• Sneha Prajapati
• Sipra Routaray

The technological advancements induced by information technology led to many financial innovations and many online services came into existence. Information technology induced changes are rapid, dynamic and disruptive in nature. Banks and other financial institutions are absorbing technology in every aspect of their business. The changes induced by information technology are rapid and continuous. Often these changes pose the question whether traditional banking would survive and how the central bank would be supervising and regulating the financial sector. Now a days banking is known as innovative banking. Development in information and technology sector gave rise to development in banking products and services. Traditional banking slowly shifted to modern banking. Traditionally relationship between banker and customers were maintained by visiting physical bank branch or communicating while they met personally for transaction purpose, but now a days scenario has changed, banks are taking initiative to do banking transactions electronically. Banks are offering ebanking services to their customer so that customers are able to do banking transaction as per their convenience and are able to save their time and energy. E-banking is a combination of automated delivery of new and traditional banking products and services directly to customers through electronic interactive communication channel. It is a significant innovation in the field of banking services. Earlier banking was conducted in a very traditional manner where the time and energy of customer and banker were spent. Information evolution leads to the evolution of internet which ultimately become the reason for the evolution of E-banking. E-banking has been adopted by many banks both domestic and foreign, it has many pros and cons. The pros are instant access to delivery of services, reduction in cost, scope for expansion of the existing business and introduction of new products, conservation of resources and opportunities for increasing revenue. In developing countries like India ebanking enables the government to transfer the benefits of its welfare schemes directly to the customer eliminating middlemen and leakages resulting in financial inclusion. Ebanking also throws up new employment opportunities in terms of software development, hardware maintenance, deployment of security system, website and content development etc. while the benefits are many, the biggest threat is hacking of website and accounts. The

TRANSFORMATION IN BANKING SECTOR: A STUDY ON NEW ERA BANKING - E-BANKING”

"TRANSFORMATION IN BANKING SECTOR: A STUDY ON NEW ERA BANKING - E-BANKING” ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 4, page no.b369-b379, April-2022, Available :http://www.jetir.org/papers/JETIR2204150.pdf

"TRANSFORMATION IN BANKING SECTOR: A STUDY ON NEW ERA BANKING - E-BANKING” ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 4, page no. ppb369-b379, April-2022, Available at : http://www.jetir.org/papers/JETIR2204150.pdf