The Role of Information Technology in Banking essay
The role of information technology in the banking industry has changed dramatically. Working in the banking industry for the past fifteen years, I have had the opportunity to witness a complete transformation of the way business is conducted. IT has made e-business possible in this industry.
One of the internal networks that allow the bank to do e-business it’s sales force automation and analytics eBusiness solutions which helps streamline operations and increase customer loyalty and sales effectiveness throughout its nationwide commercial sales force and network of all its branches.
It supports the company nationwide mobile sales force and give more than 250 workers access to the company’s online Customer Relationship Management system. The system has helped First Union to identify customer needs and provide more personalized service through any point of customer interaction. FU strategy was to gain competitive advantage with a more advance system for collecting, managing and leveraging customer information that will increase the productivity of the sales force.
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Another capability of this network include: centralized and up-to-date customer information across multiple communications channels; advanced reporting to analyze data from all customer transactions; management of compensation and incentive plans across multiple selling channels; advanced reporting to analyze data from all customer tansactons; management of compensation and incentive plans across multiple selling channels; accurate management of sales leads and the revenue pipeline, accurate, real-time customer quotes and proposals; identification of cross-sell and up-sell opportunities, and extension of sales channels to the Web.
We have implemented the internaet as an external function. Because we not only compete with businesses for job candidates. We have managed to increase the number of employment applications by 10 percent while making sure that only high-quality candidates are referred. Our employment recruitment site is a 24/7 operations. The recruitment application runs from the ralled on the desktops, only a Web-browser and an Internet connection are required. Web; nothing is install.
Employing an online recruiting system makes the process of applying for a job easy and understand le, and it helps a pub lic agency in its talent battle with the private sector. This system saves time when collecting and screening applications, sending out notifications, and arranging testing and interviews. The business saves a lot of many by eliminating paper mailings and now receives about 76 percent of its applications online.
The system consisits of an online employment centr, which posts jobs, accepts aplliications, and permits review and communications directly with the hiring department. Ig combines paper-based and electronic forms into a single database. The Application Tracking modue updages appicaitn status throughout the hiring process, sends notices, and refers them to a hiring department.
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The banking industry is one that has always relied heavily on computerized records and the ability to access crucial information quickly and easily. However the benefits of technology in banking have become even more apparent in recent years, as phone, online and mobile banking has revolutionized the way we take care of our finances. In fact, one might argue that the impact of technology in the banking sector has meant that we now have no excuse for being overdrawn or not paying credit card bills on time!
In previous generations, the only way to find out how much money you had in the bank was to keep a detailed log book or pay a visit to your local branch and ask the teller to check the ledger for you. Then along came the innovation known as the ATM machine, which allowed us to withdraw cash from hundreds of convenient locations and check our balance while we were at it. Nowadays, with mobile banking apps it’s possible to check your balance any time any place. So before you splash out on a new stereo or home entertainment system you can check your account then and there just to be sure you can afford it.
Another one of the key benefits of technology in banking is that it allows us to pay bills quickly and without fuss. We can arrange to have them paid by direct debit every month at a time that suits us, or we can make one off transfers as and when the bills come in. This means that there’s no longer any need to pay a physical visit to your branch to pay bills and it also means we are more likely to pay them on time. People who find it more difficult to manage their money can arrange for as many bills as possible to be paid just after their salary clears their account so that they know the essentials are covered before they can spend on luxuries.
But perhaps one of the most exciting benefits of technology in banking is that cash is slowly but surely being phased out and in the not too distant future there may be no need to carry around a wallet full of notes and coins. The role of technology will be crucial in the cashless society as all our financial information will be stored on swipe cards and key fobs. Already many retail outlets are offering Smartpay solutions which allow you to make payments of up to £20 simply by holding your card over a reader. No more rummaging around in your pocket for crumpled notes and clunky change, and if developments continue in this vein your Smartpay card may double up as a travel card or other some other useful tool. But more than this, our smartphones are going to play a bigger role in the cashless transactions. Apple, Samsung have already launched their payment systems. You just need to use your phone to pay anywhere.
Who knows what the future benefits of technology in banking will be, but one thing is for sure, as time goes on we are going to become more and more familiar with online and mobile interfaces and less familiar with human ones.
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