Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Importance of information technology in the banking sector
Importance of information technology in company
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Operating any business without the application of information technology in the modern business world is actually impossible. The world has gone digital and in every sector of economy, entrepreneurs are busy applying information technology systems to run their businesses smoothly. Nevertheless, the invention of information technology and its entrance into business arena has seen, customers demand better services whenever they do business or receive services. From banking to financial markets, stock exchange to retail markets, businesspersons use information technology principles to attract, serve and retain customers.
Furthermore, business organizations that have successfully retrieved information technology into their business operating modes, receive greater revenues as compared to those that do not apply information technology principles. Therefore, the impact of any business operating under the influence of information technology is great, especially in attracting customers. Customers require quick and efficient services rather than slow and boring ones in today’s globalizing world. With the perceived globalization, information technology is driving the world into first class customer services. (Schaeffer, 2003, p.30).
Arguably, information technology creates pleasing customer services through two basic applications. Firstly, there must be software materials installed into the computer hardware to retrieve, store or process relative data according to instructions. For example, web browsers commonly use software-enabled systems to search prescriptions of different products and services online. Interestingly, with the ever-growing information technology applications, customers can purchase commodities via online m...
... middle of paper ...
...bank’s network coverage. Thus, information technology creates business partnership and strengthens customer loyalty with the bank.
Conclusion
Indeed, information technology is result oriented and helps businesses to grow and generate more revenue. The high revenue generated is because of attracted customers who want to use the implemented information technology systems either for their small and medium enterprises or for their day-to-day activities. Nevertheless, E-Banking is one of those technologies that have drawn support from customers and increased bank to customer partnership. Moreover, this system creates an excellent medium of communication, customer connectivity, customization of products and contextual business functionalities. These and many other information technology factors results into customer benefits and business expansion.
Table of Contents Introduction, Assumptions and Expectations 3 Assumptions and Expectations continue 4 Information Technology Support 5 Alternative Approaches and Advantages 6 Value Chain 7&8 Business Model…………………………………………………………………………….................................... 9&10 Business Environment………………………………………………………………….................................. 11&12 Strategy……………………………………………………………………………………............................................ 13 Conclusion…………………………………………………………………………………………………………………………..
Information Technology (IT) is a foundation for conducting business today. It plays a critical role in increasing productivity of firms and entire nation. It is proven that firms who invested in IT have experienced continued growth in productivity and efficiency. Many companies' survival and even existence without use of IT is unimaginable. IT has become the largest component of capital investment for companies in the United States and many other countries.
Having applications right on your phone, more services online and more locations make this possible. The technology that is used for better banking also includes cyber security of your information, global banking infrastructures. Banks have to be able to relay banking info across the world and make sure that information stays safe. Ensure that costumers information stays safe both domestic and globally is a huge barrier in the banking technology. Techs teams are designated to creating the online banking technology for Bank of America to use in order for safe banking procedures.
It is generally accepted that information is a vital commodity for the successful operation of today’s organizations. Nowadays modern business organizations are using computerized information systems in order to obtain such information. However as the technology advances rapidly the main issue is how can an organization should effectively use such an information system - which its management sometimes can be unpredictable - in order to effectively help the whole organization structure to improve and take the most out of it.
In the beginning, businesses used information technology for automating the processes primarily to reduce labor costs. Subsequently, information technology is used for delivering information with speed and accuracy.
... through the E-channels of the bank. In this study, focus was on the customers of the bank. Three branches that are closest to Marina branch were selected, considering their proximity to the Marina branch, where the researcher’s office was located. This enabled the researcher to achieve timely feedback on research instruments. Data was collected using primary and secondary sources. The primary sources consisted of survey carried out using questionnaires that were mailed to the customers of the bank. The secondary sources included the assessment of the report submitted by the E-Business unit, the monthly reports obtained from Technology, review of articles downloaded from Google scholar and EBSCO websites, BSN course materials, subset meetings with colleagues, and researcher’s observation of the organization and knowledge gained from the recommended textbook.
There has been much discussion concerning how information technology may contribute to the development of a competitive advantage. Whilst there are some notable examples, investment in information technology (IT) is often a matter of competitive necessity. The technological advances emerging from the integration of computing, microelectronics and telecommunications are creating significant changes in organisations (Stoner, et al 1994). The information technology revolution of the past 20 years has made information technology an integral part of any core business activity. Information technology management now contributes to all the management functions of planning, organising, leading and controlling and affects competitive strategy and business operations.
...o the customer contact with the Bank. This will lead to an increase in customersˈ satisfaction and therefore trust to the Bank which in turn will bring an increase in the Bankˈs profits.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
Business technology can help small businesses improve their communication processes. In addition, messages, text, web, and personal digital products programs can help companies improve communication with consumers. Using several types of information technology communication methods allow companies to saturate the market with their economic message. Companies can also get more user feedback through these electronic methods of communication. These methods also allow businesses to reach consumers through mobile devices for real-time format.
Banks stand to gain more profit significantly by the use of internet banking as it require lesser physical effort from their end. Because
E-commerce application is a platform where there is buying and selling of products and services which are done by businesses and consumers via an electronic medium, mostly without using any paper documents. “E-Commerce applications support transactions between businesses and their customers. They provide 24/7 customer support, allowing customers to order products, check orders and track shipping, review previous orders, reorder products, and manage their accounts.” (Auburn SeeWolf llc , 2009-2012)
It is true, that Internet Banking is useful for customers as well as for the banks. On the one hand, it helps people have direct and quick access to their bank accounts, on the other hand, helps the banks to save costs. ‘Clearly, in order to conti...
The high take-up of the Internet leads to variety of opportunities in front of companies. People are more online than ever. They spend many hours each day on Social Networks such as Facebook and Google+. It is no wonder that buying and selling can now be done in a more convenient way. Although traditional shopping is still thriving, online shopping can be an alternative for people wanting to save time and money. If a certain customer plan to go shopping, it could be stressful and also be time consuming. E-business has made shopping or any kind of transactions online much easier and convenient. It introduces new facilities, opportunities and way of shopping for both vendors and customers.
Advances in technology have changed businesses dramatically, in particular the communication and information technology that are conducted in firms, which changed the appearance and pace of businesses over the past few decades. ICT in particular, has evolved a lot over the past 30 years; important information can be stored in computers rather than being in drawers enabling information to be transferred at a greater volume and speed (Guy, 2009). ICT has also expanded various forms of telecommunications and workload conducted in businesses, internet examples of this include: e-mails can be used to communicate with others...