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THE ROLE OF IT
(&
TECHNOLOGY)
IN BANKS
Introduction
• The banking industry has always relied
heavily on computerized records and the
ability to access crucial information
quickly and easily.
• However, the banking environment has become
highly competitive today such that to be able to
survive and grow in the changing market
environment, banks are going for the latest
technologies, which is being perceived as an
‘enabling resource’ that can help in developing
learner and more flexible structure that can respond
quickly to the dynamics of a fast changing market
scenario.
• The Internet has significantly influenced delivery channels
of the banks as it has emerged as an important medium for
delivery of banking products & services. The following are
the roles of IT (and technology) in the banking sector:
Image depicting internet banking. Source:bankislam.com
1. Internet & Mobile Banking: These have
provided efficient delivery channels for the banking
industry. Internet and mobile banking enable the bank to
deliver its services easily to its customers; banking
consumers are now able to access their accounts through a
server- which also provides various services like online
trading, online bill payment, shop online etc.
Image depicting
mobile banking. Source:J&K bank.com
2. Online Customer Support; through the internet, banks
can offer customer support .The internet has created a
variety of platforms through which customers can be able
to reach their banks and vice versa. Millions of banks now
use platforms like video chatting, email and even social
media messaging to provide 2 4/7 customer care services.
• Using digital tools to give customers more control over how they
connect to their bank doesn’t just improve customer experience, it
also empowers bank employees. The platform approach allows
banks to choose which tasks to automate, dramatically reducing
manual administrative work. The time relationship managers save
from gathering and keying data, as well as scanning documents, can
instead be spent on value-driving tasks like providing advice and
maintaining customer relationships.
3. Capital; Information Technology has also provided
banking industry with the capital to deal with the challenges
the new economy poses. Information technology has been
the cornerstone of recent financial sector reforms aimed at
increasing the speed and reliability of financial operations
and of initiatives to strengthen the banking sector.
4. Instant Banking Facilities; It is information technology
which enables banks in meeting such high expectations of
the customers who’s demands are keeping pace with
technological progress and because many of their services
are “going digital,” they are now able to decide how and
when they interact with an organization. Clients are more
demanding and are also more techno-savvy compared to
their counterparts of the yester years. They demand instant,
anytime and anywhere banking facilities.
• Through facilities like ATM machines, customers have
been able to access remote banking services.
This means that customers don’t have to go to the main
branch to make transactions and has also enabled them
to do anytime banking; because customers can use
ATM machines to deposit money on their accounts.
• Plastic money: Credit cards or smart cards have made the banking
industry more flexible than before. With a credit card , a customer can
borrow a specific amount of money from the bank to purchase any thing
and the bank bills them later. In this case, they don’t have to go through
the hassle of borrowing small money. Then with ‘’Smart Cards’’ a
customer can pay for anything using that card and that money is
deducted from their bank accounts automatically, they can also use the
same card to deposit or withdraw money from their accounts using an
ATM machine.
5. Cost Reduction; Technology also plays a
significant role in cost control in the banking industry.
Channels like self-service channels reduce service
delivery cost. This is enabled through the use
of automated routine customer inquiries. To do this
they need to invest customer centric facilities like in
call centers, ATM’s and Internet Banking.
6. Centralized Information : This enables banks to
transfer information from one branch to another at ease,
hence providing quick services For example, if a
customer registered their account with a rural branch,
they can still get details of their account while at the main
bran in an urban area.
7. Signature retrieval facilities: Technology has played
a big role in reducing fraud in banks which protects its
clients. For example, banks use a technology which
verifies signatures before a customer withdraws large
sums of money on a specific account and this reduces on
the errors or risks which might arise due to forgery.
• Information technology enables sophisticated
product development, better market infrastructure,
implementation of reliable techniques for control of
risks and helps the financial intermediaries to reach
geographically distant and diversified markets.
• In view of this, technology has changed the contours
of three major functions performed by banks, i.e.,
access to liquidity, transformation of assets and
monitoring of risks. Further, Information technology
and the communication networking systems have a
crucial bearing on the efficiency of money, capital
and foreign exchange markets.
CONCLUSION
• The banking sector has embraced the use of technology
to serve its client’s faster and also to do more with less.
Emerging technologies have changed the banking
industry from paper and branch based banks to
”digitized and networked banking services.
• However, it is imperative that banks employ the right
technological approach for their digitalization initiatives.
Since adopting a customer-centric perspective is vital to
sustaining a competitive advantage in the banking
industry, the orchestration of processes on a single
platform is the key to success. Only then can banks build
the foundation to achieve digital operational excellence.
• The most visible role of technology is reflected in the way
the banks respond strategically for making its effective
use for efficient service delivery.
REFERENCES
• Role Of IT In Banking Information Technology Essay.
(2015, March 23). Retrieved November 7, 2017, from
https://www.ukessays.com/essays/informationtechnology/role-of-it-in-banking-information-technologyessay.php
• RAMEY, K. (2012, October 15). THE ROLE OF
TECHNOLOGY IN BANKING INDUSTRY. Retrieved
November 7, 2017, from
https://www.useoftechnology.com/role-technologybanking-industry/
• Making or breaking the bank: The role of technology in
modern banking. (2017, March 29). Retrieved
November 7, 2017, from
https://www.itworldcanada.com/sponsored/making-orbreaking-the-bank-the-role-of-technology-in-modernbanking
• KUMAR, B. (n.d.). The Importance of Technology in
Banking Industry. Retrieved November 7, 2017,
from http://www.preservearticles.com/2013082933396/
the-importance-of-technology-in-banking-industry519-words.html
• Kelvalkar, I. (2013, January 13). Role of Information
Technology in the Banking Sector. Retrieved
November 7, 2017, from
http://www.managementparadise.com/article/4464/role
-of-information-technology-in-the-banking-sector
• Ilyas-Ur, R. (2007, January 11). Role of information
technology in banking industry. Retrieved November 7,
2017, from
http://www.freepatentsonline.com/article/ReviewBusiness-Research/177943283.html
…
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