Role of Information and Communication Technology in Banking in Nepal
The use of information and communication technology has taken wider scope in the banking sectors than previous years because of the reach of the people to the ICT infrastructure and easy availability of its products. The use of ICT has been for long time in the western countries such as USA, UK, Australia and many more. However, the easy access to internet and other smart ICT product has made easier deployment of technology to the developing countries.
In the context, Nepal is one of the countries who came late in the deployment such new technology in the banking sector. Deployment of new ICT has always been challenging in the banking sector of country like Nepal to compete in market. As part of WTO (world Trade Organization) Nepal has opened its door to the global market. Banking in context of Nepal dated back to 15th of November 1937. Before that all the financial transaction was done by the private lenders without the any certain norms and the rules.
The bank established on that day was Nepal bank limited which is a commercial bank. After many years of planning and conceptualization, a central or reserve bank was formed as “Nepal Rastra Bank” monitoring and mentoring the entire banking sectors of Nepal. The major banks of Nepal have now implemented new technology to render service to their client. The technologies they are using are ATMs on major cities, online banking system, and mobile banking system.
The use of ATM allows clients to access their cash any time when they are in need of it. Moreover, the implementation of online and mobile banking allows flexibility and comfort to the client to track their savings and spending and also provide the facility of online purchase and payments. By the use this types of information and communication technology has helped to grow the benefits of the institution and simplify the daily operation of the organization.