When we thought to include banking in our industry list we were unsure of what it might become one day. Now we can see there are thousands of ways to use banking services in just one touch. Now Digitization is playing a major role in every industry and Bank and Finance are also affected with that. These are the industries full of the opportunities giving us good chance to serve this large field filled with challenges.
In banks there is competition that is forcing banks to lower their prices. Now instead of transforming into a big bank they are seeking to get Economy scale. Bank seeks to secure the optimal business structure, and secure the competitive imperative of economy of scale. The number of studies on information technology in the literature is abounding and is dramatically on the rise due to its indispensable significance in all aspects of our life. IT solutions come with factors those make the working of a bank more effective.
The findings both from the questionnaires and the library research reveal that IT leads to saving the time of the customers and the employees conspicuously, cutting down the expenses and facilitating the network transactions. Information Technology has basically been used under two different avenues in Banking. One is Communication and Connectivity and other is Business Process Reengineering.
Our duty is to fulfill all requirements they make to us. Not just the banking we serve other finance department too. With the technology like cloud computing it will transform the finance sector soon enough. This industry combining with the IT solutions is deriving a new definition for this sector's solutions.
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