Essay On Information Technology In Banking Sector

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Latest developments in information technology have presented a range of opportunities with respect to the ways through which information can be accessed and exchanged. Technology today provides a number of ways today through which information can be stored and its access can be controlled. Technological advancements have also made the industries across the world to continuously evolve to these new and rapid developments (Cummins, J. David; Rubio-misas, Maria; Zi, Hongmin, 2004) and banking sector is no exception. In fact Banking sector has always been more receptive to adopt latest technologies in order to provide better and convenient facilities to their customers (Davenport, T. H, 1993). In the present scenario the banking sector can be seen as extremely competitive and turbulent economic conditions worldwide has added to the pressure on the industry to develop new ways to attract customers and serve them better (Irechukwu, G., 2000). Moreover, as customers are getting accustomed to the services and facilities they get through the use of latest technologies like internet, mobile networking and social media they want to utilize these mediums to get maximum convenience. Business customers want to exploit these…show more content…
Later with the growth of internet services, internet banking using internet connection facility became popular. However, Electronic payment can be aptly defined as the mother of all IT based banking facilities. Electronic payment can be described as the utilization of the latest information technology infrastructure for providing various financial services by financial institutions. Electronic payment provides advantages like twenty four hour access to banking facilities and account information. These facilities can be availed through user friendly interfaces that are easy to understand and

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