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Talk by Anand Narayan (VP IT, HDFC) at NITIE, Mumbai Mumbai, March 17, 2005: With growing impact of technology on all forms of business, Information Technology (IT) has started playing a huge role in success of a business. The area of banking is no different. The IT has changed the way in which Banking operations are performed. It is no more restricted simply to deposit/withdrawal of money. It has gone far with net-banking, e-broking etc. To talk more about the role of IT in Banking, Mr. Anand Narayan, VP IT, HDFC visited the NITIE campus as part of the B-Gyan Lecture Series on 17th of March 2004. He began his lecture talking briefly about his rich experience in the field of Finance and IT before delving into the topic. His role in HDFC, he explained, was more into Treasury and Logical Capital Market. Giving a brief overview of traditional banking he explained that the days were gone when bank branch was considered as an independent unit and customers and accounts were restricted to that particular branch. However with the evolution in technology, nowadays branch automation has ensured networking of all the bank branches. He briefly talked about the core banking system and importance of IT in integration of the bank with customer systems. Yet another important breakthrough was enabling of e-transactions via ATM and Internet. Even the area of capital markets has now been greatly influenced by IT with concepts like e-broking fast catching up. Some other impacts of IT were on Treasury Automation, Real Time Gross Settlement (RTGS) and reduction of paper burden. However to face exigencies arising out of technological failure "Disaster Recovery and Business Continuity Planning" are also assuming great significance, he said. HDFC had also come up with an Imaging Technology pertaining to document imaging, document management system, form processing system and workflow automation. He also talked about Business Process Management (BPM), which automates and streamlines processes that are the lifeblood of organisations. "This product, Software Process Suite, improves the turnaround time for our customers and also leads to rationalization of internal resources of the bank", he added. This offers quicker and more efficient servicing of products such as bank guarantees and letters of credit. Citing the relevance of BPM to present banking system he also said that in future we could see Cheque Truncation, RTGS, CRM, etc to play a huge role in Banking. The informative lecture concluded with a healthy Question and Answer session. This marked the conclusion of yet another successful institute-industry interaction in NITIE, the B-School known far and wide for its excellent institute-industry interface. Concluded. Click here to post your views/ comments/ experince on this... Contributed by - |
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