Importance Of
Information Technology in Pakistan: - The
paper presents a study intended to analyze the role of information technology
(IT) in the banking industry.
It
has the banking industry to harbors much helped with the challenges of the new
economy. More than most other industries, financial institutions rely on the
collection, processing, analysis and provision of information to meet the needs
of customers. Given the importance of information in the banking, it is not
surprising that banks were among the first users of the automated information
processing technology.
The
technology has opened up new markets, new products, new services and efficient
distribution channels for the banking industry. Online electronics banking,
mobile banking and internet banking are just a few examples. Information
technology has also provided banking industry with the wherewithal to provide
with the challenges of the new economic deal. Information technology has been
the cornerstone of recent financial sector reforms on increasing the speed and
reliability of financial operations and of initiatives to strengthen the
banking sector from. The IT (Importance OfInformation Technology in Pakistan) revolution
has set the stage for the unprecedented increase in financial activity across
the world. The progress of technology and the development of global networks
are significantly reduces the cost of global money transfer. There is
information technology, which enables banks to meet these high expectations of
customers who are more demanding and more techno-savvy compared to their
counterparts of yesteryear. They demand instant, anytime and anywhere banking
facilities. IT has been providing solutions for banks to their accounting and
back-office requirements into account.
Many
banks have modernized their services with the facilities of computer and
electronic equipment. The electronics revolution has made it possible to
provide ease and flexibility in operations for the benefit of the customer. The
E-banking has to say goodbye to huge Account tab and large paper accounts hank
the customer. The e-banking, call "can be as simple bank offers the
following services to its customers such as credit / debit cards, ATMs,
E-check, EFT (Electronic Funds Transfer), DEMAT accounts, mobile banking,
telephone banking, internet banking , EDI (Electronic Data Interchange).
The
banking system is slowly shifting from the traditional banks towards
relationship banking. Traditionally, the relationship between the bank and its
customers has been on a one-to-one level through the branch network. This set
was concentrated in cooperation with clearing and decision tasks at the
individual store level. The center had the responsibility for the entire
clearing network, the size of the branch network and the training of staff in
the branch network. The Bank monitors the performance of the organization and
the decision parameters, but is available to both store employees and their
customers, limited information to a geographic location. And it is changing the
way how the banks providing services to their customers. However, this
technology comes at a price, the implementation of all this technology is
expensive, but the rewards are limitless.
The
Nation reported on Monday.