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Abstract
Banking is the life blood of any nation which is significant for the health and prosperity of any economy. Indian economy follows indigenous banking from old times, which is different from banking in modern times. Since the time of country’s independence commercial banks under RBI have a vast range to function. The modern banks perform multiple functions by offering various types of products and services to their customers with the main aim of increasing profits and customer satisfaction. Innovation is a ever-changing phenomenon that includes adoption of new technologies, products and services and methods. Banking technology uses advanced computer algorithms in raveling the patterns of customer behaviors by using the details of the customers which includes their demographic, psychographic and transactional data. Nowadays, technology has become an important resource to achieve high efficiency, control of operations, productivity and profits for Banks.