IT Evolution in Global Banking - Essay Example

Extract of sample
IT Evolution in Global Banking

The customers can also access their bank accounts, withdraw cash, pay bills, get bank statements, deposit cash and even buy products without having to visit their bank branches. Indeed, what technology has facilitated is the reduction of physical conduct between the customer and the banker bringing in a new phenomenon known as virtual banking. Information technology can offer a bank a competitive edge over other banks (Singer, Ross & Avery 2005) The internet invention was the greatest breakthrough for banks in carrying out their transactions with customers (Wanderi 2012). As internet access is enhanced, more and more banks are turning to online banking services. Such services are more convenient to customers and the banker, they also save time and costs and increase efficiency. Banks that do not adopt technology are likely to be unpopular among the customer base. Automated teller machines, television banking, virtual banking, internet banking, mobile banking, online pay bill, mobile commerce, social media payments, credit cards and debit cards are some of the examples of how technology is changing the banking industry (Kendrick 2011). ...
Download paper

Summary

IT evolution in Global Banking Insert Name Insert Grade Course Insert Insert Date Introduction Developments in information technology have brought new opportunities for banks. Information technology has facilitated banks to efficiently reach customers all over the world with less overhead costs…
Author : blind
Download 1

Related Essays

Financial Markets: Distinguishing between international banking and global banking
12 pages (3012 words) Assignment
Financial Services
12 pages (3012 words) Essay
Quantifying systemic risk in the European banking sector. A multidimensional approach
20 pages (5020 words) Research Paper
Islamic banking in the GCC in the Next ten Years
20 pages (5020 words) Essay
Indian banking industry
18 pages (4518 words) Dissertation
Changes in Gulf banking industry after global financial crisis
4 pages (1004 words) Research Paper
Banking
5 pages (1255 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!