IT: Key Enabler, Broadening Banking Prospects

Banking CIO Outlook | Thursday, July 25, 2019

Banking is in the midst of an IT revolution, leading to the increasing importance of total banking automation in the industry.  

FREMONT, CA: The world’s most tech-savvy generation is all progressing, and they are demanding smarter, faster, and easier experiences, especially when it comes to banking. This, combined with fierce competition in the industry, has driven banks to revamp their business strategies for a digital era with the help of Information Technology (IT). IT is significantly helping the sector to deal with the challenges the new economy poses.

More than any other industries, banking relies on gathering, processing, analyzing, and providing information to meet customer demands. Given the importance of data in banking, it is not surprising that banks are among the earliest to adopt IT. It enables product development, market infrastructure, risk control, and allows the financial intermediaries to reach distant and diversified markets. IT has significantly influenced the delivery channels of the banks by changing the medium of delivery for banking.

Banks have installed ATMs in various areas, a means for an easy and convenient transaction for customers. This facility of technology has also enabled banking or remote banking anytime and helped people in rural areas improve on their culture of saving money.

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Information technology has also enabled the self-inquiry facility. Instead of customers lining up or going to the help desk, this provides banks simple self-inquiry systems on all branches. Also, a customer can use their ATM card to know their account balance or to get their bank statement. This saves time and effort for both customers and banks. Quick services enable banks to transfer information branch to branch, and if a customer has registered their account with any branch, they can get details of it at any branch.

Banking environment has become highly competitive, and to be able to survive and grow in this shifting market environment banks need to go to the latest technologies. Technology is considered an enabling resource that can aid in developing a more flexible structure that can respond quickly to the dynamics of changing market scenario.

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