullanet al., (2017), users' mobile financial balances can also be linked to their savings accounts. Another option for depositing funds is to use m-banking, which eliminates the need to withdraw cash. Almost every bank around the world is implementing a new IT technology called data exchange.

Figure 7: Rapid Growth of Mobile Banking

(Source: Sauraet al., 2019)

It's a cashless online banking payment solution that works with any Smartphone and is quick, safe, and simple to use. Rather than using Private Messaging or USSD methods to verify transactions, NSDT contains a standard audio code that is delivered every time a client wishes to pay. Tagpay transaction using NSDT are safe. A cell phone client and a payments collection gadget for a merchant or owner are used to complete NSDT payments. In this context, Rahiet al. (2018) define a new concept of digital banking that uses Bluetooth connectivity to provide credit facilities via a cellular telephone in a local bank. Blue tooth innovation is the most prevalent in cell devices since it is free and also has a faster processor than online payments and Messaging.

Figure 8: Impact of IT in the banking sector

(Source: Moorthi and Mathivananr, 2017)

IT has also encouraged the inclusion of the term "Information security" in the financial system, which refers to the exchange of cash via "cyber books." It's also made it easier to deposit via phone and electricity bills. According to Sauraetal.,(2019), IT has provided banks with significant opportunities to make significant improvements, as well as assisting customers. The use of technology is assisting banks in developing new programmes and responding to rivalry. It assists with the fast inter-branch settlement, reducing the risk of misunderstanding and theft. IT also assists banks in promoting their programmes, as well as merging consumer data to provide tailored and individualised solutions. As per the view of Sharma et al., (2020), IT breakthrough has ushered in an unparalleled surge in global financial activity. Technology advancements and the creation of global reach have drastically decreased the expense and frequency of international money transfers. The bank supports the availability of funds in the macro economy, and in technological economic growth, liquidity is feasible using the IT financial sector. Banks integrated technology to stable their presence, customise services, and implement IT in order to achieve emerging chances, relevant results and improve Banking Process Outsourcing (BPO). Moreover, Tareketal.(2017) said that IT empowers banks to satisfy the high standards of clients who are more ambitious and technologically knowledgeable than previous generations. Users expect fast access to banking services at any location worldwide.

Figure 9: Data Challenges in Banking Sector

(Source: Kamberaj, 2020)

Having advantages, there is also some adverse impact of IT in the banking sectors. As per the view of Vukajlovi?et al., (2017), troubles about fraudulent activity and cyber security Internet banking websites and app stores are generally meant to be private, and institutions are constantly updating their security measures. Unfortunately, no technology is perfect, and identities can be exploited. It results in identity fraud through obtained usernames and passwords. According to Abbasiet al., (2018), multiple crimes such as cyber attackers have been able to disrupt banking information using different techniques such as trying to hack the Domain Name Server (DNS), email hacking, Internet Provider's (IP) address, hacking through website link, code injection, phishing, etc. The hackers have been successful in obtaining “unauthorised access” to the account holder’s computer and stealing valuable data in order to earn money lucratively from cunning. In this context, Abuzagia (2017) mentioned the technological error which disrupts the working process of the baking service.

Figure 10: Credit Card Fraud

(Source: Muljaniet al., 2019)

The system employs advanced technologies requires more management and is susceptible to operational glitches from time to time. In such cases, Internet banking programmes may become unavailable, preventing consumers from accessing their savings. The websites for online banking are constantly changing. Even the banking institutions update existing electronic programmes on a regular basis, introducing valuable functionalities in previously unexplored areas (Ellitan, 2021). Users may be confused by these modifications in some circumstances. Another negative impact of IT is increasing the unemployment rate. The phishing rate is increases from 2.4 % to 14 % in the banking industry (referred in figure 11). The misuses of IT resulting in the increasing rate of phishing though email.

Figure 11: Phishing through Email

(Source: Toptal.com, 2021)

With the help of technologies and automation, the working process becomes easy for the employees. Hence utilisation of automation replaced the jobs. With automation introduces the possibility of Cyber Threats, a flaw in the network that can result in the loss of trillions of records in a matter of seconds. Although these techniques save energy, they can also make individuals irresponsible, leading to the theft of confidential details (Kamberaj, 2020). As a result, the cases of last year when several debit credentials from banking institutions were hacked.

The development of information technology is undoubtedly the greatest development of the last decade. According to Valsamidisetal.,(2020), the digital revolution has essentially been accomplished by transforming the entire world into a worldwide market, and the banking industry in the United Kingdom is no exception. The advancement brings more competitive advantages for both public and private banks. The sector has seen one of the largest significant advancements and gives a general overview of the use of technology. Investment businesses are the heart of every growing economy. However, Santos and Ponchio, (2021), stated that the adoption of information technology and internet connectivity has revolutionised the way financial institutions organisations operate. The financial sector has taken on a new perspective thanks to the growth of the Internet, cellphones and other communications systems.

IT technology by which process product development, enhanced economic architecture, and reliable operational procedures, as well as assisting banking institutions in reaching out to markets that are logistically remote and diversified. The Web has drastically altered the ways in which banks distribute their products. Based on the view of Das, (2020), legal assistance is needed for the establishment of information technology and connectivity networks in banks for more advancement in future. There are numerous legal difficulties pertaining to the administration of online payments in banks, and they have to be addressed by revising certain pre-existing laws and enacting new ones.

It is necessary to defend the concerns of banking institutions in numerous areas related to electronic banking and money transfers. The requisite governmental assistance is needed for this purpose. Both financial institutions and their clients profit from digital transactions. From the viewpoint of Heydarzadeh, (2021), e-banking has allowed them to decrease expenses by reducing the number of venues provided and employee skills necessary, as well as reducing subsidiary wait times, perhaps increasing revenue growth and expanding their international influence. The utilisation of online computer connectivity through the Web can go a long way towards giving consumers more details regarding their personal economic standing as well as the fund's offerings (Santos and Ponchio, 2021). Clients benefit from e-banking since it permits them to do a variety of financial service users and providers at any location worldwide through the internet browser.

Associated Risks of the IT in the Banking Sector

Major risks facing banking assistance include debt, performance, market, and the threat of inflation. The demand for opportunities associated with IT opportunities in economic delivery will grow exponentially and significantly in the coming years. This paper highlights the selection of IT risks in economic growth forums to recall and outlines strategies they can employ to manage more (Demirguc-Kuntet al., 2021). Technology is an excellent resource, but it also offers a full opportunity, no doubt with high results. The possibility of cyber bullying within the category of information theft compromised accounts, and files being corrupted or damaged or damaged buildings make sense in those days. However, that is not the best IT opportunity for the board and control to be involved. Financial innovation faces the possibility of a rift between businesses and IT strategies, managing revenue-raising options and the complexities of the IT environment, and inadequate or unequal talent (Buallay, 2019). Integration and acquisition can undermine the organization's IT environment a fact that many control groups fail to compile a price list and address. At the moment, pressure-driven start-ups’ and disruptive responses to economic productivity are difficult in fashion and business practices among many institutions, making rapid response a necessity for continuous and consistent performance.

Large banks tend to use economic scales to measure diverse parameters. Hence, preserving regular inner techniques on one of these huge scales is a very hard task. Operational change takes place because the end results of failed enterprise techniques within the financial institution’s day after day activities (Karimalis and Nomikos, 2018). Examples of operational chance might consist of bills rely onto the incorrect state mentor accomplishing wrong instructions whilst to have within the bankers. Not a bit of the division in a financial institution. They are protected from operational dangers. The operational dangers stand up particularly due to hiring the incorrect human beings or as a substitute they may add a breakdown in records generation systems can lead to a wide range of problems. The failure to adhere to the internal control techniques observed can also cause catastrophic errors. For instance, Barings bank failed to enact adequate internal controls and went bankrupt (Angineret al., 2018). One dealer changed into capable of guess a lot within the derivatives marketplace that the fairness of Barings Bank changed into worn out, and the financial institution ceased to exist.

Figure 12: Operational Risk in Banking Sector

(Source: Karimalis and Nomikos, 2018)

Systemic change arises because the economy because the financial machine is one intricate and interconnected system. The failure of one financial institution will have a significant impact on the failure of many different institutions. This is due to the fact banks are counterparties to every difference in transactions. Hence, if one financial institution fails, the credit score chance occasion for the opposite banks will become a reality (Umar et al., 2021).In the case of counterparties who fail, this regular writing off of accounts regularly results in financial ruin for different banks and a domino effect that seems unstoppable. Systemic change is an awful situation to be in. For example, while the subprime disaster occurred in 2008, it appeared like the whole international economic machine might collapse. The very nature of banking machines consequently makes them vulnerable to systemic dangers. Systemic dangers do now no longer have an effect on a character financial institution as a substitute they affect the whole machine (Karimalis and Nomikos, 2018). Hence, there's little or no that a character financial institution can do to defend itself within the occasion that the sort of change materializes.

New talents can avert some dangers but limit damage for others. The more reliant on the digital generation the financial tool becomes, the more interconnected it is and the more inclined it is to cyber exploitation(Buallay, 2019). Governance at every countrywide and the worldwide degree has now not stored up.

Figure 13: Risk In the banking sector

(Source: Demirguc-Kuntet al., 2021)

The risk of IT is related to the banking sector and causes various dangerous incidents. Artificial data theft, classic unauthorised access and fund acquisition are all risks that can be increased by more transactions lacking physical communication or interaction (Valsamidiset al., 2020). Regional banks can face these difficulties by assessing and upgrading their BSA, Know Your Customer (KYC), client due diligence (CDD), information security, and other related regulatory requirements. Thankfully, digitalized business procedures provide more information and the opportunity to employ IT to track client behaviour and detect fraudulent transactions relatively faster. Users are concerned that the browser's database application areas, notably its fast speed, unification, and search functionality, are eroding their confidentiality. Although most UK internet users are concerned about the security website defacement and button press track (Santos and Ponchio, 2021). Users are not concerned about these consequences and assume their financial companies to handle the situation, despite the fact that these incidents are directed at the customers' computers instead of the banks possess frameworks. Users would prefer that banks provide a fraud-free assurance.

Theoretical Analysis

Apart from the discussion on the viewpoints of the authors, the theoretical concept offers considerable evidence to clarify the importance of IT in the banking sector and associated risk relate to the IT. With the help of this information management it will be easy to know how organisations adopt technology to gain competitive advantages. The theoretical concept defines technology adoption as the process of selecting an advanced technology that can be used by an individual or organization to be more efficient in terms of technological advancement. With rapid signs of progress being made in technological advancements in almost every domain of society, the issues associated with technology adoptive theories have risen to prominence recently (Ferratt, 2018). Organizations and governments make significant investments in applying new concepts that have the potential to cause a shift in the paradigm of users of technologies. However, if the advancements are not welcomed by the targeted purposes, the investments in the field of technology may go to be useless.

A review of the secondary literature sources revealed that the definitions of adoption and dispersion are used interchangeably in times of technological advancement, even though they are quite distinguishable from one another. As a result, distinguishing between these two is necessary when adoption is defined as a stage at which a technique is chosen for usage by a person. As a result, while the term implementation refers to individual adoption, diffusion refers to mass adoption. Both terms are important from the standpoint of research because adoption will necessarily result in diffusion. Examining the evolution of technology adoption research, the learner considers both diffusion and adoption studies. On the adoption of technologies, two major lines of research have emerged. Adoption at the individual and organisational levels resulted in mass adoption which is referred to as technology diffusion. The following are the models and theories that have evolved to explain technology adoption:

The Diffusion of Innovation theory

Diffusion research can be traced back to Everett Roger's epic work in 1960 titled as The Diffusion of Innovation theory which has been commonly implemented by researchers over the years (Xiao, 2020). The theory's central premise is that four factors influence the spread of a new idea and they are innovation, communication channels, time and social system. The diffusion process is divided into five stages, like as knowledge, encouragement, judgement, implementation and confirmation. It produces six user types that go for inventors, adopters, people share, late majority, laggards and leapfroggers. Figure 14 depicts a diagram of the theory. The S-shaped curve of adoption, also known as the equation system of adoption, was introduced by diffusion innovation theory.

Figure 14: The Diffusion of Innovation theory framework

(Source: Jeong, 2019)

The in-depth discussion and different interpretation of theories such as innovation theory on the role of technology in the banking sector shed further light in the practical application of IT in the Banking sector. The implementation of IT generates opportunities and innovation in the business including the banking sector. Innovation facilitates the growth of banking sector by providing better software application, improve data storage, etc (Prasad, 2018). The theory defines the rate of customer’s acceptance of the new services. Hence, the theory assists the business owners to understand the consequences of implementing new technologies in the service. Moreover, innovation enhances value, quality of service and increases productivity of the banking sector.

The Theory of Reasoned Action 

The Theory of Reasoned Action does have its origins in the field of social psychology. The theories suggest three broad constructs like behavioural intention, attitude as well as subjective norm (Min, 2019). According to TRA, a person's behavioural intention is determined by his attitude toward the behaviour. Mathematically, behavioural intention can be interpreted as the sum of subjective norms. Furthermore, a person's intention is likely to be receptive to action if the purpose to start behaving in a particular fashion is strong enough. The figure lists the definitions of theoretical constructs used throughout the theory.

Figure 15: The Theory of Reasoned Action framework

(Source: So, 2019)

Literature Gap

Throughout the discussion, the focus is mainly based on the advantages and positive impact of IT in the banking sector. The publications and the opinion of the author deeply discussed how the implementation of IT facilitates the working process (Rahiet al., 2018). Apart from this, there is limited discussion on the customer perception of IT in the banking sector. It is important to amylase the user opinion to price the reliability of the discussion. The authors in the existing study did not specify the types of operations that will be expanded by the usage of technology in banking. The lack of logical discussion of the author of the issues regarding the IT leads to another research of this topic (Moorthi and Mathivananr, 2017). Previous studies did not go into detail on the cyber security threats that IT systems face and their consequences. As a result, the ongoing research technique focuses mostly on this topic.

Chapter 3: Research Methodology


The Saunders research onion describes the various stages that are engaged in developing a research. It gets its name from its developer, Saunders. The research onion offers a detailed description relating to the stages involved in the research process. Employing Saunders research onion model, this research was carried out in a series of steps (Davidavi?ien?, 2018). Information from a variety of secondary sources of data has been used to conduct the investigation. After the information was obtained, the interpretivism research philosophy was utilized to analyze it. Inductive approach was used to conduct the study. The study has been qualitative in nature. The study will employ a secondary method of data collection, with a narrative data analysis technique being used to analyze the results.

Figure 16: Saunders Research Onion

(Source: Iovino and Tsitsianis, 2020)

The desk-based research has been conducted with the help of a comprehensive literature review. It aided in the extraction of key study concepts as well as a variety of viewpoints and information on the effects of IT on banking. A Systematic Literature Review aids in identifying selecting and then critically appraising the intended research for answering a clearly developed question (Schmidt, Drews and Schirmer, 2017). It follows a specific plan or protocol wherein there is an explicitly stated criterion. That indicated how the review shall be conducted. This is a holistic and transparent process that enables searching and collecting data to be conducted across many data bases as well as literature which could be used or promote by many other researchers. SLR involves planning offer, well sorted research strategy that includes a particular focus or gives an answer for a predefined question. This review recognizes the kind of data searched, critically analyzed and then reported within a predefined frame of time. As per Pittway, (2008), SLR follows seven vital principals which include clarity, transparency, integration, equality, focus, coverage and accessibility (Xiao and Watson, 2019). It follows a systematic manner which begins from defining the research question, deciding on the scope of the review, choosing databases that would be suitable for collecting data, conducting the searches and then finding relevant literature and finally reviewing the same for arriving at the conclusion.

Research Philosophy

A research philosophy aids in the collection of pertinent information for a study. Realism, Pragmatism, Interpretivism, as well as Positivism are different types of research philosophy. Whether the type of philosophy will suit a research the best depends on its practical implications.

The interpretivism technique has been used to obtain the proposed research's conclusions. It takes small samples into consideration and is most suitable for investigating qualitative data (Alharahsheh and Pius, 2020).

Figure 17: Interpretivism Stages

(Source: Ryan, 2018)

On the present research topic of tracing the impact of IT on banking, there was a wealth of information. As a result, the researcher required gathering data for the research issue using theories that rely on and emphasize on subjectivity, and hence, the perspective of interpretivism philosophy was an excellent choice for performing the proposed study (Alase, 2017). This research philosophy allows researchers to have a thorough understanding of the research issue. In order to study secondary information for research purposes, the interpretivism research framework has been applied. The research topic has typically been presented to the researcher in order to grow and develop a subjective understanding of it. Researchers can integrate numerous kinds of information and build a comprehensive database by concentrating on individual perceptions.

Interpretivism enables understanding of subjective views or opinions which could not be obtained from analysing statistical figures. This paradigm needs an in-depth analysis of statements actions as well as behaviours. Hence, the researcher has rightly selected this philosophy for analysing the data relating to how banks are substantially impacted by IT (Feuerriegel, Dolata and Schwabe, 2020.). By concentratingon the implications that people offer in various situations as well as behaviours along with the various ways which are used by them to interpret issue.

The interpretivism philosophy assists the research scholar in analysing data gathered from online resources about the pandemic's effects on worldwide commerce. Several prior scholars looked into various areas of Information Technology as well as its impact, both positive and negative on banking. The interpretivism research philosophy was used to conduct the research (Curry, 2020). For the interpretation of available information, an interpretivism method was applied inside the research methodology.

Research approach

The proposed research endeavor has been conducted using inductive research approach (Pandey, 2019). There are three research approaches accessible, namely, inductive, abductive and deductive. Most researchers employ inductive approach for scientific enquiry. The researcher examines what the other researchers have performed, studies previous theories about whichever topic he or she is researching, and then puts those hypotheses to test. The inductive approach is the one that most closely resembles the logic track. Inductive research is looking for patterns in observations and developing interpretations and theories for those patterns using a sequence of hypotheses.

Figure 18: Inductive Approach

(Source: Pandey,2019)

The inductive research approach aids in analysis of data along with the attainment of the aims and the objectives of the research (Armat et al., 2018). Hence, strategy is one such aspect of research that cannot be overlooked. The researcher could accomplish the objectives of the research endeavour, primarily due to the inductive approach applied to it.

The qualitative research design of the research required use of a research approach that would help conducts the research effectively (Boros, 2018). The data that are available on the internet could be gathered and then properly analysed with the help of inductive approach, enabling the researcher to test previous theirs on how IT can impact banking sector, both positively and negatively, and contribute to developing a new perspective on the research topic.

While conducting a research, the researcher uses inductive research approach to make observations through trends to develop a theory. Therefore, it is clear that inductive approach can be applied in case where there is no pre-existing theory. There are mainly three phases in inductive research approach which involves beginning with observation, developing a hypothesis depending on the trends identified through observations (Azungah, 2018). A number of research works on impact of IT on banks already exist but to find out the main role of IT in banking sector and the related risk associated with the banks could be best studied with the help of the deductive approach.

Research Strategy

The research strategy introduces the key components of a proposed research one after the other, which makes it an indispensable part of a research methodology. It starts with determining the research goals as well as objectives, and thereafter carries on to using research methodologies that will assist the researcher in effectively achieving the study goals. There are various research strategies as per the research onion, which include experimental research, action research, case study, qualitative interviews, quantitative surveys or a systematic literature review (Keinemans, Kanne and De Jonge,2020). The decision as to which strategy shall be chosen for a particular research endeavour depends on the data needed for conducting the research as well as the purpose for which the research is executed. Consequently, case studies were identified as being the best research technique for this study since the impact of Information Technology on banking industry could only be explored through case studies of different banks from throughout the world.

A well-planned research strategy has aided in conducting the research on time and in a sequential manner. The main aim of a research strategy is to introduce the vital aspects of a research like the research problem, primary focus, the research design and ultimately the methods for executing the research (DeVaney et al., 2018).

In order to accommodate the current research along with the research design, a qualitative research strategy was adopted. Through the application of the research plan, a full and detailed interpretation of the results was feasible. Employing the particular research strategy, grounded theories, case studies, and diverse secondary data might be investigated. Using the special qualitative strategy, it has been feasible to align the concepts from earlier research endeavours and appraise the research topic.

The qualitative research strategy is usually employed to comprehend the underpinning reasons or the various opinions of people on particular problems or facts. It has no use or even involvement of numerical data. This approach offers insights into a specific research problem and therefore assists in accomplishing the objectives of the research relating to impact of IT on banking industry.

Research Design

In order to conduct the present research effectively, mono-method has been followed. For a research design, the mono method is related with the usage of only one research strategy. A research design proves to be essential for guiding the investigation's path and facilitating the collection of a significant quantity of data well with least amount of effort, time, as well as money.

In order to reach the study's purpose, the researchers employ the research design to evaluate a variety of data as well as statistics (Abutabenjeh and Jaradat, 2018). In this study, a qualitative research design is used. The qualitative research design has been utilized to collect qualitative information from a multitude of secondary sources. Researcher scholars gathered information from several resources, and they were capable of reviewing pertinent data from prior studies that are attributable to the qualitative method.

The qualitative method aids the investigation in gaining a comprehensive understanding of the subject (Alase, 2017). The research's qualitative design allowed it to look at established theories as well as case studies of banking systems, as well as the positive and negative effects of Information Technology on banking.

The adoption of a qualitative research design in the proposed research allowed for the gathering of a relevant data (Sieleunou et al., 2019). Analysing secondary information from data journals as well as academic resources enabled the researcher in discovering the various impacts of IT linked to the bank's business model, strategies, marketing, as well as customer services. The qualitative study design also supported the researcher's autonomous development and improved his cognitive abilities.

Figure 19: Resources to be used in qualitative research

(Source: Nassaji, 2020)

A research design is difficult to determine in absence of an appropriate problem statement and research purpose. The research design has enabled the research make use of multiple tools andprocedures for data collection (Micheli et al., 2019). It has guided methods for analyzing the data successfully. Several forms of research methodology are used in study designs. Research designs aid in the identification of a likely research goal. For execution of the study, various research designs necessitate diverse venues. The basic schedule for conducting a study utilizing various research methodologies is also outlined in research designs. Researchers might use study designs to assist them focus on a specific type of analysis measurement.

Data Collection Method

There are two categories are available for the collection of data for research purposes: primary and secondary. As per the view of Moser and Korstjens (2018), questionnaires, surveys, interviewing, and statistical information are used to collect primary data, whereas hypotheses and published research articles, journals and online databases are used to acquire secondary data. The objective of the investigation includes secondary information collection. The most essential aspect of this procedure is that it may be used to collect error-free relevant data in order to solve all of the possible issues in the research context (Ebert et al., 2018). The research has been able to collect a considerable amount of valuable and dependable data due to the theme.

Figure 20: Sources of Secondary Data

(Source: Schneider, 2018)

Secondary data collection approach is with various themes for future incremental transactions and a large number of results. The data collection approach is focused on a literature paper that was used for the betterment of data compilation, as well as future continuous evaluation. The qualitative technique demonstrated extremely useful in interpreting the data gathered on basis of the research issues and literature gap (Ivey, 2017). The data were mostly based on previous publications. Data were acquired from credible resources such as Academic Databases, Google Scholar, CINAHL, IEEE Xplore, and others. The search phrases “Role of IT in Financing”, “Expansion of M-banking”, “How IT Impacts the Payment Process,” “Information Technology & Software Development”, “Digital Banking”, “It Expansion in the Financial System,” “IT Challenges in Banking” and “Cyber Threats in Digitalized Banking,” and others were used. Additionally, Schneider (2018) expressed that, the information sources were deeply examined using the relevant keywords to find relevant publications. Based on the articles, databases and publications, various themes have been implemented in the study or research to ensure that the data standards are met.

The secondary data form of data gathering procedure is employed for high inflation gathering, the role of IT in the banking sector, various products of information technology uses in the banking sector, advantages of IT and the risk association of this technology. According to Johhson and Sylvia (2018), the gathered data resulting in a good type of profit-based progression for a better working environment based on the implication of IT over actual market values of the financial industry. This secondary data collection technique is properly understood to assemble an excellent quantity of limited value founding over the business entity for thriving rates of economic growth with elevated service quality capabilities, and the potential benefits of this data gathering process are comprehensive by themselves for the benefit of having predecessors, as well as facilities (Johnston, 2017). The deep discussion and contradictory analyses of the opinion regarding the impact of IT in the banking sector provide insight into the matter more transparently. This element will assist in improving or improving the data's credibility by ensuring that the status is accessible, adequately clear, and genuine, resulting in dependability (Martins et al., 2018). If these essential and accurate facts are employed in the investigation, any challenges or difficulties may be eliminated, and the investigation is required more creatively and proficiently or successfully.

Inclusion and Exclusion criteria

After gathering the publications regarding the concerned topic, the inclusion and exclusion processes were performed. According to Patino and Ferreira (2018), appropriate criteria were established to choose the most applicable publications for the study. Whereas, Connelly (2020) stated that exploratory investigations may be evaluated to confirm relevant standards. As an inclusion or exclusion criterion, a lot of strategies might be utilised. The relevant evidence of systematic literature review is showed with the use of the inclusion-exclusion table resulting in a more accurate view.

Inclusion Criteria

Exclusion Criteria

  • Language must be in English 
  • Publication must be between 2017-2021
  • Relevant publications. 
  • Other languages should not be considered.
  • Published before 2017
  • Random publications

Table 1: Exclusion Inclusion Criteria

(Source: Developed by learner)

Inclusion and Exclusion Criteria


All the selected publications should be in English

It is necessary to consider one language while selecting the data sources for the research. The publication should be in the English language. One of the most widely spoken languages worldwide is English (Sahaet al., 2021). It is the dominant translation for this research because it aims that everyone to be capable of reading it regardless of their native language.

Latest publications are required for the research

The trend of implementing IT is a new concept in the banking sector. The advancement of IT is continuously growing. Helps it is important to include current publications for this research (Gartlehneret al., 2017). The newly published articles contained correct information with the objective of the investigation. Between 2017 and 2021, the approved articles were selected.

Maintaining the proper design is necessary which is comparable for research-creation

The investigations employed published information and adopt a qualitative strategy. The research did not rely on any custom-made surveys or data from a particular region.

The publications must be sampled based on the role of IT in the finance institutes, Impact of IT, digital banking.

Based on the selected articles, journals and databases, the relevant information about information technology and its products are used in the banking sector (Tod, 2019). The opinion of the authors was considered to research out the accurate result.

Table 2: Justification of Inclusion and Exclusion Criteria

(Source: developed by the learner)

Inclusion Process

A combination of predetermined qualities used to identify the necessary elements which are most required in a research project is known as inclusion criteria. It must be relevant to the original study intellectual purpose and must be met in order for it to be completed (Viswanathanet al., 2020). Excellent inclusion criteria will guarantee the diversity of the statistical sample, eliminate issues. Moreover, it raises the possibility of detecting a true link between visibility and consequences. Only the latest papers i.e. the last five years publications from reliable sites were considered for investigating the role of information technology in the banking sector. The publications were examined based on their languages and the publication years (Patino and Ferreira, 2018). Only studies that are entirely concerned with the issue were for the data collection. The research assessed the relevant articles prior to the transition process. There were correct citations for all user data, and the investigation did not include any extraneous data. The process was an attempt to examine all of the scholarly publications' outcome measures.

Exclusion Process

The exclusion process defines which are unnecessary for the research and which are necessary to remove from the sources of data. As per the view of Connelly (2020), the qualification that determines whether or not the item is needed in research is known as the exclusion process. It is directed by the origins source of the data which leads to significant repercussions for the research’s empirical knowledge and ethical confirmation. The third-party sources were removed. The gathered publications were listed in a table. Based on the inclusion criteria the irrelevant publications were eliminated from the data sources (Sahaet al., 2021). It helped to ensure that no unnecessary data were displayed.

Data Analysis Method

Various types of data analytical techniques are available for this study, which aims to analyse secondary data. Narrative analysis, discussion of the data, exposures, and theoretical approaches are all examples of this type of interpretation. According to Kaluet al. (2019), these strategies can aid in the effective examination of qualitative data. The narrative analyse was used for this research. Using this method, new information can be created and shared based on existing data. Various themes were generated for discussion of how IT influenced the banking sector, the impact of IT tools on financial stability and the outcome.

Figure 21: Types of Data Analysis

(Sources: Ivey, 2017)

The secondary data were briefly explained and analysed with the hp of CASP. It is a standard framework for evaluating the advantages and drawbacks of qualitative data (Moser and Korstjens, 2018). It helps to specify the research technique were adequate and results were systematic, informative and meaningful. From the journals, publications and articles, the relevant points regarding information technology and its implications in the financial sector were pointed out for the expansion through narrative analysis. Inside the framework of integrating qualitative data in a Systematic Interference Evaluation, the entire point of critical evaluation is to determine if the investigations genuinely raise issues about significance, strategy, and background in connection to the strategy and results under consideration (Ivey, 2017). The narrative is known as social interpretivism, and it describes the modern-day requirements of IT for completing tasks to strengthen the banking facility. It is focused on the statement's substance, utility, and organisation. It is the individual perspective on the entire subject and aids in reaching a final resolution. It facilitates the discovery of underlying philosophies in enormous stories in order to aid the method. Based on the view of Johnston (2017), the interpretation of data is simple using the interpretivism philosophy. Narrative analysis is the practice of recording an individual's viewpoint on a risk associated with IT in written texts for a specified goal.

Ethical Consideration

In order to provide a more precious asset of informational activity for this research, the ethical code had gained significance over the conventional statistics and assessments. The investigation must have a considerable effect on the entire research to select the critical category of ethical balancing operations with the specified proportion of present research growth because of the accompanying article of work analysis (Sim and Waterfield, 2019). A strong tone of focus based on ethical behaviours cannot be replaced by unethical information. Researchers eliminated all suspected material from the paper and any repetitive information. The investigators' safety and the security of the information had been ensured. It is necessary to ensure the legitimacy of the investigation; the dissertation document was maintained in a password-protected digital system. There was no third-party participation, and the entire analysis was devoid of plagiarism. The data collection and analysis strategy relies on published literature and comprehensive data collection files, with no personal details left out (Clark-Kazak, 2017). The research adopted the instructions and concentrated on the methods outlined in the Act of 1988, as well as the conventions, laws, and restrictions that must be maintained for future developmental activities emerging from the collection of data.

Chapter 4: Data Analysis and Findings


Information Technology influences the service and facility of the banking sectors

Based on the publication, Haralayya (2021) said that users can utilise IT to look up banking solutions from any place in the world, such as balances inquiries, issuing guidelines, and maintenance requests, among other things. It also decreases the price of financial services because users can make money from there and make purchases online utilising online purchases. The article “World is impossible without Bank”defines that with the flow of time, the advancement of information technology offers various services and facilities to the banking sector. Internet banking, credit card facility, digital banking, online KYC, bill payment, booking, E-cheque, mobile research, smart card, online transaction, and so on are the blessings of IT for the banking industry Shaikhet al., (2017) argued that an individual can use the online activities to the bank not only for a comprehensive variety of programs but also for offerings that are not accessible at any of the banks. Customer perceptions are changing with the help advanced facility of the banking sector with the help of IT. They stated liking and accepted the advanced facility. As per the view of Nguyen and Dang, (2018) the individual doesn't get to register and log in where such a facility might not have been available. a person can download details, certificates, and forms from the Website and conduct speedy searches for documentation rather than waiting in a queue and contacting a manager. A bank will almost certainly be able to improve client relations and engagement by providing quicker and better opportunities efficient alternatives (Elhajjar and Ouaida, 2019). In financial services, information systems have mostly been applied in two ways. Networking and Accessibility is one, and Management Intelligence Reconfiguration is the other.

Figure 22: Global Banking Market Capital Worldwide

(Source: Statista.com, 2021)

IT facilitates the advanced business generation, improved economic network, and the deployment of dependable risk management approaches, as well as assisting insurance companies in reaching out to distant and diverse audiences. Based on the discussion on literature review Shaikhetal.,(2017) mentioned that the introduction of online banking or mobile banking services has made it possible for consumers to conduct a variety of money transfer operations, especially payment information, from the comfort of their own homes everywhere Worldwide– at any moment of day or night. The individual can check their money by contacting the supplied Telebanking address from any phone, conventional or mobile, and followed the viewer navigation; the current banking process can be completed using the Interactive Voice Response (IVR) system. Moreover, Haralayya (2021) denoted that Information technology has also given the financial sector the tools it needs to face the problems of the changing economy.

Figure 23: De-Mart Valuation

(Source: Nguyen and Dang, 2018)

Modern banking system changes aiming at boosting the frequency and integrity of monetary transactions, as well as attempts to enhance the banking sector have centred on informatics. IT uprising has brought in an era of extraordinary world banking operations. Recent developments and the rise of international telecommunications have drastically lowered the budget and timeframe required for international money transfers. IT also makes it easier to introduce new delivery channels, such as Automated Teller Machines (ATMs), and M-Banking and Net Banking (Elhajjar and Ouaida, 2019). A person can start selling securities at any moment by using a de-mat account and internet investing. Through the use of IT, stock traders and asset management companies may provide efficient and reliable services. The technologies which supported the financial sectors are termed FinTech. The new trend to Fintech is ruling the market which minimises the entire transaction cost and impacted GDP.

Figure 24: Value of Fintech Investment

(Source: Statista.com, 2021)

Information Technology benefited Banking Industry

In the financial world, Angineret al., (2018) expressed that the necessity for information was initially recognised. Financial institutions are required to keep data to improve their operations and get a strong position in the market because they are in the corporate world. Users' information is kept in a logbook since more expensive offerings incorporate an IVR (Interactive Voice Recording) system that allows customers to acquire answers to their frequently asked questions. Constructing a data system, on the other hand, necessitates capital stakes, accountability for unauthorized disclosure, and a variety of other protective measures. As per the view of Buallay (2019), IT is defined as the integration of data or a technological process approach, which has turned into a significant instrument for lowering operational costs, allowing large banks to extend into remote and lower elevations. Capital markets design websites to regulate and manage their activities, and certain banking firms are constantly using some of this software (FSIs). As a result, banks require data at all stages of the transaction. Thus, IT has numerous advantages in the banking sector. Based on the view of Demirguc-Kuntet al., (2021), financial institutions are now employing strategic choice technologies to sell loan amount products. IT empowers FSIs to create more competitive, superior user support, a wider variety of offerings, responsiveness, increased efficiency, and higher brand customisation. Banking services individuals account for over 5 billion users. There are also more than two-thirds of the total populations who are using the advanced technology of intermediate- and middle-income nations. The importance of microfinance institutions (MFIs) in emerging country financial and social growth is discussed by Ellitan (2021) in his research report. The banking sector has numerous obstacles, including administrative effectiveness, loss prevention, longevity, and expansion. Financial institutions can address all of these issues with the use of IT. Due to the obvious enormous expense of constructing and maintaining a system infrastructure, banking firms such as private banks are sometimes struggling to contact the needy. The users of online banking are increasing gradually i.e. around 1.9 billion worlds. Based on the track record of the users, the expected increase are 2.5 billion users in the upcoming 2 years.

Figure 25: Online Banking Users

(Source: Statista.com, 2021)

The use of digital commerce and international banking has brought up additional growth plans as a part of globalisation. In the present environment, these tools may help the banking industry gain traction and enhance its reputation. In the age of globalisation, Hammoudet al., (2018) expressed that IT financial systems have constantly been a draw for new customers since they enable efficient administration in the form of typical banking operations, electronic transfers, funds transfer, or m - banking. The finance industry had reclaimed its footing as a transaction medium revolution. While referring to the international banking system, Jakši?, M. and Marin? (2019) mentioned in their article “the world without a Bank is impossible” that the advantages of information technology focused on the global recession in the banking sectors. The implementation of technology helps to restructure their service and offerings with developing aspects in the banks and the digital revolution. In the age of globalisation, IT national banks have traditionally represented a magnet for existing purchasers since they enable optimal administration in the form of standard banking operations, electronic transfers, debit and credit cards, and phone banking. In contrast, Moorthi and Mathivananr (2017) stated that accounting has recovered the achievement of the digital world. The publication's biggest flaw is that it does not address the economic circumstances of emerging regions. Regarding its economic stability in the banking sector, the contribution of information technology and its tools are significant.

Figure 26: Market Size of Digital Payment

(Source: Rahiet al., 2018)

The contemporary economic downturn in the United Kingdom demonstrates that the use of the internet and communications innovation has created a new paradigm for the banking industry. The banking industry, according to the author Tareket al., (2017), is at the centre of a virtually stable macroeconomic environment. Mostly with the help of Digital technology, the financial system has developed into a complex exchange representing billions of dollars which occurs in a split second. Based on the analysation of the publication, E-banking has massively impacted the service of the banking industry such as service quality, cost reduction and increased profitability. IT gives 24/7 customer service to the banking sector. Ii is the primary advantage of E-banking. As supported by, Sharma et al., (2020) stated that the difficulty and privacy elements have been identified as the primary disadvantages. With several reliable publications, the author has clearly outlined certain essential concerns associated with E-banking. The article also stated that the importance of information technology is growing dramatically every year in both industrialized and developing economies. The banking industry is working to reduce reliance on the internet for legal receipts. New Multimedia Messaging Service (MMS) based invoice solution for formatting acknowledgement in Pdf file version that could be used as evidence for any corporation. Moreover, Mocettiet al., (2017) added that the method is very quick and easy because no supplementary functionality is needed. It is rooted in the Windows OS and any browser that is needed, including a PHP programme module or an MSQL search engine which are reliable.

Figure 27: Using Cloud Computing in Banking Sector

(Source: Carcilloet al., 2019)

Another blessing to IT for the banking sector is closed computing as stated by Elzamlyet al., (2019) in his publication. The term cloud computing refers to web-based software that is available to anyone with an internet connection. IT is exemplified by intranets, experience and understanding of applications, and WebPages. The programmes are rented through cloud storage is through a third-party network operator. Users only require a basic understanding of computers and how they function with cloud applications. Because it can be accessed by anybody with internet connectivity, this poses a significant potential threat. There is also a low requirement for IT tools. Although cloud computing has done wonders in terms of attracting new customers, Singh et al., (2018) mentioned that banking sectors intended to adopt such systems. Recently banking sectors started using cloud-based technology for gaining an opportunity by demonstrating their competence and concern for the consumers.

Figure 28: Use of Internet Banking

(Source: Gunduz and Das, 2020)

Based on the Article "Times of UK on Internet Banking", the needs to address intense competition and to decrease expenditures are the most common motivations for using Internet Banking. A single transfer of money is done at a financial institution costs roughly $1.07, $0.27 through an ATM, and one dollar for an online transaction (Limbaet al., 2019). It is rarely a technical decision to utilise the internet. In the digital transactions channel, banks offer potential in sectors including acquiring systems, licensing, broker-dealers and money transfers, direct debit presentation and settlement, fixed Broadband transactions, including several competitors. Internet banking eliminates the requirement for additional locations to have a local presence. The website contains international reach eliminating the need for in-country deployment or continual capital costs. Since expansions are managed remotely, Mullanet al., (2017) stated that banks avoid the need to establish and operate new network units. Hence, there are minimal drawbacks to achievement. Because of the Internet's standardised software, the time it takes to promote innovative items is greatly shortened. It is possible to communicate to the convinced. In this channel, advertising costs might be focused on establishing an effective Website that draws new clients. The Internet is well-suited to the dynamics of commercial finance, where tens of millions of people are involved.

Data Analysis

Threats of Implication of IT in Banking Sector

The integration of IT in the banking sector not only brings opportunities but also have one issue regarding it. With a variety of credible publications, Umar et al., (2021) has clearly outlined certain key concerns associated with E-banking. The importance of information technology is growing enormously in all industrialized and developing countries. In certain publications, it is discovered that while E-banking has no immediate influence on the income US economy, it has an impact on banking revenue in ACCs. Accessibility, operating effectiveness, and a variety of essential and non-core financial services merchandise are all priorities for customers. Users' responsiveness to quick customer relations has grown as a result of the technology. According to, (Vukajlovi? et al., (2019), computerised validation in the transaction process, which is a significant security risk for banking institutions. The author highlights the numerous methods that are accessible for resolving online banking security issues. The research raises concerns about electronic digital identification systems, including Hypertext Transfer Protocol Secure (HTTPS). It is one of the most widely used IT tools.

The analysis of secondary data shows that the banking sector serves as the primary financial middleman in Europe. Despite this, the proportion of banks in the financial industry generally decreases in favour of other intermediaries such as mutual funds and pension funds. This major transformation process has been going on since the 1980s, starting first in the United States and then spreading to Europe, thanks to factors like free trade agreements, common currency, and more (Limba et al., 2019). Deregulation and IT innovation are driving the banking industry's change. Both factors have boosted rivalry, not just among banks but also from other financial and even non-financial organisations. Deregulation, greater competition, and technological innovation have all contributed to making markets more efficient and, as a result, risk-taking easier. Technology has played a significant role, for example, in creating screen-based systems that have gained market share at the cost of outcry floors.

Furthermore, recent developments, such as Internet trading, show how the physical location becomes less important as communications enable you to access various markets from a computer concurrently. By allowing for more innovation and development of new products, deregulation of the financial markets has given financial institutions the freedom to unbundle risks into a wider range of increasingly complex instruments, which has increased financial market turnover. The new environment of deregulation and ICT advancements (Taha and Malebary 2020). Banks can better advertise their goods using data mining since they have built up complex databases with customer information. Technology also enables banks to apply credit-scoring methods to consumer loans, mortgages, or credit cards, automating part of the process (commoditisation). Similarly, technological advancements enable certain goods to be sold on capital markets (securitisation) rather than being kept on a bank's balance sheet.

Figure 29: Cyber Fraud in the Banking Sector

Alternatively, utilising a phone digital certificate is better than using a storage device to create a digital certificate. Based on the discussion in the literature review, there are various risks related to IT in the banking sector. In this context, Almudaires and Almaiah, (2021) stated that without a Trusted Platform Module (TPM) in a mobile phone, the users can face security issues while using the digital transaction. TPM is a microprocessor that can securely hold identification features such as cryptographic algorithms and electronic validation. The rates of online hacking, phishing, digital threat are increasing with the help of IT tools. A person with vast computer knowledge is linked with cybercrime and online hacking. According to Limbaet al., (2019), Phishing is a technique that performed scammers to obtain confidential details, credentials, and credit card data by posing as an email or text message from a legitimate company. Correspondence pretending is to be from banking and renowned social media platforms are frequently employed to mislead people. Cybercrime is typically done through electronic mail, and it generally communicates to users to access information on a duplicate website that looks nearly close to the original one. Nowadays, the new technique of phishing scammers starts creating pop-ups that show up while the users are on a financial services webpage.

Figure 30: Scam and Phishing rate

(Source: Awoyemiet al., 2017)

Figure 31: Financial Cyber Threat

(Source: Bastanet al., 2017)

As individuals become less reliant on money, even more services and payments are conducted digitally. Individuals utilize their electronic currency, such as visas and MasterCard, for payments that must be secure. As per the view of Taha and Malebary (2020), Cyber security in e-banking has ramifications for both customers and institutions as they strive to retrieve information. Banking sectors pay a substantial amount of funds to restore the database and records. Privacy violations might make it difficult to believe in banking sectors. Hence it is necessary to maintain the effective application of IT tools to acquire good data protection. Otherwise, it could put banks in a lot of trouble. Moreover, Carcilloet al., (2019), expressed that information security in payment systems assures the protection and reliability of confidential documents, which if disclosed could result in a slew of issues, including theft. If the data is not guarded by Internet security, it can be simply hacked. In the event of cyberattacks, risk of suffering significant financial losses as well as emotional stress.

Figure 32: Credit Card Fraud Statistics

(Source: Shiftprocessing.com, 2021)

Associated with computer security violations, ATM card duplicating and credit card errors have all occurred. As a result, Singh et al.,(2018) said that banks must guarantee unbreakable encryption. It is known that coding requires encryption and decryption. So it is difficult to call the system "foolproof." Hence, anything that can be encoded can also be decoded. Various privacy precautions have been implemented by bank officials in consultation with IT workers to enable easy and hassle-free processing using the use of laptops and technology infrastructure. SSL technology, as well as the regulation such as the Data Protection Act, 2018, enables banks to conduct more cautious transactions. As supported by Taha and Malebary (2020), the act enables anybody to utilise evidence given via the computer with caution except with the authorisation of the data’s source. The act has done miracles in making web designers more accountable for such disasters. The data distributed across the website might only be exploited for the goals stated and specified before it is collected. As a result, the law serves as one of the obstacles for those attempting to break data privacy.

Impact of IT in the banking Sector

Based on the various publications, articles and journals, different opinions of the others on the role of information technology in the banking sector had been discussed. The findings from the publication helped in exploring the advantages, setbacks and associated risks of IT and its uses in the financial sectors (Bastanet al., 2017). The importance of online and mobile connectivity for the banking industry is discussed in this content analysis. The financial sector has issues such as user engagement, engagement, speedy and accessible services, affordability, flexibility, and cost benefits. The discussion has demonstrated how Information technology can be used to break into emerging markets without having physical operations in the area in consideration. It allows banks to save resources and provides massive software packages of operations in a limited period of timeframe. Thus, bank productivity levels have increased and gross margins have increased.

The discussion on the role of IT in offering various services in the banking sector brings more competitive advantages from the market. As per the view of Awoyemiet al., (2017), financial institutions can meet these challenges by utilising IT, particularly e-banking. The use of internet banking, mobile banking, online transaction, bill payment are increasing rapidly and also liking by the customers. The customer perceptions on the IT implementation in the banking sectors have been changing simultaneously. It is reflected positively in the growth of the banking sector. The basic level application of information technology is used only for official purposes. According to Bastanetal.,(2017), accountancy, banking, auditing, taxation, billing management and other operations are among the responsibilities. The digital payment change has rendered the general form considerably greater appealing to users than it used to be. Furthermore, the conception of mobile banking by using IT tools has proven to be a significant innovative breakthrough forward for banking sectors.

The use of IT impacted the growth of the banking sector and also helps in increasing the customer base. It was found that around 53% of the global populations are using digital banking (Carcilloet al., 2019). Apart from this, most people have smart phones and the increase in online shopping is a significant reason for the growth of m-banking. It is found that the payment via mobile has research $500 based on last year report. The revolution of the banking sector by implementing IT tools provides the customers with various advantages. They do not have to wait for hours in front of the banks to deposit or withdraw cash. Users can access the technology to browse account information, bill payment, and make payments, as well as learn about bank goods and services. Additionally, Singh et al., (2018) mentioned that Digital banking plays a critical role in economic development. Financial domains are transitioning from conventional payment systems to online and digital payment systems. It is resulting in the massive development of banking sectors.

Based on the analysis of risks or adverse impact of IT, numerous issues are found in the banking industry including, credit fraud, cybercrime, email fraud, etc. Bank governance demands a large amount of talent because more than one type of vulnerability must be mitigated (Elzamlyet al., 2019). They can avoid some risks while minimising risks caused by others. The more a source of finance is depending on the internet age, the more networked it becomes and the more vulnerable it becomes to computer hackers.

Chapter 5: Conclusion and recommendations


Making suggestions are sometimes critical and the findings from the following study assist the learner to determine if the research was an up to mark or not, in terms of effective analysis. In order to enhance the current service delivery channels through banking sector, a few recommendations have been made. For its clients to utilise increasingly technologically oriented services such as internet and mobile services, banks should provide training courses. In order to make their services more accessible, banks should educate the public about the different ways they provide banking benefits to them. Video-conference banking is a virtual banking option that many bank clients are not aware of. This means that banks should run a campaign to raise awareness regarding such initiatives by the bank’s end to serve its bona fide clients. Customers prefer to utilise technology channels rather than bank branches since they find them more convenient and save time. As a result, banks might have provided their services in a more digitally-focused manner. Most consumers want self-assisted banking as their growing model, therefore a self-assisted branch framework may be developed for greater efficiency. These days, all banks provide online banking which makes their customers happier. Digital banking services make it possible for clients to log in to their accounts from anywhere in the globe at any time they choose (Cherif, 2020). Customers should be able to access bank services through a variety of distribution channels, including the internet.

According to the findings of this research, all banking delivering services channels except for video conference banking are universally recognised and used by people across borders. Customers prefer technologically focused delivery methods over traditional ones. Finally, in order to enhance bank growth, the bank must offer its customers with more safe and dependable services through technologically oriented delivery channels. People are more acquainted and exposed to all kinds of technology today, so banks have a greater chance of increasing their service and income by fulfilling the requirements of customers. Future financial services will be based on a technology-enabled system. This is critical in today's competitive business climate.


Implementation of IT in banking sector started with facilitating financial services promoting an industrial change. Courses in information technology promise to speed up the banking process in the next years coming by. It is likely that mobile banking and online banking will become more prevalent in the banking industry in the not too distant future. IT systems may be smart and complicated, but they are power hogs when speedy service is concerned. Indian public sector banks which account for around 75% of the market share (Ghani, 2018) have already seized the lead in the information technology industry. As a result, the decision-making process is becoming more decentralised. Banking sector has a pool of highly skilled employees that other companies would aim for. There is a great deal of knowledge and respect for IT.

In other words, the banking sector's future is looking quite bright in the foreseeable future. With the advent of e-banking, both bankers and consumers stand to benefit. Banks provide a wide range of services online and it is up to the consumers to learn about them and take advantage of the savings in both money and time. The e-banking services allow users to access account information, money transfers, pay bills, E-services and fixed deposit accounts after successful implementation of IT (Salimon, 2017). It is highlighted in this analysis how important internet and mobile connection is to the banking sector. User engagement, quick and easy access to financial services, affordability, flexibility and cost advantages are all problems in the financial industry. People are shown how information technology may be utilised to enter into new markets despite having physical operations there.

It saves banks money by delivering large software packages in a short amount of time. As a result, bank productivity has risen, as have gross margins. The debate over the role of IT in the banking sector's provision of different services has resulted in greater market competitive advantages. The use of IT technologies in the banking sector has revolutionised the industry and provided many benefits to consumers. They do not have to stand in line for hours to deposit or take money from a bank now. Users may use the technology to learn about bank products and services, pay bills, and make payments. Digital banking is essential for the growth of the economy. Online and digital payments technologies are replacing traditional payment methods in the financial sector. As a consequence, the banking industry is exploding. Numerous problems in the banking sector have been identified as a result of risk assessments or analyses of the negative effect of IT, such as credit card fraud, cybercrime, e-mail forgery and so on (Alam, 2020). Bank governance requires a broad pool of expertise since it must address many types of risk.

The global banking industry has a lot of potential and possibilities because to the use of information and communication technology. It offers customers with cost-effective, quick and systematic services. The effective use of technology have enabled for banks to handle the higher transaction volumes that come with a bigger client base in an accurate and timely manner. The banking sector has benefited tremendously from the worldwide information technology revolution. Direct or virtual banking is another idea that is growing in popularity throughout the globe. Banks can provide now goods, services and financial transactions through electronic delivery channels which usually mean no physical gathering in branches. In comparison to conventional banks, these banks may provide more reasonable pricing for their products and services because of the reduced costs of branch upkeep and personnel (Banna, 2020).

While foreign banks have embraced internet banking, Indian institutions have lagged far behind. In reality, this cannot be achieved without the development of enough infrastructure or the existence of a significant number of users. The future of banking will be determined by technological advancements. As a result, financial institutions should look for factors that contribute to transformation. Investing in technology must be a top priority for financial institutions.

Ethical consideration

This research has been solely limited to the general overview of banks which are gradually moving towards successful implementation of IT in its management of financial operation on a global context. This work does not cite any particular role of a bank and does not depict its managerial process for IT. Banks operate only giving round a clock operation with the aid of various information management which helps to make decisions and ultimately helps in effectiveness of the operations functioning in back end &front end desk activities of a bank. Information systems aid decision-making, but human beings are ultimately responsible for such decisions. Almost all of the banks are utilising information systems in some or another manner. Additionally, it aids in a variety of additional tasks including real-time processing, dealing of complaints and making decisions.

Successful management of IT makes it possible for banks to work around the clock which boosts productivity (Huan, 2020). In addition to improved operating services and obtaining a competitive advantage, information systems can assist with risk management and financial management both. The impact of information structure is highly crucial and essential in any bank as it assists to be become competitive and successful by reducing all the operations and by making the financial functions smoother. All such factors were not fully addressed as the learner has tried to present different situations where it is visible that why banking sector needs to have a management of information and technology.


This research lacks practical evidence of hacking, sniffing and spoofing which are examples of external threats that put banks at risk. Not much examples of staff fraud and employee cooperation with consumers that represent a significant danger to banks are addressed. The biggest problem in banking sector is that people do not know how to utilise e-banking (Eti, 2020). Answers given by bank employees state that older individuals, especially those living in rural regions, prefer traditional banking methods, which makes it difficult for them to switch to internet banking. The researcher has not been able to visit rural regions and gather concrete evidences. E-banking is hindered by apprehensions about losing money in online transactions. Employees at banks are discouraged from embracing new and rapidly changing technology because of a lack of sufficient knowledge and abilities. Educating employees at every level on the latest IT developments is now a must-have for banking institutions. Other forms of limitation or challenges those arise in implementation of IT can be like:

  • Ensuring that the bank's service and facility offerings meet the needs of its customers
  • Retention of customers end
  • Stabilizing the operational profit while managing the spread
  • Retaining and increasing the existing share of the industry's market
  • The threat of competition from other banks
  • There are frequent technological difficulties with an emphasis on hardware and software upgrades
  • Focusing on the implementation's challenges and ensuring a timely launch
  • Managing technological, security and commercial risks
  • Developed and executed effective procedures to maximise the value of technology
  • Improving the technical skills of a nationwide labour force

Future Scope

This research comments on Artificial Intelligence and Business Analytics and states that these two prospects have the ability to bring about significant changes in banking sector. It has been found out that Artificial Intelligence enabled robotics might be a game-turner for banks in the future. In order to enhance services and earn cost-effective in the long term several private banks can think of using Robots for customer support, financial advice and loan approval. In the future years, digital banking will become the primary method of banking. Banks and financial organisations often utilised a person's credit score as a benchmark for underwriting their creditworthiness. Lenders could not access consumer pools in suburban or rural regions, which was a major problem. The learner suggests Fin-Tech solutions can get a bigger share in the market if iteffectively uses technology to help banking organisations. The Boston Consultancy firm estimates that during the last seven years, India has seen the emergence of more over 1000 Fin-Tech start-ups (Trivedi, 2019). A new generation of bankers with a thorough understanding of wealth and asset management is needed since each bank provides distinct IT services that make it easier for customers to get loans. The same could be seen as a future scope of research for the researcher. 


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Publication’s Title



Data Analysis

Hammoud et al., 2018

The Impact of E-Banking Service Quality on Customer Satisfaction: Evidence from the Lebanese Banking Sector

To understand the impact of e-banking on the customers

To meet the customer needs with the help of information technology

Primary data collection by survey

Data were analysed with the help of SPSS and structural equation model

Jakši? and Marin?, 2019

Relationship banking and information technology: the role of artificial intelligence and FinTech

To regenerate services with the help of information technology

Secondary data collection from the annual report of the banks

Data were analysed by generating themes regarding the issue.

Mullan et al., 2017

Bank adoption of mobile banking: a stakeholder perspective

To know the perspective of the shareholders on the adoption of m-banking

The research followed the mixed method. Primary and secondary data were gathered for this research. Delphi method and blogging were used for secondary data collection. 72 opinions were gathered for primary data.

The gathered data were analysed with the help of the Diffusion of innovation theoretical method.

Bastanet al., 2017

Revenue Structure of Mobile Banking: A System Dynamics Model

To know the impact of m-baning

To know the revenue structure of m-banking

Secondary data were gathered through System Dynamic Approach

Data were analysed with the help of developed models and simulations.

Elzamlyet al., 2019

Critical Cloud Computing Risks for Banking Organizations: Issues and Challenges

To investigate the risk associated with cloud computing in the banking sector

The secondary data were gathered.

The collected data were analysed by thematic analysis.

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