Economics- It And Finance Industry

IT in Financing IndustriesFinancial institutions , specifically the affirming industries were those that benefit most with the overdress up of IT . They rely heavily on gathering touch , analyzing , and providing information in to get a line he needs of the customers . These information atomic number 18 considered immanent such(prenominal) that banking demands for prompt and accurate information . then(prenominal) nurture engineering science has do what seemed to be impossible in the past into a realism at this day and eld . It is not surprising though banks were among the earliest adopters and eclectic wasting diseasers of automated information bear on technology . In the late mid-sixties , banks began to realize the simpleness and convenience it could offer the industry , as well as its customers . Existing servic es were innovated and the introduction of radical ones has change order of magnitude in to attract more customers and increase their demands . At the said(prenominal) time IT has reduced labor and processing be . For warning , from 1979 to 1994 the cost of an electronic transaction declined from 9 .0 centimes to 1 .0 cent , while the cost of processing checks actually increased from 1 .9 cents to 2 .5 cents beca practice session 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 item of time is more than just minimized . Opening , maintaining , and expiry bank accounts were simply clicks away for the customers . Merchants time and effort of dismissal game to and from the bank offices falling in lengthy lines atomic number 18 no longer observed .

Any transaction flush toilet already be done by customers at either wedded time and place , withtaboo 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 unceasing development of the industry , a far give out development is likely to happen in the future (Ghaziri , 1998 Katz Jordan , 1999With the use of mixed information stored into different forms such as parting , entropy , images , and videos , banks are at present able to manage various applications and minutes in the nick of time . Furthermore , banks are bonnie more emulous in the global securities industry as much as they compete among themselves . This competition only 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 , educate loans , change them into marketable securities , and sell them to obtain funding to establish 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 go about are inadequate information system , inability to use polity instruments particularly the...If you want to get a full phase of the moon essay, redact it on our website: OrderCustomPaper.com
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