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Conrtibution of Ict to Banking Firm

 Conrtibution of Ict to Banking Firm Essay

CONTRIBUTION OF ICT TO BUSINESS INSTITUTIONS

CASE STUDY: BANK

[PRINCIPLES OFICT MAC107]

INDIVIDUAL ASSIGMENT

[CRIC ANGLIA RUSKIN UNIVERSITY]

NAME………. AMAMAH RITA EBIERITEI……….

SEMESTER……2013

DESK OF CONTENT MATERIAL

❖ INTRODUCTION

❖ MEANING OF ICT AND INTERNET FINANCIAL

❖ IMPACT OF ICT TO THE BANK FIRMS

❖ ADVANTAGES OF INTERNET BANKING

❖ ICT INFRASTURE USEDS IN BANKS

❖ STATISTICAL STAND

❖ SUMMARY

❖ REFERENCES LIST

INTRODUCTION

Information Communication technology (ICT) has really brought great innovation towards the banking sector, most especially in the area of internet purchase. Where you can relax in the ease and comfort of your home your transactions anytime. This article will concentrate on the impact of ICT to the banking firm in the 21st century.

DESCRIPTION

INFORMATION COMMUNICATION TECHNOLOGY: The use of details in order to meet human want or purpose including reference to the use of modern devices such as the internet, video tutorials phones, mobile computing, and blogs(Harrison, 1987). however internet financial is a system that allows individuals perform bank activities at home via the internet.

INFLUENCE OF ICT TO THE BANKING FIRM

The modernization of ICT has established the stage for incredible improvement in banking types of procedures throughout the world. For example the development of worldwide networks offers considerably reduced the cost of global funds transfer. (Berger, 2003), reveals financial institution that are using ICT related products just like online bank, electronic payments, security investments, information exchanges, financial corporation can deliver high quality providers delivery to customers with less efforts.

Brynjolfsson and Hitt (2000) points out that " ICT contribute drastically to firm level outcome. ”

➢ ICT can bring over the operational costs of the banking institutions (the expense advantage). For instance, internet technology facilities and speeds up banking institutions procedures to complete transactions about standards and of low worth such as expenses payments and balance enquire processes by way of online network (Farrell, 1985).

➢ ICT can promote transactions among customers within the same network Economides and Salop (1992).

These transactions are managed through a shut down communication network using particular software given by the banking companies (Dragons, 2013).

The introduction of ICT led to the creation with the following financial options.

❖ TELLES SERVICES: allows customers access to the bank data source and carry out diverse operations ranging from simple deals like getting account statement or complex transaction just like transfer of money

❖ TELEPHONE BANKING: A delegated telephone line to the customer where the personal code is famous only to the customer.

❖ INTERNET BANKING: Enables customers gain access to their accounts online via the internet through the connection of the banks portal.

To get authentication a customer's code and security password are required (Dragon, 2013).

ADVANTAGES OF INTERNET BANK

• The finest benefits associated with internet financial is based on the simple fact that clientele are no more needed to restrain in individuals lengthy and wearisome queues from the banking institutions to carry out orders.

• The actual opening of a bank account quite easy and simple

• A great decrease in time needed to carry out transaction (pratilc, 2011).

• Saves your bank a huge amount of money since fewer staffs will be needed.

With the aid of ATM consumers can carry the actual following orders with ease:

• Check account balance

• Print bank declaration

• Transfer funds among accounts...

Recommendations: Brynjolfsson and Hitt (2000) points out that " ICT contribute substantially to firm level end result. ”

➢ ICT would bring down the operational costs with the banks (the cost advantage)

➢ ICT can promote transactions among customers in the same network Economides and Salop (1992).

These transactions are operated through a sealed communication network using particular software offered by the banking institutions (Dragons, 2013).

For authentication a customer's code and password are required (Dragon, 2013).

• The actual opening of the bank account quite easy and simple

• A great reduction in time needed to undertake transaction (pratilc, 2011).

• Pay bills

• According to the Dragon Paun(2013)internet banking is used for this operations

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