Importance Of It For Banks

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

The modern world introduces new and new technology day by day, more and more innovation and invention in computer related technology. It have more effects in computerize accounting information system in banking sector of Pakistan by providing unique and quality services to their customers by using cutting-edge technology. It will help to diminish the risk of communication gap between the internal departments. The newest technology provides drivers to persist in modern era in banking sectors to overcome the risk of communication between the internal control of departments and its efficiency on accounting information system. Internal communication is very helpful to catch efficiency during driving banking system. It provides the directions in all aspects such as: capacity of maximum resources, capability and accuracy, communication of information, calculations and recordings, data and administrative control. The establishment of communication link between all parties through a local or worldwide network, parties includes internal departments, internal employees, bank branches, clients, suppliers, external employee, Govt. and all other related parties. Internet is the best example of network linkage between stakeholders of Pakistan banking sectors. Information technology is performing extreme

Banking-related transactions that typically take long span of processing can now be done in just a few minutes, or even seconds. Aside from this, there are still other brilliant benefits that the IT has contributed to the finance sector, which may bring not only advantages but also possible drawbacks.

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

We have mention Branch and ATM network, Customer Service and Innovation as one of the key success factors for a bank, but all these will be unfruitful if there is no proper ICT platform to support them. To be able to take full advantage of the opportunities in the market and combat threats a bank must have an up to date strategically planned and implemented ICT infrastructure. In 2010 CRDB and NBC made entire bank systems upgrades, announcements were made on Radio, TV, Newspapers of the changes and their implication to the services offered. This is an example of organizations that have

In the phase of increasing competition and technology, companies has to implement changes and provide customers with evolving technology to keep up with their customers. In the last decade, banking

The main objective of implementing ICT in an organization is to enable it achieve its goals. Information system is regarded costly, but the changes that have taken place in the information system over a time has greatly reduced the cost of transmitting data, the acquiring storing, and transformation of data. In the banking industry for example the introduction of ATM, e-banking and smartcard has made the distribution of banking services more efficient. Indeed, it has brought about a lot of competition in the financial institutions, the banking methods have evolved, with a lot of innovations in the banking industry.

Information Technology (IT) is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as automated teller machine and debit cards (Khalifa 2000, Agboola, 2004). It is a term that generally covers the harnessing of electronic technology for the information needs of a business at all levels. Innovations in information processing, telecommunications, and related technologies – known collectively as “information technology” (IT) – are often credited with helping fuel strong growth in the many economies (Coombs et al, 1987). IT is defined as the modern handling of information by electronic means, which involves its access, storage, processing, transportation or transfer and delivery (Ige, 1995). According to Alu (2002), IT affects financial institutions by easing enquiry, saving time, and improving service delivery. In recent decades, investment in IT by commercial banks has served to streamline operations, improve competitiveness, and increase the variety and quality of services provided.

Technological factors: The change and growth of technology make a difference in prevailing banking functions. Technology has developed over the years and this has

The management of the private commercial banks and nationalized commercial banks might allocate a part of their yearly profit for ICT penetration in banking activities and human resources development. They may also extend those services to the rural people of Bangladesh so that the rural people can also get the benefit of technology driven banking.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

The last time that technology had a major impact in helping banks service their customers was with the introduction of the Internet banking. Internet Banking helped give the customer's anytime access to their banks. Customer's could check out their account details, get their bank statements, perform transactions like transferring money to other accounts and pay their bills sitting in the comfort of their homes and offices. However the biggest limitation of Internet banking is the requirement of a PC with an Internet connection, not a big obstacle if we look at the US and the European countries, but definitely a big barrier if we consider most of the developing countries of Asia like China and

Online banking facilities so that the applicant can do all their transactions from the comfort of their home.

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

New information technology has taken part and importance place infuture development and economic growth ,especially banking sector transition has been affected more than any other provider groups Widely used the advanced technology ,mobile services, internet as new distribution channel for banking transaction also international trading require more attention towards e-banking security to safeguard it from all the fraudulent activities .The development and the increasing progress in the Information and Communication Technology has brought about many changes in all facets in our life .Information Technology has emerged in vast field and contributed a alot in the growth of Indian Economy .It has made access easier ,saves time Information technology also helps the business world to maximize its productivity and work efficiently .Faster communication ,maintain records and protection of those records are advantages of IT .