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1. A
SYNOPSIS
ON
IMPACT OF TECHNOLOGY ON FINANCIAL SERVICES
Submitted to RTM Nagpur University, Nagpur in the partial
fulfillment of requirement of the degree of MBA.
SUBMITTED BY
SANTOSH MALAIAH RALABANDI
UNDER THE GUIDANCE OF
Prof. AMOL NARAYANE
DEPARTMENT OF BUSINESS MANAGEMENT
Datta Meghe Institute of Engineering Technology and Research,
Salod (Hirapur), Wardha: 442 001
Session 2013-2014

2. DATTA MEGHE INSTITUTE OF ENGINEERING, TECHNOLOGY & RESEARCH
Sawangi (Meghe), Wardha.
Off: 07152-287893, 287894, Principal Office: 07152-287891. Fax 07152-287892
E-mail : principal _dmietr@yahoo.com, Web site : www.dmietr.edu.in
CERTIFICATE
This is to certify that Mr. SANTOSH MALAIAH RALABANDI of our
institute has successfully prepared this synopsis as per standard guidelines. The
title of the synopsis is “Impact of Technology on Financial Service “under the
specialization Finance.
Prof.Amol Narayane
(Project guide)
Dr. Shailesh Kediya
(HOD MBA)
Dr. Sachin Untawale
(Principal)

3. INDEX
Sr. No.
Particulars
1
Introduction
2
Objective of Study
3
Scope of Study
4
Research methodology
5
References
Page. no.

4. Introduction:
This report focuses on the relationship between technology and change, both past
and future, in the financial service industry .Technology in today’s modern environment plays a
major role in all aspects of society, with widespread use in a majority of industry and business
sectors. In today’s global economy many industries have to invest heavily in Information
technology in order to keep its competitive advantage and to ensure they will be able to compete
with competitors who now operate within a global economy. It can be said that there is an
established trend within the financial services sector of increasingly heavy dependence on
technology for delivering services and that this will continue in the future. The reliance on
technology comes from the enablement, as a result of its use, to provide services and process
tasks which would not otherwise be provided.
The financial service industry could not provide the level of service it does without the support
of advanced information processing and telecommunication technologies. The numbers of
checks (over 37 billion annually), credit card drafts (over 3.5 billion annually), and securities
trades (over 30 billion shares traded annually) would swamp any manual system that tried to
handle them.
The impact of technology that is information technology on the financial services sector can be
seen in areas such as
1. On a wider view:Technology is influencing competition and the degree of contestability in banking and financial
services.
2. Delivery of service:traditionally, the provision of financial services was very much dependent on the branch
networks of financial institutions. But now, information and communications technology has
enabled the more diversified and convenient provision of financial services, including via the
Internet and unmanned ATM networks.

5. LITERATURE REVIEW:
1. Dr. Meeta Nihalani, Head, Department of Management Studies, Jai Narain Vyas University,
Jodhpur,” THE IMPACT OF TECHNOLOGY ON THE MARKETING OF FINANCIAL
SERVICES” at Annals of Management Research, Volume 1, Number 1, and September –
October 2011.as stated that, Technological progress may have increased scale economies in
producing financial services, creating opportunities to improve efficiency and increase value
through consolidation.
2. Allen N. Berger, Board of Governors of the Federal Reserve System, Washington, DC 20551
U.S.A.“ THE ECONOMIC EFFECTS OF TECHNOLOGICAL PROGRESS: EVIDENCE
FROM THE BANKING INDUSTRY” at Forthcoming, Journal of Money, Credit, and Banking,
Volume 35, 2003.According to his view,” Research on the banking industry provides a wealth of
information about technological progress. Banks intensively use modern technologies and the
detailed data on this industry allow for investigations of the effects of advances in both IT and
financial technologies and in both “front-office” and “back-office “technologies.”
3. William J. Wilhelm, Jr., Boston College, “INTERNET INVESTMENT BANKING: THE
IMPACT OF INFORMATION TECHNOLOGY ON RELATIONSHIP BANKING” at Journal
of Applied Corporate Finance, spring 1999. Provide an economic perspective on how recent
advances in information technology have begun to lay siege to the relationship-based
technology. Most of the discussion takes place in the context of recent applications of Internet
technology to the pricing and distribution of securities.

6. 4. Rajnish Tiwari, Stephan Buse, Cornelius Herstatt,”MOBILE BANKING AS BUSINESS
STRATEGY: IMPACT OF MOBILE TECHNOLOGIES ON CUSTOMER BEHAVIOR AND
ITS IMPLICATIONS FOR BANKS” at “Portland International Conference on Management of
Engineering and Technology” (PICMET) 2006,8 – 13 July 2006, Istanbul (Turkey). he stated
that increased competition on account of technological developments coupled with the process of
globalization have produced new challenges for banks. Mobile Banking presents an opportunity
for banks to retain their existing, technology-savvy customer base by offering value-added,
innovative services.
Above research conducted to know the technology involvement in the financial services, but my
study will go with respect to know the involvement of technology gap between various banking
Financial services.

7. OBJECTIVES OF STUDY
TO KNOW THE NEED OF TECHNOLOGY IN BANKING FINANCIAL SECTOR.
TO HELP IN INCREASING THE TECHNOLOGY AIDS IN FINANCIAL SERVICES.
TO KNOW THE IMPORTANCE OF TECHNOLOGY IN FINANCIAL SECTOR.
SCOPE OF STUDY
In the present scenario major economical and technical changes are undergoing in
Industrial and financial revolution through the new information-processing technology.
Especially in finance sector it has a significant role for overall development. After identifying the
subject (research area) and referring the relevant literatures, it has been found that in most of the
literature, the information technologies have a wide application area. However, in finance sector
major changes have been made. Due to these drastic changes we have chosen to do the study on
urban cooperative bank system. After completing step by step procedure for automation process,
now it is required to take the review of the system.People used information technological tools to
manage and process the information. Atomization process use in the financial sector for
transaction system. This type of working methodology is used in the financial Institute since
long years. The Urban Co-operative bank sector is mostly related to all classes of people like
businessmen, industry, agriculture, labor, Small entrepreneurs, workers etc. It has been changing
complete culture and working methodology. Therefore, it has a wide scope to study the existing
modern transaction system in the financial sector mainly in urban cooperative bank system. For
that purpose we are going to utilize software engineering model based techniques for theoretical
evaluation of atomization process.
RESEARCH METHODOLOGY

8. A) DATA COLLECTION:
1. PRIMARY DATA:The primary data will be collected through questionnaire and observation method will be
adopted
2. SECONDARY DATA :The secondary data will be collected from websites, journals, magazines and books.
B) DATA ANALYSIS & DATA INTERPRETATION:
After collecting the data various analysis techniques like bar chart, pie chart, Tabulation method
& various statistical tools will be used the interpretation for same.
References:-

9. 1. 1. Dr. Meeta Nihalani, Head, Department of Management Studies, Jai Narain Vyas
University, Jodhpur,” THE IMPACT OF TECHNOLOGY ON THE MARKETING OF
FINANCIAL SERVICES” at Annals of Management Research, Volume 1, Number 1,
and September – October 2011.
2. 2. Allen N. Berger, Board of Governors of the Federal Reserve System, Washington, DC
20551 U.S.A. “The Economic Effects of Technological Progress: Evidence from the
Banking Industry” at Forthcoming, Journal of Money, Credit, and Banking, Volume 35,
2003.”
3. William J. Wilhelm, Jr., Boston College, “INTERNET INVESTMENT BANKING:
THE
IMPACT
OF
INFORMATION
TECHNOLOGY
ON
RELATIONSHIP
BANKING” at Journal of Applied Corporate Finance, spring 1999.
4. Rajnish Tiwari, Stephan Buse, Cornelius Herstatt,”Mobile Banking As Business
Strategy: Impact Of Mobile Technologies On Customer Behavior And Its Implications
For Banks” at “Portland International Conference on Management of Engineering and
Technology” (PICMET) 2006, 8 – 13 July 2006, Istanbul (Turkey).