Information and Communication Technology (Ict) in Banking Operations

Topics: Innovation, 21st century, Bank Pages: 2 (323 words) Published: October 31, 2011
Information and Communication Technology (ICT) in Banking Operations

--Ayush Sogani
Asstt. Professor

Today’s business environment is very dynamic and has undergone rapid changes as a result of technological innovation, increased awareness and demands from customers. Business organizations, especially the banking industry of the 21st century operates in a complex and competitive environment characterized by the changing conditions and highly unpredictable economic climate. Information and Communication Technology (ICT) is at the centre of this global change curve.

The adoption of ICT in banks has improved customer’s self-service facilities such as automated customer service machines, and has facilitated accurate records through secure Network and proper Backup, Home and Office Banking services with the help of E- Banking. It has also ensured convenient business hours, prompt and fair attention, and has enhanced faster services like the use of 24 hours ATM’s and debit/credit cards facilities. It has improved the banks’ image and has lead to a wider, faster and more efficient market. It has also made work easier and interesting, has improved the competitive edge of banks. It has made customer relationships better by solving basic operational and planning problems.

The application of information and communication technology concepts, techniques, policies and implementation strategies to banking services has become a subject of fundamental importance and concern to all banks. It is indeed a prerequisite for local and global competitiveness. ICT directly affects how managers decide (decision making process-problem, idea, target and reframing), how they plan and what products and services are offered in the banking industry. It has continued to change the way banks and their corporate relationships are organized worldwide and the variety of innovative devices (Highly Secure Servers and Dedicated Lines such as Leased Lines, ISDN, and VSAT) available to...
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