Economics- It And Finance Industry

IT in Financing IndustriesFinancial institutions , specifically the avowing industries were those that benefit most with the cut up of IT . They rely heavily on gathering touch on , analyzing , and providing information in to get a line he needs of the customers . These information atomic number 18 considered inbred such(prenominal) that banking demands for prompt and accurate information . then(prenominal) nurture technology has do what seemed to be impossible in the past into a reality at this day and eld . It is not surprising though banks were among the earliest adopters and eclectic wasting diseasers of automated information touch technology . In the late mid-sixties , banks began to realize the facilitate and convenience it could offer the industry , as well as its customers . Existing services were innovated and the introduction of radical ones has change order of magnitude in to attract more customers and increase their demands . At the aforesaid(prenominal) time IT has reduced labor and processing be . For work expose , from 1979 to 1994 the cost of an electronic transaction declined from 9 .0 pennys to 1 .0 cent , while the cost of processing checks actually increased from 1 .9 cents to 2 .5 cents beca mention use of of rising wages and costs . Information technology has added more confidence and security to the banking industry (Katz Jordan , 1999Numerous work which were through with(p) manually over a long breaker billet of time is more than just minimized . Opening , maintaining , and conclusion bank accounts were simply clicks away for the customers . Merchants time and effort of transit game to and from the bank offices falling in lengthy lines atomic number 18 no longer observed .

Any transaction support already be done by customers at either wedded time and place , without personally meeting the bank personnelInformation Technology s sophisticated features have made possible the several(a) applications as much as the structures of the banking industry Due to this perceived ceaseless development of the industry , a far give out development is likely to happen in the future (Ghaziri , 1998 Katz Jordan , 1999With the use of assorted information stored into different forms such as sh ar , entropy , images , and videos , banks are right off able to manage various applications and minutes in the nick of time . Furthermore , banks are bonnie more warlike in the global foodstuff as much as they compete amon g themselves . This competition so far benefits the consumers such that banks contend to providing the best customer service in to meet the needs of the consumers (Ghaziri , 1998For financing firms , IT has opened up a wider and better market for them . With the use of Information Technology , they now use statistical models to evaluate risk efficiently , jump loans , change them into marketable securities , and sell them to obtain funding to make more loans (Katz Jordan , 1999IT in the Banking Industry in ThailandOne of the most IT competitive in the Southeast Asian countries in its application to banking industries is Thailand . In a study conducted by Wataganase in 2001 , the problems that the country had set about are inadequate information system , inability to utilise polity instruments particularly the...If you want to get a rise essay, redact it on our website: BestEssayCheap.com

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