IT Evolution in Global Banking Essay Example | Topics and Well Written Essays - 1250 words - 1

IT Evolution in Global Banking - Essay Example so access their bank accounts, withdraw cash, pay bills, get bank statements, deposit cash and even buy products without having to visit their bank branches. Indeed, what technology has facilitated is the reduction of physical conduct between the customer and the banker bringing in a new phenomenon known as virtual banking. Information technology can offer a bank a competitive edge over other banks (Singer, Ross & Avery 2005) The internet invention was the greatest breakthrough for banks in carrying out their transactions with customers (Wanderi 2012). As internet access is enhanced, more and more banks are turning to online banking services. Such services are more convenient to customers and the banker, they also save time and costs and increase efficiency. Banks that do not adopt technology are likely to be unpopular among the customer base. Automated teller machines, television banking, virtual banking, internet banking, mobile banking, online pay bill, mobile commerce, social media payments, credit cards and debit cards are some of the examples of how technology is changing the banking industry (Kendrick 2011). This paper will discuss the evolution of information technology in the banking industry with emphasis on internet banking, growth of e-commerce and virtual banking and new delivery channels such as PC banking, mobile banking and TV banking. The most important concept is the internet. In early years of internet, banks normally used the internet for internal purposes such as publishing of corporate data and offerings. At this time, internet was mainly used in banking as a tool of information dissemination to customers and the general public. This was then followed by banking internet services such as checking account balances online, paying utility bills online and online transfer of funds. Many banks feared transacting over the internet because of the security threats. However, with the growth in software and information technology infrastructure many

Research the economic impact on India in the world Economy over the Essay

Research the economic impact on India in the world Economy over the last twenty years - Essay Example Agriculture is the most important of them and many of the Indian people make a living out of it. (â€Å"The Indian Economy†) The average per capita income has risen from .25 percent before 1980 to 7 percent by 2006 (â€Å"The economy survey of India 2007†). The growth trend in the Indian economy has brought about many changes in the policy that has opened the economy to foreign trade and significantly low tax rates, direct taxes rates and government influence over majority of investment decision. However, a lot can still be achieved and the growth potential can be increased. Though India’s growth has been well for the past two decades, however, it is not distributed evenly across industries and states. The information and communication technology industry have become highly competitive in the world market, this is because of the high skill levels of Indian IT professional and also many are also required abroad for their knowledge that they have in various fields such as software, engineering and financial sector (â€Å"The Indian Economy†). On the other hand, manufacturing industries have felt behind and improved their performance and outcome only recently. There is a requirement for further institutional reforms, which should, focus on product and labour market at the central and state level (â€Å"The economy survey of India 2007†, 2007). When we compare India’s economy in regards to the currency rate with the United States then it stands at twelfth position. (â€Å"The Indian Economy†) The service industry at present is increasingly and as the young Indians are now getting more comfortable with the English language, it is becoming a focal point for outsourcing activities from major economies such as the United States and the United Kingdom. Customer service and Technical support is the two main outsource activities. One of the important factors for economy growth in developing and developed countries is of the competition