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IT Evolution in Global Banking - Essay Example
Finance & Accounting
Pages 5 (1255 words)
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…
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). ...