With an industry experience in the financial sector for six years, I’m interested to explore the impact of information technology in the banking sector. I intend in this blog to present my research on this topic.
The banking industry has gone through many changes as a result of the introduction of Information technology. In fact, the structure of the industry is continuously changing because of rapid development of IT. Technology has opened up new markets, new products, new services and efficient delivery channels for the banking industry. Today, customers are more demanding and are also techno-savvy compared to their counterparts of the yester years and IT has enabled banks to meet their high expectations. Most of the initiatives regarding technology are aimed at providing better and more efficient customer service by offering multiple options to the customer. Technology is also playing a key role in banks strategy for gaining a competitive edge. It has provided solutions to banks to take care of their accounting and back office requirements. Another major development witnessed in recent years is the growth in multiple delivery channels to customers. Today, customers have access to different technology products in the banking sector like:
- Net Banking
- Automated Teller Machines
- Credit Card Online
- Mobile Banking
- NetSafe
- Smart Money Order
- Funds Transfer(eCheques)
- InstaAlerts
- e-Monies Electronic Fund Transfer
- Anywhere Banking
- Bill Payment
Thus, information technology has increased the speed and reliability of financial operations. With IT revolution, banks are increasingly interconnecting their computer systems not only across branches in a city but also to other geographic locations with high-speed network infrastructure, and setting up local area and wide area networks and connecting them to the Internet. The IT revolution has set the stage for unprecedented increase in financial activity across the globe.
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