Improvement in ICT within Financial Institutions

Satisfactory Essays
Improvement in ICT within Financial Institutions

In this assignment I will be discussing how customer experience of

dealing with financial institutions improved with the help of ICT. I

will be doing this by explaining the improvement and what the

improvement have provided to the customers.

Knowing that 10 to 20 years ago there wasn’t much ICT within the

banking institutions, which got aggregating to most customers because

they will have to wait hours, before they were served. Now day’s

customers are served in minutes because they have improved services

which bank institutions have invested millions of pounds to satisfy


The way it worked in the days without ICT in bank institutions is;

· Confidential documents (account details)

· Telephone (deal with enquires)

· One-to-one conversation

The methods used in the past years was time consuming to all customers

because they had to waste hours of there time to sort out problems,

for example the ‘one-to-one conversation’ the customers to open up an

account had to book an appointment take ID with them and fill in forms

which is a waste of time. The ‘confidential documents’ to access to

them the customers will have to go through security questions and

provide evidence of there ID which just shows the time the customers

had to waste to reach to what they wanted.

Invested millions of pounds to gain and satisfy customers the bank

institution have introduced several time consuming services which

increased the demand for the service. The products and services the

Bank institution has invested are;

1. Cash point:

Is a machine located in front of a bank which money could be withdrawn

out of it with a 24/7 service provided. Withdrawals can be up £250 in

certain bank institutions, the cash point provides a service for

electronic top-up as well.

2. Internet banking:

Internet banking is a service which customers can deal with their own

enquiry; the reason being is that it is a self service system which

almost every service can be completed.
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