Kerala Tradition & Fascinating Destinations 2014 Kerala Tradition & Destinations 2014 | Page 432

markets. In view of this, technology has changed the contours of three
major functions performed by banks. They are access to liquidity,
transformation of assets and monitoring of risks. Further, Information
technology and the communication networking systems have a crucial
bearing on the efficiency of money, capital and foreign exchange markets.
The Software Packages for Banking Applications in India had their
beginnings in the middle of 80s, when the Banks started computerising
the branches in a limited manner. The early 90s saw the plummeting
hardware prices and advent of cheap and inexpensive but high-powered
PCs and servers and banks went in for what was called Total Branch
Automation (TBA) Packages. The middle and late 90s witnessed rapid
revolution in communication technol-ogies and evolution of novel concept
of ‘convergence’ of computer and communication techno-logies, like
Internet and phones. Internet has significantly influenced delivery
channels of the banks. Internet has emerged as an important medium for
delivery of banking products and services. Rapid strides in information
technology have, in fact, redefined the role and structure of banking in
India. Banks are also coping and adapting with time and are trying to
become one-stop financial supermarkets. The market focus is shifting
from mass banking products to class banking with the introduction of
value added and customised products. Customised banking products, such
as Investment Advisory Services; photo-credit cards; cash Management
services; Investment products and Tax Advisory services have already been
introduced by a few foreign and private sector banks. A few banks have
also gone in to market mutual fund schemes. New distribution channels
are being widely used by banks. More and more banks are introducing
services like disbursement and servicing of consumer loans and credit
card business. Direct Selling Agents (DSAs) of various Banks go out and
sell their products. They make house calls to get the application form
filled in properly and also take your passport-sized photo. Home banking
has already become common. Now, you can order a draft or cash over the
phone or internet and have it delivered home. User can now access account
information over a secure line, request cheque books and stop payment,
and even transfer funds between Bank accounts.
Bank of India
Zonal Office, Kaloor Towers
Kaloor - Kadavanthara Road
Kaloor, Cochin- 682 017
Ph: 0484 2349557, 2349686
Email: [e-mail]
Web: www.bankofindia.co.in
Founded on 7th September, 1906 by a group of eminent businessmen of
Mumbai, Bank of India has crossed 107 years of its purposeful existence.
The Bank has rich heritage. From the very beginning, it established
reputation for high standards of service. The Bank has been a pioneer in
the Indian Banking world and has put in place time tested established
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BANK|TRADITION AND DESTINATIONS