IT Helps Banking Sector To Deal New Challenges

Importance Of Information Technology in Pakistan: - The paper presents a study intended to analyze the role of information technology (IT) in the banking industry.

Importance Of Information Technology in Pakistan

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 Pakistanrevolution 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.

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