CHAPTER - V INFORMATION TECHNOLOGY IN BANKING: NATURE AND TRENDS

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1 84 CHAPTER - V INFORMATION TECHNOLOGY IN BANKING: NATURE AND TRENDS In the recent years, the utilization of information technology has magnificently increased in service industry, particularly in the banking industry. Indian banking industry is witnessing drastic changes. Technology is playing a definite role in facilitating transactions in the banking sector and the impact of technology implementation has resulted in the introduction of new products and electronic information based services by various banks in India. The financial sector reforms of the nineties and opening up of the economy and its integration with global market has facilitated the speedier use of information technology in the banking industry in India. In this context, the chapter reviews the current status of Indian banking industry with respect to various parameters of customer-centric information technology initiatives. The extent of information technology utilization is measured by the volume of investment in equipments, software, internet etc. First part of the chapter analyses the trends in information technology for overall banking industry. In the second part, analysis is carried out by disaggregating the commercial banks into five groups. These are nationalized banks, State Bank of India and its associates, old private banks, new private banks and foreign banks. 5.1: Trends in information technology in Overall Banking Sector The progress of information technology uses in commercial banking industry from year to is summarized in table 5.1. Percentage of different delivery channels per branch is given in table 5.2. The focus of analysis is on main six delivery channels mainly ATMs, credit cards, telephone banking, internet banking, computerization and mobile banking. The available data about the investment plans in banks, in information technology, for the years to indicates that almost all the major banks have earmarked the hefty amounts for IT.

2 85 Table 5.1: Information Technology Parameters in Scheduled Commercial in India Year No. of ATMs No. of Credit Cards No. of Internet Banking Branches No. of Mobile Banking Branches No. of Telebanking Branches No. of Computerized Branches Total No. of Branches No. GR No. GR No. GR No. GR No. GR No. GR No. GR CAGR Source: Report on Trend and Progress of Banking, RBI, various issues and Balance Sheets of respective banks.

3 86 Table 5.2: Number of IT Delivery Channels as Percentage of Total Number of Branches in India (Percent) Year No. of ATMs No. of Internet Banking Branches No. of Mobile Banking Branches Source: Calculated 5.1.1: Number of Automatic Teller Machines (ATMs) No. of Tele- Banking Branches No. of Computerized Branches In banking industry, in last couple of years, ATMs have changed the face of banking services. In the year 1987, Hong Kong and Shanghai Banking Corporation (HSBC) installed the first ATM in India. In the subsequent years, Indian Bank and Citibank introduced ATMs at various locations. In India, during the 1990 s, the ATM usage in the banking industry witnessed a slow growth on account of high installation costs. Ten years ago, an ATM was a novelty in Indian banking industry but with the entry of private sector banks, ATMs mushroomed in the urban landscape. Till then, all the banks deployed ATMs aggressively and saw their customer-base expanding. After a relatively slow start in the late 1990 s, there was a spurt in ATMs installations across the country with doubling the ATMs in two years from 401 in the year to 803 in The trend continued in the subsequent two years and aggregate number of ATMs increased from 5240 in the year to in Since the year , ATMs have seen an explosive growth as banks have committed to substantial capital outlays on ATMs deployment. In the year , number of ATMs was and it rose to in , registering a growth rate of 65 percent. During the year , total

4 87 number of ATM increased by Since the year , the growth in ATMs has been exponential in India. Growth rate of ATMs deployed in the banking industry has increased from 38 percent in year to 60 percent in and further to 65.8 percent in In the year , ATMs of scheduled commercial banks grew at a nominal rate of percent. It is further observed from table 5.1 that these commercial banks have shown an impressive trend growth rate of percent per annum in ATM installation. Notwithstanding such remarkable achievement, it is noted that India still lags far behind other countries. The reason behind the slow growth in ATMs expansion is high installation costs and dissent from the labour unions of the bank employees. It is evident from table 5.2 that number of ATMs per branch grew slowly from 5.76 percent in the year to 14.9 percent in but thereafter galloped to a level of 33.7 percent in The ratio increased by around eight percentage point to 48 percent in the year from 40.3 percent in In , the ratio of ATMs to total bank branches registered the growth crossing the 50 percent mark. The ratio reached a new milestone which increased to 89.7 percent in the year : Number of Credit Cards The introduction of credits cards by banks began the era of plastic money. Credit card constitutes an important part of a payment system. The use of cards for making retail payments is one of the preferred modes in recent years. The acceptability and convenience of this mode of payment is reflected in the increased volume and value of transactions through credit cards. Credit cards have witnessed a gradual growth from about lakhs in the year to lakhs in The commercial banks issued a total of lakhs cards in the year The credit card volumes grew substantially by percent in the year as against 19 percent in Year, was a bountiful year for credit cards in India as these credit cards witnessed a robust growth. Specifically in the year , the number of credit cards in circulation reached to lakhs as against

5 88 lakhs in , registering a growth rate of percent per annum in as compared to percent in the year In the year , the number of credit cards issued by commercial banks increased to lakhs, registering a prolific growth rate of percent in the same year. It is further observed from trend based growth rate that credit cards have shown an impressive growth of percent per annum over the years under study. The extremely expanding use of credit cards shows that consumers in India are more open to the possibility of owning a credit card. The fact that financial cards are still perceived as a status symbol in India also serve as a contributing factor to the healthy performance registered by the credit cards but the Indian credit cards industry is still in a relatively nascent stage when compared to developed economies. The extent of the use is remarkably low. According to a survey by Master Card International, only 14 percent of the Indian customers currently own a credit card. This is in sharp contrast to countries such as United Arab Emirates and America, where 65 percent and 85 percent people respectively own a credit card. This owes to a set of intriguing facts viz. (a) banks have not been sufficiently active in channel creation, and (b) customers are not utilizing even the installed capacities : Number of Internet Banking Branches During the last few years, banks across India have invested heavily to build sophisticated internet banking capabilities. Internet has emerged as an important medium for delivery of banking products and services. Table 5.1 shows that the number of bank s branches offering internet banking facility has increased gradually. In year , there were 219 bank branches giving internet banking facility and it has grown to 1570 in the year and further to 5753 in the year Last few years have seen internet banking branches growing exponentially. It is observed from the table that the total number of internet banking branches rose to in as against 7494 in the year and it further increased to in Clearly, this suggests a strong growth trend. Internet banking is slowly becoming popular

6 89 and this e-channel is more popular in urban and metropolitan cities of India. Table further exhibits the growth rate of internet banking branches of scheduled commercial banks in India. In year internet banking experienced a growth rate of percent which increased to percent in and then in it came down to percent but after , it again galloped at the level of percent. In year , internet banking has seen a growth rate of percent and if we see the compound growth rate, it is observed from the table that it has been percent per annum over the years. Table 5.2 shows the internet banking branches as percent of total branches. The table shows that the internet banking as percentage of total branches has increased sharply for whole of the banking industry. This ratio was percent in year and it increased to percent in , percent in and further to percent the year This rising trend in internet banking is due to increasing availability of broadband connections, at falling tariff rates. Moreover advancement in technology used by banks especially in core banking system and the growth of internet usage is propelling the growth of internet banking. Further, there are special campaigns which gave a focused marketing thrust towards increasing customer base and usage of internet banking : Number of Mobile Banking Branches It is evident from the growth trend of mobile banking that it has received wider acceptance all over India. Today it is offered by most of the Indian banks. Since the year , the number of mobile banking branches has grown remarkably. Between years to , 30,342 mobile banking branches have been added to the banking industry of India. Initially in the year mobile banking branches grew slowly from 321 to 955 in and further to 1705 in But thereafter, they galloped to a level of 12,669 in and further to 32,157 in the year It is further clear in the table that there has been explosive growth in mobile banking branches over the years. In the year , mobile banking

7 90 branches grew at the rate of percent per annum which further increased to percent in and percent in but in year it dipped to percent per annum. Then again in year growth rates registered some improvement by increasing to percent. Since then, it continued to increase and reached at percent in year Further the mobile banking branches have observed a trend growth rate of 51 percent per annum in the recent decade. It is because the mobile banking has drastically cut down the cost of providing service to the customers. For service providers mobile banking offers the next surest way to achieve growth, therefore mobile banking is more popular in all the commercial banks. It is further observed from table 5.2 that the share of mobile banking branches in the total branches increased to percent in as compared to percent in the year It gradually increased to percent in and further to percent in the year It shows that with rapid growth in the number of mobile banking branches, the banks are exploring the feasibility of using cell phones as an alternate channel of delivery of banking services. With the exponential growth of mobile connections in India, mobile banking applications can be used as an efficient channel to deliver the financial services to the remote parts of the country at low cost : Number of Tele-banking Branches Tele-banking is also a popular e-channel among the bank customers. As per table 5.1, number of banking branches using telephone was 129 in the year which rose to 1,400 in , 2,948 in the year , 5,871 in and further to 19,330 in In the year , it rose to 28,652. Year-wise data of tele-banking branches show a positive growth trend. It is further observed that the growth rate of tele-banking branches in commercial banks was percent in the year which rose to percent in , percent in and further to percent in the year Overall compound annual growth rate comes to be percent per annum. The percentage of tele-banking to total branches shows a

8 91 rising trend. This ratio was 1.47 percent in which increased sharply to 5.82 percent in , percent in , and percent in and further to percent in the year : Number of Computerized Branches The most fundamental way in which technology has changed the phase of Indian banking sector has been through computerization. The entire approach towards technology based banking has shown significant improvement since the initiation of financial sector reforms in 1990 s which has facilitated speedier computerization in the banking sector in India. In early sixties, introduction of computers in India in financial sector began in a small way. Life Insurance Corporation was perhaps the first to introduce computerization in 1965 for insurance policies. Later on, Reserve Bank of India (RBI) and State Bank of India installed computer systems. Towards the end of 1970 s a number of banks initiated the process of computerization in some selected departments. A second revolution occurred in the 1990 s with the advent of electronic payment technology. During , almost all commercial banks have started integrating the on-line banking with the mainstream banking technology. A major development, during the years , has been a significant increase in coverage of the number of branches providing computer facility. As a result the number of computerized branches increased from 2,561 in the year to in as shown in table 5.1. Computerization of banking business received high importance in the year , when banks invested heavily in technology and computerized branches increased to in and further to in the year Further the table shows the growth rate of computerized branches. It is observed that computerized branches registered a simple growth rate of percent per annum in which increased to percent in the year and further to 60 percent in Then it dipped to the level of 25.8 percent in Again in the year , it made a prolific growth (28.81 percent). In the year , computerized branches posted a growth rate of only 8.72 percent. This growth

9 92 rate which showed some deceleration in again accelerated to 15 percent in year It was because of decelerated growth rate in the amount spent on computerization in which again registered an increase in the year It is further observed from the table that the computerized branches observed a compound annual growth rate of percent per annum over the period under study. Further table 5.2 shows number of computerized branches as a percentage of total branches. The percentage share of computerized branches to total branches increased from percent in the year to percent in and further to percent in In , the share of computerized branches in total branches was percent as against percent in the year Banking industry has witnessed a positive annual growth rate in computerized branch from to During the entire period, the growth rate is higher in the year The overall growth rate of computerized branches shows a positive trend for the whole period. This phenomenon hints on the increasing expenditure to provide adequate resources for computerization and development of communication network. Overall table 5.1 shows that over the years the highest trend growth rate per annum is observed in tele-banking branches (54.40 percent) followed by ATM s (53.75 percent), mobile banking branches (51.00 percent), internet banking branches (49.42 percent), computerized branches (27.52 percent) and credit cards (28.28 percent). In nutshell, current status of Indian banking industry on various parameters of information technology shows that Indian banking industry is at the threshold of a paradigm shift. Information technology innovations in the last few years have changed the landscape of banks in India. Anywhere banking, tele banking, mobile banking, net banking, ATM, credit cards and computerization have totally transformed the banking industry. Today almost all major banks in India are offering online services to their customers. ATMs have emerged as the most favored channel for offering banking services to the customers.

10 93 5.2: Comparative Trends in IT among Bank Groups Several bank groups have been positioning themselves as a one stop shop financial service provider with a fairly exhaustive range of products. In tune with global trends, these bank groups have been investing heavily in technology, infrastructure, solution and manpower. Both, in the spatial and temporal dimension all the banks have not been at par in the adoption of technology. Following analysis deals with the spatial and temporal variations in the adoption of technology in Indian banking. For spatial analysis, different banking groups on the basis of ownership have been taken. The banking groups are nationalized banks, State Bank of India and its associates, old private banks, new private banks and foreign banks Analysis is based on different parameters like: number of computerized branches, number of ATM s installed, number of credit cards, number of Internet banking branches, number of mobile banking branches and number of tele banking branches : Number of Computerized Branches An analysis of investment to computerize bank branches is presented in table 5.3. Table shows that in the year , computerized branches per bank of nationalized group were 186, which increased to 885 in The Central Vigilance Commission directives to achieve 100 percent computerization have resulted in renewed vigor in public sector banks. Number of computerized branches of nationalized banks grew by percent in and then registered a decline in growth rate in the year (8.59 percent). All bank groups witnessed a positive annual growth rate in computerization of branches for the entire period under study. It is further observed from the table that highest trend growth rate per annum in computerized branches among bank groups is observed by old private banks (44.80 percent) followed by new private sector banks (37.18 percent) SBI and associates (37.08 percent) nationalized banks (23.28 percent) and foreign banks (14.10 percent). SBI and its associates have shown an excellent performance in computerizing their branches as in the year ,

11 94 all branches of SBI are fully computerized. The proportion of public sector bank branches which achieved full computerization has increased from percent in year to 95 percent in On the whole, it is observed that private banks and foreign banks have an edge in computerization. These banks have chosen a different path to woo customers into their fold taking technological support. They are working in a computerized environment using the latest banking software but now public sector banks have been investing for upgrading their operations by way of computerization. Table 5.3: Banking Group-wise, Number and Growth Rate of Computerized Branches in India Nationalized SBI and its Associates Old Private New Private Foreign Year No. GR No. GR No. GR No. GR No. GR CAGR Sources: Report on Trend and Progress of Banking, RBI, various issues and Balance Sheets of respective banks : Number of ATMs installed Number of ATM s installed among different bank groups are given in table 5.4. It shows that maximum number of ATM s installed by different bank groups has been observed in SBI group (3,758) in the year , followed by new private sector banks (2,934), nationalized banks (970) and old private sector banks (394). ATM s installed by foreign banks were more than three times of their branches. ATM to branch ratio was much lower for public sector banks in the year , but then it steadily increased. Table

12 95 also shows trend growth rate of ATM installation. Nationalized banks show the highest trend growth rate per annum (65.32 percent) followed by SBI and associates (58.11 percent), new private sector banks (38.75 percent) foreign banks (27.25 percent). This table shows that the number of ATMs of SBI group and nationalized banks, registered a sharp growth over the years. Over all, it is observed that growth in ATMs among different bank groups has been generally on a steady rise in recent years. A large number of ATMs have already been installed by different bank groups throughout the country. The utility of ATM is gaining popularity day by day among customers of banks and benefit of such huge number of ATMs spread over the country is being utilized by the customers of banks. Many public sector banks have gone a big way in opening ATM s and private sector banks are going ahead with aggressive ATM plans for wider reach. Table 5.4: Banking Group-wise, Number and Growth Rate of ATM Installed in India Nationalized SBI and its Associates Old Private New Private Foreign Year No. GR No. GR No. GR No. GR No. GR CAGR Sources: Report on Trend and Progress of Banking, RBI, various issues and Balance Sheets of respective banks : Number of Credit Cards and Credit cards form one of the most established segments of financial system in India. While usage of cards by customers of different bank groups in India has been in vogue since 1980 s, it is only since the mid 1990 s that the market had witnessed a quantum jump. Table 5.5 shows that actual usage of credit card has increased both in terms of volume and value. Today all

13 96 categories of banks issue credit cards. It is observed from table that foreign banks have emerged as market leader in card issuance (5.91 lakhs in the year ) by registering a growth rate of percent, which increased to 9.50 lakhs in the year showing a growth rate of percent. It is followed by new private sector banks (3.96 lakh in ) with a growth rate of percent. Further, among public sector banks, SBI group and its associates are holding a major share in card issuance (4.25 lakhs in the year ). SBI is the largest player among public sector banks. New private sector banks and foreign banks with their state of the art technology and grandiose plans are taking the lead in credit cards. It is due to their aggressive marketing strategies as private sector banks are offering all credit cards for life and they are not charging, joining as well as annual charges for new credit card customers. It is observed from the table that public sector banks are also showing a marvelous and fabulous positive change in credit cards. In the year , number of credit cards issued by nationalized public sector banks was 1.26 lakhs which registered a growth rate of percent. It increased to 3.55 lakhs in the year In the year , the highest number of credit cards was of new private banks (18.66 lakhs) followed by SBI and associates (13.19 lakhs) foreign banks (10.18 lakhs), nationalized banks (3.55 lakhs) and old private banks (0.78 lakhs). Table also shows the trend growth rate of credit cards in various bank groups. Again, highest trend growth rate per annum in credit cards is observed by new private sector banks (31.11 percent) followed by nationalized banks (27.45 percent) old private sector banks (27.17 percent), SBI and associates (24.40 percent) and foreign banks (13.77 percent). The trend growth rate shows that public sector banks are making progress and they are attempting to leverage technology by more spending. They are putting on new resources by investing in trained personnel for marketing of their credit cards.

14 97 Table 5.5: Banking group-wise, number and growth rate of credit cards in Year India Nationalized SBI and its Associates Old Private New Private Foreign No. GR No. GR No. GR No. GR No. GR Sources: Report on Trend and Progress of Banking, RBI, various issues and Balance Sheets of respective banks : Number of Internet Banking Branches As a business tool, internet banking is rapidly transforming the banking and financial world. Today banks are emerging as financial supermarkets by introduction of online banking. The new generation private banks kicked off online banking in 1996, followed by a host of other categories of banks but for internet as a whole, time period 1996 to 2000 marked the adoption phase while usage increased only after The number of banks offering internet banking in India is increasing steadily. Table 5.6 shows that the internet banking branches of nationalized banks were 14 in the year which rose to 284 in and further to 620 in the year The number of banks offering internet banking has increased exponentially during the last four years as it has increased to 1224 in for nationalized banks. The highest growth rate in internet banking branches in the year is observed by SBI and its associates (80.58 percent) followed by new private sector banks (60.36 percent) nationalized banks (48.45 percent), old private sector banks (43.37 percent) a nd foreign banks (3.70 percent). Table further shows the trend growth rate of internet banking branches. No doubt, all bank groups witnessed a positive trend growth rate of internet banking branches but the trend growth rate of SBI and associates and nationalized

15 98 banks (57.18 percent and percent per annum respectively) are higher compared to old private sector banks (43.37), new private sector banks (43.09) and foreign banks (19.55). It implies that over the time, public sector nationalized banks and SBI and associates are taking the lead. They are aging into net-banking by offering great convenience to customers. No doubt, private banks and foreign banks are the early ones to bite the technology bullet in and internet banking has also increased their market share in earlier years and created a dent in the market share of public sector and old private banks. Therefore at that time public sector banks lagged in the race for adopting internet banking practices but now they are investing more and more to develop. Table 5.6: Banking Group-wise, Number and Growth Rate of Internet Banking Branches in India Nationalized SBI and its Old Private New Private Foreign Year Associates No. GR No. GR No. GR No. GR No. GR CAGR Sources: Report on Trend and Progress of Banking, RBI, various issues and Balance Sheets of respective banks : Number of Mobile Banking Branches It is clear from table 5.7 that there has been tremendous growth of mobile banking branches for all the bank groups. In the year , number of mobile banking branches of new private sector banks registered a highest growth rate (42.86 percent) followed by SBI and associates (40.64 percent), nationalized banks (39.37 percent), foreign banks (30.00 percent) and old private sector banks (23.26 percent) but in the year nationalized group surpassed the other bank group by improving its growth rate in mobile banking branches to percent. Table further shows that new generation

16 99 private sector banks are pioneers in introducing mobile banking. However with the technological transformation of public sector banks, now they are very active on this front. In the year , SBI and associates registered highest growth rate (79.06 percent) followed by new private sector banks (50.96 percent), nationalized banks (38.39 percent) and old private banks (11.72 percent). It is further observed from table that trend growth rate for mobile banking branches over the year has been highest for SBI and associates and nationalized banks (58.26 percent and percent per annum respectively) followed by old private sector banks (47.67 percent per annum), new private sector banks (44.28 percent per annum) and foreign banks (21.02 percent). Overall, it is observed while new generation private sector banks and foreign banks have been able to create a niche in the mobile banking in the early stages of technology adoption, the public sector banks have not lagged behind. Leveraging their technology, public sector banks have aggressively forayed to garner a larger slice of this. Table 5.7: Banking Group-wise, Number and Growth Rate of Mobile Banking Branches in India Nationalized SBI and its New Private Foreign Year Old Private Associates No. GR No. GR No. GR No. GR No. GR CAGR Sources: Report on Trend and Progress of Banking, RBI, various issues and Balance Sheets of respective banks : Number of Tele-banking Branches Tele-banking is also becoming more popular in this world of technology among all the bank groups. Table 5.8 shows remarkable progress

17 100 of all bank groups. In the initial years, number of tele-banking branches of private sector banks is more but in the year , nationalized banks registered highest growth in tele-banking branches (55.00 percent) followed by SBI and associates (45.16 percent), new private banks (35.48 percent) and old private banks (30.61 percent). In the year , highest growth rate is observed by new private sector banks and SBI and associates (64.34 percent and percent per annum respectively) followed by nationalized banks (35.83 percent). The lowest growth rate is for foreign banks (3.57 percent). It is further observed that trend growth rate per annum of tele banking branches has been the highest for SBI and associates (61.81 percent) followed by nationalized banks (56.67 percent) old private sector banks (48.00 percent) new private banks (43.27 percent) and foreign banks (23.91 percent). Overall it is observed from table that new generation banks, with well focused business vision, duly synergized with technology as an integral component, posted challenges to public sector banks in the early years of technology adoption but with the passage of time, public sector banks are taking the lead and the tremendous success of usage of technology has helped these public sector banks also to penetrate the market. Table 5.8: Banking Group-wise, Number and Growth Rate of Tele-banking Branches in India Year nationalized SBI and its old private sector new private foreign banks banks associates banks sector banks No. GR No. GR No. GR No. GR No. GR CAGR Sources: Report on Trend and Progress of Banking, RBI, various issues and Balance Sheets of respective banks.

18 : Conclusion To conclude, the highest trend growth in computerized branches is observed in old private banks followed by SBI and its associates and nationalized banks but in ATMs, highest trend growth rate per annum is observed in nationalized banks and SBI and its associates followed by new private banks. In credit cards, private banks are leading but in internet banking mobile banking and tele-banking, trend growth rate per annum has been the highest for SBI and its associates and nationalized banks followed by private sector banks but it has been lowest for foreign banks. A look at the operation of various players in banking industry in India reveals a high degree of variations in technology adoption. New private sector banks and foreign banks adopted multiple delivery channels in mid 1990 s and with use of technology and full computerization of their branches they have become able to spur global competition. Now public sector banks, though they are late entrants, yet they are competing aggressively with new generation banks by providing state of art services to stop erosion of their client base to select high value customers by preventing them from moving to new generation banks.

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