Economics- It And Finance Industry

IT in Financing IndustriesFinancial institutions , specifically the banking industries were those that benefit most with the procession of IT . They rely heavily on gathering processing , analyzing , and providing instruction in to congruous he needs of the customers . These information argon considered essential such that banking demands for prompt and accurate information . beca purpose instruction engineering science has made what seemed to be impossible in the past into a reality at this day and develop . It is not surprising though banks were among the earliest adopters and eclectic users of automatize information processing technology . In the late mid-sixties , banks began to realize the comfort and convenience it could offer the industry , as well as its customers . Existing services were innovated and the introduction of naked as a jaybird ones has increase in to attract more customers and increase their demands . At the same time IT has reduced labor and processing cost . For example , from 1979 to 1994 the cost of an electronic transaction declined from 9 .0 cents to 1 .0 cent , while the cost of processing checks actually increased from 1 .9 cents to 2 .5 cents because of rising wages and costs . Information technology has added more confidence and security to the banking industry (Katz Jordan , 1999Numerous plant life which were done manually over a long purpose of time is more than just minimized . Opening , maintaining , and apogee bank accounts were simply clicks away for the customers . Merchants time and effort of sledding to and from the bank offices falling in lengthy lines are no longer observed .

Any transaction can already be done by customers at any inclined time and place , without personally meeting the bank personnelInformation Technology s sophisticated features have made possible the mingled applications as much as the structures of the banking industry Due to this perceived unending development of the industry , a far violate organic evolution is likely to happen in the future (Ghaziri , 1998 Katz Jordan , 1999With the use of various information stored into different forms such as voice , info , images , and videos , banks are now able to manage various applications and transactions in the nick of time . Furthermore , banks are turn more competitive in the global market as much as they compete among themselves . This competition however 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 , originate loans , alter them into marketable securities , and sell them to obtain funding to make 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 faced are inadequate information system , inability to utilize indemnity instruments particularly the...If you want to get a full essay, enounce it on our website: Orderessay

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